EUR/USD: This market has been very volatile this week. Irrespective of the current rally in the market, the EUR/USD would still fall further. The price is still moving below the resistance line at 1.3000, and when it does fall further, it would go lower to the support line at 1.2900.
USD/CHF: Strictly speaking, the market is kind of consolidating. The price action is suggesting a bearish possibility, whereas the indicators do not yet support the price action. In the near term, the trend is bullish, and one would do well to stay out of the market right now until a clearer signal is generated.
GBP/USD: This market remains bullish – irrespective of the volatility. The market has already reached the weekly low of 1.5026, and the price is not expected to go below that accumulation territory. Meanwhile, the price would ultimately grind higher towards the distribution territory of 1.5200.
USD/JPY: In the face of what has happened this week, the price action and the indicators are giving a confirmation of a bullish bias on the pair. This is mainly due to the current weakness in the yen. The price is currently above the demand level at 95.50 and would eventually reach the supply level of 96.50.
EUR/JPY: Despite the crazy volatility and bearish threats on this cross, it has been unable to go below the demand zone of 122.00 (not to mention closing below that zone). The price is now shooting upwards, plus the RSI has supported this action. We would wait to see if the current scenario is tenable, then we would open a trade accordingly.
