EURUSD: The best thing to do on the EURUSD pair right now is to go long. Any bearish correction this week is not supposed to bring the price below the support line of 1.3000. So the overall bias remains to the upside. It would be possible for the price to go upwards as far as the resistance line of 1.3150.
USDCHF: Here, the price action is showing some hesitation, but the major outlook on the pair is bearish. The EMA 11 is below the EMA 56, and the Williams’ % Range shows that the market is embroiled in some kind of inaction (a situation in which the price is undecided). However, it is expected that the price would go down lower.
GBPUSD: The condition of the cable is unclear right now, especially when it comes to pinpoint the next price direction. For example, the RSI period 14 is showing a bearish possibility, whereas the EMAs are yet to support this view. The best thing to do with this instrument right now is to stay out of the market until a clearer signal is produced.
USDJPY: There was a massive sell-off on this market, starting from last Friday (April 12, 2013). Later on Monday, the price reached the demand level of 96.00, and bounced upwards from there. My model still supports the bears – a position that is supposed to hold true as long as the price is unable to go above the supply level of 98.00.
EURJPY: The EURJPY pair went through the same experience like the USDJPY pair. Following the massive sell-off that began during the last trading day last week, the price nosedived and tested the demand zone of 125.00. From there, the price jumped upwards by over 250 pips, and should it break the market zone at 128.00 to the upside, then it would continue upwards.
