EURUSD: The trend on EURUSD remains bearish. The support line of 1.2950 had remained recalcitrant for several days, but it is being battered right now. This support line has almost been breached, and once done, the next target would be the support line of 1.2900.
USDCHF: Slowly and steadily, this pair continues its bullish journey. The transient pullback that began to occur at the beginning of this week has turned out to be what it was expected to be: an opportunity to buy cheaper in the context of an uptrend. The next level to be reached is the resistance level at 0.9550.
GBPUSD: This continues to be a weak market, even in the face of the weak rally that has held out so far this week. The weak rally, though, could rightly be called a kind of consolidation. It is either the price breaks the accumulation territory of 1.4850 to the downside or the distribution territory of 1.5000 to the upside. The former is more likely.
USDJPY: In spite of the stagnancy in the price of this instrument, one would need to look for long trades on it. The bullish trend is still valid, as supported by the EMA 56 and the RSI period 14. When a strong trend resumes, it is more likely to be in favor of buyers.
EURJPY: The weakness in the euro is causing this cross to trend downwards right now (following the rally that was seen at the beginning of this week). The downtrend is, albeit, weak. If this downward bias continues for a few more days, it may violate the medium-term bullish view, provided the price zone at 124.00 is unable to halt further southward move.
