EURUSD: EURUSD moved indecisively yesterday, whereas the bullish signal is still valid (given the position of the indicators). The resistance line at 1.3600 would soon be broken to the upside, because when a breakout does occur, it would be in favor of the bulls.
USDCHF: Oddly enough, the signal on this pair is also bullish. The word ‘oddly enough’ is used because it is normally expected that the pair would go in a negative correlation with EURUSD. As a result of this strange but true scenario, one might consider a long trade with a tight stop.
GBPUSD: On the Cable, the price territory at 1.6000 is proving to be a near-term barrier towards the bulls’ interest. This is no surprise, for the overall sentiment in the market is bearish. The price is under the EMA 56, and the RSI period 14 is below the level of 50. It is more likely that the price would fall further.
USDJPY: USDJPY is in the strong market presently. Therefore, a short trade is not advisable. Any dips in the price would give opportunities to buy at better prices. The demand level at 98.00 is supposed to be a check to the bears’ excessiveness; while the price may go towards the supply level at 99.00.
EURJPY: Most JPY pairs opened with minor gaps at the beginning of the week. Overall, the JPY pairs may go further bullish this week. This cross would also go north this week. The bullish signal has been in place since the last week, and the price would soon reach the supply zone at 134.00.
