Here’s the market outlook for this week:
EURUSD
Dominant bias: Bullish
Against all odds, and contrary expectations, EURUSD went further upwards last week. Starting near the support line at 1.1150, price climbed about 300 pips to end the week around the resistance line 1.1450. The next bullish targets are the resistance lines at 1.1500 and 1.1550. In the meantime, any bearish corrections would be opportunities to enter long at a better price in the context of an uptrend.
USDCHF
Dominant bias: Bearish
The existing bearish bias is due to USD weakness plus expectation of considerable CHF strength this week – helping to keep USDCHF under selling pressure. The support level at 0.9100 was tested last week, and may be tested and/or breached this week as price targets the support lines at 0.9050 and 0.9000. The anticipated strength in CHF should also impact other CHF pairs.
GBPUSD
Dominant bias: Bullish
Cable continues to meander upwards due to positive sentiment and optimism behind the currency. This week, fundamental numbers from the UK should have noteworthy impact on Cable and other GBP pairs. An attempt to reach 1.5800 was made last week and, if the bullish outlook continues to hold, the distribution territories at 1.5800 and 1.5900 will be attained this week.
USDJPY
Dominant bias: Bearish
This is currently not a “buy and hold” market – it is really only suitable for intraday traders and scalpers. Upswings and downswings continue to be transitory as price oscillates between the demand level at 118.50 and the supply level at 120.50, so any breakout of that channel is likely to result in a strong directional movement.
EURJPY
Dominant bias: Bullish
The Bullish Confirmation Pattern on this cross will exist for as long as there is EUR strength. The direction of EURJPY this week will be determined largely by what happens to EUR, so the supply zones at 137.00 and 138.00 are expected targets. Meanwhile, the demand zones at 135.00 and 134.00 are being watched and should obstruct any bearish efforts.
EURUSD
Dominant bias: Bullish
Against all odds, and contrary expectations, EURUSD went further upwards last week. Starting near the support line at 1.1150, price climbed about 300 pips to end the week around the resistance line 1.1450. The next bullish targets are the resistance lines at 1.1500 and 1.1550. In the meantime, any bearish corrections would be opportunities to enter long at a better price in the context of an uptrend.
USDCHF
Dominant bias: Bearish
The existing bearish bias is due to USD weakness plus expectation of considerable CHF strength this week – helping to keep USDCHF under selling pressure. The support level at 0.9100 was tested last week, and may be tested and/or breached this week as price targets the support lines at 0.9050 and 0.9000. The anticipated strength in CHF should also impact other CHF pairs.
GBPUSD
Dominant bias: Bullish
Cable continues to meander upwards due to positive sentiment and optimism behind the currency. This week, fundamental numbers from the UK should have noteworthy impact on Cable and other GBP pairs. An attempt to reach 1.5800 was made last week and, if the bullish outlook continues to hold, the distribution territories at 1.5800 and 1.5900 will be attained this week.
USDJPY
Dominant bias: Bearish
This is currently not a “buy and hold” market – it is really only suitable for intraday traders and scalpers. Upswings and downswings continue to be transitory as price oscillates between the demand level at 118.50 and the supply level at 120.50, so any breakout of that channel is likely to result in a strong directional movement.
EURJPY
Dominant bias: Bullish
The Bullish Confirmation Pattern on this cross will exist for as long as there is EUR strength. The direction of EURJPY this week will be determined largely by what happens to EUR, so the supply zones at 137.00 and 138.00 are expected targets. Meanwhile, the demand zones at 135.00 and 134.00 are being watched and should obstruct any bearish efforts.
