Daily Trading Forecasts

Although currently ranging, the JPY pairs ended being bullish last week. The bullish outlook remains valid for this week.

EURUSD: The EURUSD moved upwards last week by around 200 pips, topping at the resistance line of 1.3550 before retracing downwards a little. The aforementioned resistance line would still be tested again, and would be overcome, especially because the bullish outlook for this week is valid.

USDCHF: This pair trended downwards in the past few trading days. The support level at 0.9100 is now being challenged, and it is highly probable that it would be overcome, as the price trends downwards towards the next support level of 0.9000. Meanwhile, there is a resistance level at 0.9200.

GBPUSD: The Cable is a strong currency right now: creating new highs and retracing lower a little. At the present, the retracement is in place, but the Bullish Confirmation Pattern on the chart is still far from being violated. However, the price ought not to trade below the accumulation territory of 1.5900, for the bullish outlook not to be violated.

USDJPY: Although currently ranging, the JPY pairs ended being bullish last week. The bullish outlook remains valid for this week. Therefore, the outlook for the USDJPY is bullish, unless the price goes below the EMA 56 and close below it. It is likely that the price would reach the great supply level at 100.00 very soon.

EURJPY: This trading instrument closed at 134.34 on Friday, during a minor southward correction in the price. In the presence of the strong bullish outlook in the market, it is normal that the supply zone at 135.00 would be challenged very soon. There is a demand zone at 134.00.

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