EUR/USD: EUR/USD is still caught in a downtrend. The EMA 11 is still below the EMA 56, while the Williams’ Percent Range still signifies some weakness in the market (though it seems to be heading upwards). There is currently a minor rally in the chart, but this is not expected to last long.
USD/CHF: This pair pulled back a little, following the opening of the markets this week. The pullback, at its worst, is not expected to break the EMA 56 to the downside. This means that the bullish bias is still valid. The price would eventually go back to the resistance level at 0.9550.
GBP/USD: The Cable remains weak. The EMA 11 is below the EMA 56, and the RSI period 14 has long been below the 50 level. The market is, however, having some difficulty breaking the accumulation zone at 1.4900 to the downside; and it would eventually succeed in doing so.
USD/JPY: This instrument is in a vivid uptrend, and it seems the price has gone so far. The price would still move up further, but only after the imminent retracement in the market. This retracement may take the price downwards to the demand levels of 96.00 and 95.50, after which the price may resume its northward journey.
EUR/JPY: The cross now edges towards an important supply zones. For example, there may be some difficulty in breaking the supply zones of 126.00 and 126.50 to the upside respectively. This would be followed by some pullbacks which would succeed if the general market outlook resumes.
