EUR/USD: The EUR/USD pair went down by 90 pips on Tuesday, now below the resistance line at 1.1250 and above the support line at 1.1200. Since there is a Bearish Confirmation Pattern on the chart, it is expected that price could continue going downwards, reaching the support line at 1.1150, which is our target for this week.
USD/CHF: The USD/CHF pair is in a bearish mode, since there is a Bearish Confirmation Pattern on the chart, and the price is expected to continue moving lower and lower, reaching the support levels at 0.9600, 0.9550, and 0.9500. As long as the price does not go above the resistance level at 0.9800, there cannot be a threat to the bearish outlook.
GBP/USD: The GBP/USD pair fluctuated wildly on Monday and Tuesday, but remains in the context of a downtrend. The price is under the distribution territory at 1.4150, and it could test the accumulation territories at 1.4100 and 1.4000 today or tomorrow. There is a need for the price to go upwards by at least 500 pips before the current downtrend can be threatened.
USD/JPY: This pair has only moved sideways so far this week with no significant direction upwards or downwards. The outlook on the JPY pair is bearish for the week: and the USD/JPY pair is not an exception. Therefore, bears might target the demand levels at 106.00 and 105.50.
EUR/JPY: This currency trading instrument is in a bearish mode, though nothing serious has happened so far this week. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50, thereby making further bearish journey possible. The cross could thus test the demand zones at 118.00 and 117.00 today or tomorrow.
