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EUR/USD: Since last week, the EUR/USD pair has moved upward by at least 300 pips. This resulted in a vivid Bullish Confirmation Pattern in the market. It is possible that the price would keep on going northwards. The next targets to be reached are the resistance lines at 1.1150 and 1.1200.
USD/CHF: Surprisingly, the bias on the USD/CHF pair is also bullish - just like the bias on EUR/USD. These pairs are supposed to go in opposite ways, but there are rare occasions like this one, in which both lines would be going in the same direction (like the current price action on both pairs). But things would go off balance soon and, the EUR/USD pair will go further upwards as the USD/CHF pair will plummet. The only thing that can end the current bullish outlook on USD/CHF is an event in which the CHF itself becomes very strong. This is expected before the end of this week.
GBP/USD: The cable is also making some bullish effort, though things look dicey in the market. It would be OK to stay away from this market right now until there would be a confirmed directional bias in the market.
USD/JPY: The price broke downwards from the consolidation phase it had recently experienced. It tested the demand level at 123.00. This esulted in a 'sell' signal for the price could go further south. In addition, the price is expected to go further downwards because the yen might be strengthening this week.
EUR/JPY: The EUR/JPY pair traded further upwards on Monday; thereby adding to the bullish outlook that was started last week. The supply zone at 137.00 has been tested, and in case it is broken to the upside, bulls would target another supply zone at 138.00.
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