EUR/USD: While further confirmation was being awaited in order to ascertain the seemingly new signal that was generated on the EUR/USD last week, the signal turned to be bogus. That is one reason why one would need to confirm a signal before taking a position. The market trended downwards on Monday and would continue developing in that manner, going towards the support line at 1.2800.
USD/CHF: Since the USD/CHF normally trades in the opposite manner to the EUR/USD, it is not a surprise that the USD/CHF went up in an uptrend. However, because of the tardy nature of this pair, I would wait for some more confirmation before I take any position. That is when the EMA 11 crosses the EMA 56 to the upside: if that happens, then I would go long.
GBP/USD: The Cable also went slightly bearish on Monday. The bullish scenario is still intact, especially as long as the price stays above the market territory at 1.5100. The indicators in the chart still support a bullish outlook, and perhaps, this could be the best time to go long.
USD/JPY: The bearish signal generated on this pair on Friday has proven to be effective. The price still stays below the EMA 56 and the RSI period 14 is also below the 50 level. The ultimate target for this pair is now the demand level at 93.50.
EUR/JPY: The bears really hold a sway on the EUR/JPY, as it dropped by over 300 pips on Monday. There is now a Bearish Confirmation pattern in the chart; the price has tested the market zone at 120.00, and would eventually go back to test that area. Only short trades ought to be sought in this market at this moment.
