Daily analysis of major pairs for August 3, 2015

The EUR/JPY was characterized by high volatility last week, swinging higher and lower in the context of an uptrend. The supply zones at 137.50 and 138.00 could be tested this week, though there are also demand zones at 135.50 and 135.00. A movement below the demand zones could result in a bearish bias.

EUR/USD: There are large upswings and downswings in this market as the bears and the bulls fight for supremacy. This market has a resistance line at 1.1100 and a support line at 1.0900. Either the resistance line or the support line would be breached this week.

USD/CHF: There is a Bullish Confirmation Pattern on the USD/CHF, but the price actions shows that the bulls and the bears are currently fighting a serious battle. Should the bulls dominate this week, the USD/CHF will move above the resistance level at 0.9700. In case the bears win, the pair will move below the support level at 0.9550. A movement below the support level at 0.9500 could mean an end to the current bullish outlook.

GBP/USD: The Cable is strong, but the volatility is high in the market. This week, the price will either break above the distribution territory at 1.5650 or break below the accumulation territory at 1.5550. A breakout to the downside is the most likely.

USD/JPY: This market has moved sideways so far between the supply level at 124.50 and demand level at 123.00. This shows that the market is currently consolidating, and therefore, there would soon be a breakout to the upside or to the downside. In order to put an end to the current consolidation, there must be a breakout above the supply level at 124.50 or a breakout below the demand level at 123.00.

EUR/JPY: The EUR/JPY was characterized by high volatility last week, swinging higher and lower in the context of an uptrend. The supply zones at 137.50 and 138.00 could be tested this week, though there are also demand zones at 135.50 and 135.00. A movement below the demands zone could result in a bearish bias.

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