EURUSD is now testing the resistance level of 1.3800, while USDCHF is testing the support level of 0.8850. With the continuation of the bullish pressure on EURUSD, the aforementioned resistance level would eventually be breached to the upside, as the price closes above it and goes towards the next resistance level of 1.3850. Generally, there are more economic figures to be released today, which would have impact on the markets.
USDCHF: As it was mentioned earlier, USDCHF is testing the support level of 0.8850. With the continuation of the bearish pressure on the pair, the aforementioned support level would eventually be breached to the downside as the price closes below it and goes towards the next support level of 0.8800.
GBPUSD: On this pair, the distribution territory of 1.6450 has become a hard nut to crack. The price tested that territory several times and gave way to the bearish pull. However, the overall bias remains bullish, as long as the price stays above the accumulation territory of 1.6300, things would still be bullish. It is better to stay away from this market because there are mixed signals in it right now.
USDJPY: As it has been said before, the persistent move of the price above the demand level of 102.00 means the bullish bias is still valid here – irrespective of the recent bearish threats. Even the EMA 56 is doing a good job halting the bearish threats.
EURJPY: It is likely that what happened last week would repeat itself here on this cross. The bearish plunge was followed by a rally in favor of the dominant trend. The pullback that occurred in the middle of the week would thus be followed by a rally, for the euro is strong.
