EUR/USD: This pair showed no significant movements on Tuesday, and we do not expect any serious movement in the market this week owing to poor trading activity, but we could see surprising changes in some EUR pairs (like EURNZD, EURAUD and EURCAD). There is a likelihood that the EUR/USD pair will face resistance lines at 1.0950 and 1.0000 within the next several days.
USD/CHF: This currency trading instrument has entered an equilibrium phase, though the current price action is posing the threat to the ongoing bias. A move above the resistance level of 1.0000 would result in invalidation of the bearish bias in the market, leading to a Bullish Confirmation Pattern. If the price fails to do this, it will continue its southward effort when a breakout occurs in the market.
GBP/USD: As it was projected, the GBP/USD pair fell further south yesterday, testing the accumulation territory of 1.4800. The bias is strongly bearish, and the current upwards bounce is simply a rally in the context of a downtrend. The accumulation territory would be tested again. It could even be breached to the downside this week or next week.
USD/JPY: the USD/JPY pair moved down by 110 pips, now below the supply level at 120.50, and going towards the demand level at 120.00. There is a very strong Bearish Confirmation Pattern in the chart; plus the price is likely to go further south when momentum returns to the market (for the price is currently consolidating).
EUR/JPY: this cross movement will largely be determined by whatever happened to the euro. The EUR/JPY pair went slightly bearish because the euro experienced some form of weakness on Tuesday. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level of 50. Further bearish movement is not ruled out.
o
