EURUSD: This is a bull market and the price is currently close to the resistance line at 1.3150. There is a strong Bullish Confirmation Pattern on the chart and, therefore, that nearest resistance line would be an easy prey for the bulls. After this, the price could target the resistance line at 1.3200.
USDCHF: As the pair continues to be weakened, the price is going further south. With the fact the indicators on the chart all confirm the bearish bias, it is expected that the pair would continue to slip downwards. The support level at 0.9400 appears to be a stubborn barrier, but it would soon be breached to the downside.
GBPUSD: Like I said yesterday, it is apparent that there is some optimism surrounding the cable – it has gone upwards by close to 230 pips this week. The bullish steam is still extant: in the face of the current Bullish Confirmation Pattern, the distribution territory at 1.5500 could be the ultimate target for this week.
USDJPY: This is a weak market – and it remains so. No matter any rallies (which are invariably transient in nature), the price would plunge further downwards. This means that a sell-on-rallies approach is very attractive right now. The current task for the bear is to breach the demand level at 99.00 to the downside.
EURJPY: The trading approach for the USDJPY pair is similar to the one used on this cross; sell-on-rallies. This is also a bear market and whenever there is a rally in the price, it gives a nice shorting opportunity. There is a need for the price to be kept below the market zone of 130.00.
