EUR/USD: There is a long-term Bearish Confirmation Pattern in the market. With further weakness in this market, the price has tested the support line at 1.2900. Should the support line at 1.2900 get broken to the downside, the next target would be the support line at 1.2850.

USD/CHF: This is a bull market – which is supposed to continue as long as EUR/USD is weak. The barriers that were once thought as being impregnable (the erstwhile resistance levels) have already been breached to the upside. The market may go further north, reaching another resistance level at 0.9400.

GBP/USD: With a strong weakness in this currency trading instrument, the Bearish Confirmation Pattern in the market is clean and straightforward. Moreover, the price opened this week with a gap-down. In fact, every GBP pair gapped up or down at the open of the markets. The price has trended downwards following the gap and this may be the stance for this week: further movement southwards.

USD/JPY: The markets have been going according to expectation. For instance, USD/JPY has already tested the supply level at 106.00. With more strength in the pair, the supply level might be breached to the upside; and the price may go upwards towards the demand level at 106.50.

EUR/JPY: This cross which went downwards significantly last week, made serious bullish attempts on Monday. The bullish attempts have been formidable enough to pose threat to the recent ‘sell’ signal and the weakness in the yen is one cause of this. Any movement above the supply zone at 137.50 would be the end of the bearish bias. However, as long as the price is below that supply zone, the bearish bias is valid.