EURUSD: This pair has been going bearish this week. The price is trading below the resistance line at 1.3150, and the present bullish correction (apart from being weak), would prove to be a transient action. There is another great resistance line at 1.3200 which would also be a barrier to bullish attempts.
USDCHF: The USDCHF pair is now besieging the resistance level at 0.9450, which would turn out to be a weak resistance should the current bullish outlook continue to hold. There is a northward bias on the market and any southward corrections would prove to be short-lived.
GBPUSD: This currency instrument has broken out to the upside – though it would not be a surprise that it is again consolidating. The outlook on the market is bullish and when the breakout does occur, it would be towards the upside. The distribution territory at 1.5700 is the target for today or early next week.
USDJPY: This pair has remained strong for the most part of this week. Having moved upwards by over 190 pips, it is not a surprise that the price has met some opposition at the great psychological level of 100.00. The price now pulls back from that level, but it could retest it with a new lease of bullish energy.
EURJPY: This market is very volatile, and therefore, tight stops should not be used here. The reason is that both the EUR and the JPY are weak, coupled with the fact that this particular market tends to move in the way of other JPY pairs. There is a threat to the bullish outlook now and it is better to stay out of the market.
