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EUR/USD: As it was anticipated, this pair broke upwards after a few days of consolidation. The price is now closer to the resistance line at 1.1350, which would be easily overcome in the face of the current buying pressure in the market. Other EUR pairs could also gain some strength this week.
USD/CHF: This currency trading instrument, though choppy, consolidated largely last week. The price tested the resistance level at 0.9800 several times but it could not break it to the upside. The price is currently threatening to break downwards, but this would not really happen until the price goes below the support level at 0.9600. A strong EUR/USD, coupled with a strong CHF, could scuttle all the effort of the bulls on the USD/CHF.
GBP/USD: The cable made some commendable effort to go upwards last week. The price moved upwards 250 pips, closing at 1.5427. With further bullish attempts, the distribution territories at 1.5500 and 1.5550 would be attained this week. After all, there is a Bullish Confirmation Pattern in the market.
USD/JPY: This pair moved largely sideways last week, though there was a slight movement to the upside before things went flat. There is supposed to be a breakout any day this week, which would make the price go above the supply level at 122.00 or below the demand level at 120.00. By then, there would have been a directional movement in the market.
EUR/JPY: The EUR/JPY cross, which is now one of the strongest trending among the majors, moved upwards by 400 pips last week. The price is now close to the supply zone at 137.00, and it is possible that the supply zone would be breached easily when the market opens. The next targets for this week are located at the supply zones of 138.00 and 138.50.
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