EURUSD: Following the bullish breakout that occurred on this pair last week, the market has been moving sideways. Nevertheless, the bullish bias is still valid, and so, the price could break out towards the north when a breakout does occur. At the end of today or tomorrow, the price could be trading above the resistance line of 1.3100.
USDCHF: The USDCHF pair has been moving sideways as well, after the selling pressure that culminated in a Bearish Confirmation Pattern on the chart last week. The ‘sell’ signal on the chart is still valid, and when the price does break out, it could be towards the downside.
GBPUSD: The bullish signal on this pair is also still valid, though the price has been moving in a tight consolidation phase. When a breakout happens (that is, when a significant movement resumes on the price), it is very much likely that it would be towards the upside. The price could reach the distribution territory of 1.5200.
USDJPY: On this currency instrument, the bearish signal that was generated last week has come under some threat. In fact, the price has gone above the EMA 56, and the RSI period 14 has also gone above the level 50 – only slightly the two indicators do so. There is no clear bulls’ or bears’ victory, and one would need to see what would happen first before taking a position.
EURJPY: The cross is right now in a bullish mode, and it could possibly continue trading upwards in spite of the present weak pullback on it. In the near term, the supply zone at 131.00 is the target, and for the outlook described here to continue to be valid, the price ought not to trade below the demand zone of 129.50.
