Hello Traders,
It’s another beautiful week ahead of us, let’s see what the market has for us.
1. USD/JPY
On the USD/JPY, price closed last week after bouncing above the support level zone (105.154 – 105.289).
This week we are going to lay an ambush by waiting for price to either revisit and break the key support zone, which could encourage the sellers to push price further down to the next possible support level (104.310)
Or, wait for price to break through resistance level 105.606, which may mean price hitting resistance level 106.176.
2. USD/CHF
USD/CHF spent the second half of last week resting on support level 0.91796
This could mean a possible reversal, but before we jump into any bullish conclusion, it will be very important to wait for an additional bullish confirmation this week.
Note that there is also a possibility of support level 0.91796 not holding price this new week. A breakout will most likely mean that price next visit maybe support level 0.90749.
All we will be needing is a confirmation.
3. EUR/USD
Last week, EUR/USD froze upon hitting support level 1.17057
A bullish breakout may encourage price to visit a previous support level (1.16204). Price could also stall within the consolidation band before breaking resistance level 1.17540, and head to 1.18070 which could be our next possible resistance level.
What do you think?
Kindly comment below…
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