EUR/USD: This pair - which ranged largely last week – has begun some upward movement this week (with some limitation). The limitation can only be overridden when the price breaks the resistance level at 1.3100 to the upside, closes above it, and trends further northwards. The ultimate target for this week is around the resistance line of 1.3200.
USD/CHF: Since topping the resistance level of 0.9500, the USD/CHF has trended downwards by almost 120 pips. Yet, the bullish outlook is still valid, for there is a need for further bearish movement before that outlook can be overridden. For this northward expectation to hold true, the price ought not go below the support level at 0.9350.
GBP/USD: There is still a clean Bullish Confirmation pattern in the Cable chart, as the EMA 11 remains above the EMA 56 – while the RSI period 14 stays above the 50 level. This week, the price needs to stay above the accumulation territory of 1.5400 so that the major bullish outlook can remain extant. The price may thus revisit the distribution territory at 1.5550.
USD/JPY: There has been a sell signal on this pair (since the last week). This is because the price is below the EMA 56 and the RSI period 14 is below the 50 level. Any bullish attempts that are perceived here should be temporary, for the next real price target is the demand level of 97.00.
EUR/JPY: On this cross as well, there has come an indication to sell short, though the price is ranging right now. The indicators in the chart support the downward possibility. Thus, it may not be difficult for the price to touch the demand zone at 127.00. When this demand zone is successfully breached to the downside, the price could continue going further downwards.
