EUR/USD: The EUR/USD pair was trading upwards yesterday, though the bearish scenario (the current one) is still valid. Only continuation of the current rally, say, for a few more days will render the current scenario invalid. Should the 1.3200 price break the resistance line at 1.3200 to the upside, the current bias could go invalid.
USD/CHF: On Monday, there was some sort of a pullback in this market, but the bullish scenario remains possible. This bullish scenario possibility is precarious because of the position of the RSI period 14, which has gone below the 50 level. The EMAs would have to follow suit before the current scenario is rendered useless. Should the price break the support level at 0.9200 to the downside, it would render the bullish scenario invalid.
GBP/USD: This pair is making some attempt to recover the massive loss it saw during the last week. The price zone at 1.6100 is being threatened, and should the price succeed in breaking it to the upside, the next price zone would be 1.6150. It should, however, be noticed that the bearish signal is still valid.
USD/JPY: This instrument is now at a critical juncture – it was trading upwards for most of the last week. But now the instrument seem to find it difficult to climb higher, and, as a result, it is now consolidating to the downside. Right now, one would need to wait for some bearish confirmation pattern before taking any step. The price is below the supply territory at 88.00.
EUR/JPY: The bullish bias on this cross is still sensible, and no short trading calls are recommended right now. The price shows the possibility of trading upwards being around the price zone of 115.00. When this zone is breached to the upside, the next price level would be 115.50.
