EUR/USD: The major outlook on this market is bearish. Last week, it was explained that one would need to wait for further confirmation of the price action before taking any step. Well, further short-term rally was rejected at the resistance level of 1.3100: the price has been coming down since then.
USD/CHF: The major bias on this pair is bullish, irrespective of the current pullback in the market (which should be temporary). The market level at 0.9500 is acting as a near-term barrier to any bearish corrections in this market. The price should reach the resistance level of 0.9600 this week.
GBP/USD: The Cable, which dropped by more than 160 pips last week, remains in a vivid bearish trend. The trend is not over until it is actually over, i.e. until it is clear that the trend is now very bullish. Until then, any bullish move is an opportunity to sell short in a context of a downtrend.
USD/JPY: The indicators on the USD/JPY chart show a Bullish Confirmation pattern. Last week, the price rose by roughly 300 pips – something that may still continue. There was a temporary rejection of the northward push at the supply level of 96.50, but the price would eventually reach the supply level of 97.00.
EUR/JPY: Following the upward breakout from the price zone of 122.00, this cross moved upwards by close to 400 pips. Prior to this time, the market was trading in a tight range, but now, there has been a confirmation of a northward outlook. The market is expected to reach the supply zone of 127.00 this week.
