EUR/USD: In the face of the bearish trend in the market, the price has bounced upwards. However, the upwards bounce is not supposed to take the price above the resistance line of 1.2950 – for the bearish trend not to be in jeopardy. Should the downward move begin, it could see the price going towards the support line at 1.2800.
USD/CHF: There is still a Bullish Confirmation Pattern on this chart, and for it to continue to hold, any southward pull on it should continue to be negligible. The pair is trading sideways right now, and this is what it did early last week before it went northwards seriously. The same thing could happen this week.
GBP/USD: The situation on this instrument is quite similar to that of the EUR/USD in that the price is currently having some weak rally in the context of the overall bearish bias. This rally is not supposed to take the price beyond the distribution territory of 1.5050. The outlook is pessimistic.
USD/JPY: This pair still has some strength in it, and it is likely that it would continue to trend upwards as the USD continues to be strong while the JPY continues its weakness. It is judicious to say that the price could go further upwards. The next hurdle to overcome is at the supply level of 101.50.
EUR/JPY: Here, the law of positive correlation on all JPY pairs would continue to be truthful. The EUR/JPY would tend to get positively correlated with other JPY pairs, whether the EUR is weak or not. Should the EUR become strong when all the JPY pairs are strong, you can imagine what will happen.
