EURUSD: The pair continues to be caught in a bearish zone, though the major bias right now is bearish and it is supposed to continue like that – irrespective of the current volatility on the market. The indicators point to the weakness of this pair, and as a result, the price may go on to test the support line at 1.2950 again.
USDCHF: As opposed to the EURUSD pair, this pair has been enjoying some bullish license since last week. There is a Bullish Confirmation Pattern on the chart, although the market is presently volatile and there is some struggle between the bear and the bull around the resistance level of 0.9600. It is expected that this level would be breached upwards eventually.
GBPUSD: Since the bearish signal was generated last week, the cable has nosedived by over 200 pips. This market is very weak right now, and long trades are never advised. The price territory at 1.5300 has been broken to the downside and the next target seems to be the accumulation territory at 1.5200.
USDJPY: Here, the major bias is bullish, but there is some degree of uncertainty on the market as it approaches another major supply level of 102.00. There is a pressing need to break this level to the upside before the major bias can continue. Otherwise, there could be some downward retracement towards the demand level at 101.00.
EURJPY: On this popular instrument, the bias remains bullish – albeit there has not been any significant movement so far this week. Thus, the instrument is moving in a sideways manner in the context of an overall bullish scenario. There is now a kind of protracted but intense activity around the market zone at 32.00. This zone needs to be breached to the upside so that the northward outlook can continue.
