EUR/USD: After testing the support line at 1.0900, the EUR/USD pair has bounced upwards by 100 pips. Nevertheless, the overall bias remains bearish and unless the price goes above the resistance line at 1.1150 (which would require a serious buying pressure), the bias would remain bearish. The support line at 1.0900 could be tested again.
USD/CHF: After testing the resistance level at 0.9950, the USD/CHF has corrected downwards by 80 pips. Nevertheless, the overall bias remains bullish and unless the price goes below the support level at 0.9700 (which would require a serious selling pressure), the bias would remain bullish. The resistance at 1.9950 could be tested again.
GBP/USD: Bears have almost lost this week's gains on the Cable. The price first went downwards, reaching the accumulation territory at 1.5250, but then the price could not go beyond it. From that territory, the price rallied in the near term, reaching the distribution territory at 1.5350. Further upward movement could render the current bearish outlook invalid.
USD/JPY: Although the current outlook on this pair is bullish, the price has not made any serious directional movement this week. What can be seen in the chart is alternating movements between bulls and bears. The price needs to continue moving upwards, otherwise, the market could enter another equilibrium phase.
EUR/JPY: Irrespective of the recent bullish effort here, it can still be said that the outlook for this cross is bearish. The EMA 11 is below the EMA 56 while the RSI period 14 is below the level 50. More bearish movements are possible.
