EURUSD: EURUSD was bearish last week – something that is expected to continue this week. The support line at 1.2900 could be breached on the downside, as the price goes for another level at 1.2850. I prefer to go short right now.
USDCHF: Since last week, the USDCHF pair has been trying to regain some of its recent losses. This could continue in this week. The resistance level at 0.9350 was breached and is now acting as a support level. It would not be difficult for the price to reach the level at 0.9400, eventually.
GBPUSD: The scenario on the cable is currently intriguing – just as I was about recommending trading this instrument with caution. GBPUSD is normally expected to be positively correlated with EURUSD, and therefore, the weakness in the latter would potentially portend the bullish break on the former as a false one. This is exactly what is happening right now.
USDJPY: By Friday this pair had given up most of the gain it had last week. If this scenario continues for a few more days, it could mean the end of the current bullish propensity. The RSI 14 period is currently under the level 50; it would be good to wait for a clearer signal.
EURJPY: The EURJPY cross is now trading below the supply zone at 103.00, having been essentially bearish in the last five trading days. If the present scenario continues, a bearish confirmation would be in place. The price might reach a supply level at 102.00 this week.
