Here’s the market outlook for the week:

EURUSD

Dominant bias: Bullish

Against all odds and contrary expectations, EURUSD went further upwards last week. From around the support line at 1.1150, price went upwards towards the resistance line 1.1450 (a movement of at least, 300 pips). The next targets for the bulls are located at the resistance lines at 1.1500 and 1.1550. In the meantime, any bearish corrections in the market would be taken as opportunities to buy long when things are on sale and in the context of an uptrend.     

USDCHF

Dominant bias: Bearish

The existing bearish bias, owing to the weakness of USD, and further expectation of considerable stamina in CHF this week, would help keep USDCHF under selling pressure. The support level at 0.9100 was tested last week: it could be tested and breached to the downside this week, as price targets further support lines at 0.9050 and 0.9000. The possible strength in CHF would also have impact on other CHF pairs.   

GBPUSD

Dominant bias: Bullish

Cable continues to meander its way upwards, as positive sentiment and optimism behind the currency keeps on having bullish effects. This week, certain fundamental figures emanating from the UK would have a noteworthy impact on the Cable (plus other GBP pairs as well). Should the bullish outlook continue to hold out, the distribution territories at 1.5800 and 1.5900 would be attained this week. Please note the distribution territory at 1.5800 was tried last week.

USDJPY

Dominant bias: Bearish     

This is currently not a market in which buyer should hold onto their long positions for too long. In fact, the market is only great for intraday traders and scalpers, as it was mentioned last week.  Upswings and downswings would continue to be transitory as price oscillates between the demand level at 118.50 and the supply level at 120.50. A break below that demand level or above that supply level could result in a strong directional movement.

EURJPY

Dominant bias: Bullish

The Bullish Confirmation Pattern on this cross shall continue to exist as long as there is strength in EUR. This week, the direction on the EURJPY cross would be determined largely by what happens to EUR, and therefore the supply zones at 137.00 and 138.00 are being targeted by the bulls. On the other hands, the demand zones at 135.00 and 134.00 are being watched, for they should try to obstruct the efforts of the bears.   

This forecast is concluded with the quote below:

“One of the many terrific things about being a profitable (self-employed!) trader is the fact that you can do what you want with your time… Successful traders are technically their own boss.” - Rick Wright