EUR/USD: The EUR/USD pair gave up nearly all the gains it saw at the beginning of the last week. That week ended on some bearish note. The RSI period 14 is now below the 50 level, and should the market continue trading downwards, it could mean the end of the bullish outlook. Whatever happens on Monday could signify what would happen during the rest of this week.
USD/CHF: This pair regained all the loss it had at the beginning of the last week. Right now, the price is above the 0.9150 level: it would render the current bullish outlook useless if it reaches the resistance level at 0.9200. The RSI period 14 is above the 50 level.
GBP/USD: The Cable plunged precipitously last week, and it is expected to continue this week. However, no new positions are recommended until there is bearish signal confirmation. That would be when the EMA 11 crosses its EMA 56 counterpart to the downside. The Williams’ % Range is already showing an oversold condition.
USD/JPY: Generally, this pair traded in some tight range last week. The trend is still bullish, especially in the long term. This is because the price is still above the EMA 56, while the RSI period 14 is still lying above the 50 level.
EUR/JPY: This cross traded lower at the end of the last week, as the Williams’ % Range fell towards the oversold area (but not yet in it). For the current bullish outlook to be invalid, the price would need to go below the demand zone at 110.00. Right now, it can be surely said that there is a bearish correction in the present context of an uptrend.
