EURUSD: Having gone downwards by more than 120 pips this week, the outlook on this pair is still bearish in the face of the current turbulence. The nearest barrier to the bears’ interest is the support line at 1.2850, which has been tested several times. That support line would soon be breached to the downside.
USDCHF: The resistance level at 0.9700 is acting as a barrier to the bulls’ interest, though it has been tested a few times. Should the bullish bias continue on this market (as it is supposedly bound to do), that would mean that the bears are fighting a losing battle, since the barrier at 0.9700 stands to be breached very soon.
GBPUSD: In the presence of a bearish scenario, any short-term rallies would end up being fake-outs. This statement is true of the price territory at 1.5300, which checked any further bullish attempts on the market. Right now, the price is going downwards again, and would inevitably test the accumulation zone at 1.5200 soon.
USDJPY: Clearly, the USDJPY pair is ever in a bullish mode, in spite of the recent sideways volatility on the market. One may think the market is indecisive, but one needs to be reminded that there was the condition on the market before the price zones at 100.00 and 102.00 were breached to the upside. The supply zone at 103.00 may soon suffer the same fate.
EURJPY: The cross has range-traded this week. Now, it could be safely said that the demand level at 131.50 has been an effective check on the recent bearish attempts. Even the RSI period 14 has reverted back above the level 50 – ending up confirming the extant northwards outlook. The northward outlook may resume soon.
