EUR/USD: There is still a Bearish Confirmation Pattern in the EUR/USD chart. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is in the oversold territiry. In solidarity with the extant bearish outlook, the EUR/USD pair has moved by over 60 pips downward this week. The support line at 1.0650 is currently being penetrated and it could be breached to the downside. The resistance lines are seen at 1.0700 and 1.0750.
USD/CHF: Since the EUR/USD pair is going further downwards, the USD/CHF pair is going further upwards. The resistance level at 1.0150 has already been tested, and with the continuation of the extant bullish outlook, the resistance level could even be breached to the upside. In case that happens, the next target would be the resistance level at 1.0200.
GBP/USD: The cable has consolidated so far this week; with neither upward movement nor downwards movement. However, all this is happening in the context of a downtrend, and when a breakout occurs, it might favor the current bearish outlook.
USD/JPY: This currency trading instrument remains in a bullish mode with the supply level at 123.50, which is currently under siege. That supply level was tested last week and it has been tested this week. At this point, perpetual buying pressure is needed. So, the price could go above the supply level.
EUR/JPY: This cross has opened with a minor gap this week, and then the price bounced upward on Monday before experiencing the current bearish retracement. The bearish outlook is, nevertheless, valid. This week, movements are likely to be faster and stronger than last week's movements, owing to small gaps that are noticed on some pairs and crosses.
