EURUSD: This market has moved downwards this week, but it has not been able to break the support line at 1.3050 to the downside. The EMA 11 is below the EMA 56, while the Williams’ % Range has not been able to rise far above the level at -50. The current bias is still valid and the price is expected to break the support line at 1.3050 to the downside and close below it.
USDCHF: The USDCHF pair has been able to maintain its upward trend this week, though very slowly. The market traded upwards for less than 100 pips. The EMA 11 is above the EMA 56, and the Williams’ % Range is in the overbought area. The price is now above the market level at 0.9350. The next target would be the resistance level at 0.9400.
GBPUSD: The major bias on the cable is bearish – and this will continue. For the past 3 weeks, the RSI period 14 has not been able to go above the level 50. The EMA 11 is below the EMA 56, confirming the current bias. No long trades are recommended here. Even the current weak rally is another opportunity to go short.
USDJPY: The USDJPY pair has nearly recovered this week’s loss. In spite of this, there is no ‘buy’ signal on the pair (as far as the current market action is concerned). However, one would need to wait for a clearer signal before one enters this market.
EURJPY: This cross requires some tack, but only short trades would be advised right now (despite the small recovery of this week’s loss). The RSI period 14 is still below the level 50 and the price is still below the EMA 56. Clearly, the current weak bullish run is a shorting opportunity.
