EURUSD: The reversal on the EURUSD has taken it below the price line of 1.3350. However, the bullish outlook is still valid, especially when the market fails to breach the EMA 56 to the downside. Generally, the support line of 1.3300 should act as an ultimate barrier to the bearish threat.
USDCHF: This pair has reached the weekly target at the support level of 0.9150, bouncing upwards from there as it moves upwards in what could be termed a significant bullish correction. However, the southward outlook remains valid, especially as long as the price stays below the resistance level at 0.9250.
GBPUSD: Currently there is a reversal on this popular major, which may be short-lived or protracted. The Cable topped at the distribution territory of 1.5719 and pulled back from thence. The RSI period 14 indicates the present weakness in the market, but the price is still above the EMA 56. Should the price fail to break the accumulation territory at 1.5550 to the downside and should the RSI period 14 cross the level 50 upwards, a bullish signal would be renewed.
USDJPY: There is a new ‘buy’ signal on this pair: the RSI period 14 has gone above the level 50 and the price itself has crossed the EMA 56 to the upside. The next target is the supply level at 99.00.
EURJPY: This cross has remained bullish in spite of the latest tumult on it. The market has preferred to be moved sideways rather than give way to southward pulls. In the face of the ever present northward bias, the price could test the supply zone at 131.50.
