EUR/USD: This pair moved upwards earlier this week, but it came down precipitously as a result of a sudden lease of stamina in the Greenback. The pair has given up almost all the gains it saw this week. This does not mean that the bullish phase is over, for as long as the pair is above the resistance line of 1.3000, the bullish phase is extant.
USD/CHF: The USD/CH is bearish – going downwards seriously in the first trading days of this week. Nevertheless, since touching the support level at 0.9250, further bearish run has been rejected and the price has gone upwards. Presently, the bearish outlook still remains, but it is threatened. The price is not expected to go above the resistance level of 0.9400, for the bearish outlook not to get violated.
GBP/USD: This unique instrument has been in a bullish mode for some time, especially since last week. However, the northward movement this week so far has been tardy, and that one has nearly been rendered invalid by the Thursday event in the market. The bullish mode is still in place and the accumulation territory of 1.5500 could be a correct long entry.
USD/JPY: Here, the RSI period 14 has gone above the level 50, whereas the price stays below the EMA 56, despite the recent lease in strength for the USD. Since the indicators do not currently agree and a probable bullish outlook on the USDJPY looks tempting, one may need to stay away from this market until a clear direction is assumed.
EUR/JPY: The strange thing on this cross is that in spite of the price spike upwards and later downwards on Thursday (May 2, 2013), the bearish possibility on the market is still strong, even in the face of the present sideways market. That is why the price could not move upwards determinedly yesterday. So, a downwards move is still expected.
