Here’s the market outlook for this week

Here’s the market outlook for this week:

EURUSD
Dominant bias: Bullish
EURUSD moved up by 100 pips last week, and shows some determination to continue. Some equilibrium is expected this week (owing to a thin market), but the possibility of surprise movements cannot be ruled out - especially for pairs like EURAUD, EURNZD, etc. Low liquidity may allow bulls to target the resistance lines at 1.1000 and 1.1050 this week.

USDCHF
Dominant bias: Bearish
This pair made no significant moves last week, and it is likely that sideways movement will continue this week - potentially turning the market bias neutral. There are support levels at 0.9850 and 0.9800 and resistance levels at 0.9950 and 1.0000, so the expectation is for price to oscillate between these support and resistance levels this week, then break up or down during the first week of January.

GBPUSD
Dominant bias: Bearish
Price dropped 100 pips between Monday and Tuesday, only to rise by 110 pips during Wednesday and Thursday. The current price action could rightly be called a rally in the context of a downtrend, because the bearish outlook will remain valid while price stays below the distribution territory at 1.5050. A very strong bearish movement will likely resume on GBP pairs from the first week of January 2016.

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