EUR/USD

EUR/USD is still supported above 1.235 and the way up is the nearest after breaking this resistance which has become the trend line support currently. There can be a limited test to this level as a support for getting above 1.2485. The way down can be limited above 1.22 but it tends to go up after the momentum which has been gained from crossing 1.235 recently. There is a double bottom formation at 1.177 has added to the way up too. We are still recommending buying the pair targeting 1.261 with a stop loss at 1.22. We recommend waiting for the germane ZEW this week.



GBP/USD

GBP/USD can be negatively impacted by a slow down in JUNE in housing price. The market should focus on the release of the recent MPC`s voting on keeping rate unchanged. The market is expecting the rate to reach 5% by the end of this year and any unanimously voting can underpin the pair. Please try to wait for the voting release later this week.



USD/CHF

USD/CHF we should wait to see Greenspan`s evaluation of the inflation risks in US in his testimonies later this week as the recent tame pricing power in US in June. Greenspan`s speech is widely expected to not come with a new thing but an emphasis on the measured way of hiking rate in US.



USD/JPY

JPY has gained on the recent weaker than expected CPI and PPI in US to test the support at 108 again but this can be short lived on the recent slump in equity market and technology stocks over weak earning reports from US and high oil prices. Please try to be light most of time as there is no much key data to move the currency market this week.






Best Wishes