EUR/USD: The EUR/USD remains bearish. The bullish correction it experienced yesterday simply gave an opportunity to go short when the price went up in the context of a downtrend. The price would go on to touch the support line of 1.3550. A short trade is preferable here.
USD/CHF: The USD/CHF remains bullish. The bearish correction it experienced yesterday simply gave an opportunity to go long when the price pulled back in the context of an uptrend. The price would go on to touch the resistance level at 0.9100. A long trade is preferable here.
GBP/USD: This currency trading instrument is also bearish, though the price is jumpy (volatile). The logic is to pick trades only in the direction of the bears, while ignoring long signals. The barrier to the bears’ interest is, however, at the distribution territory of 1.6450 – a point at which it would be clear that the bears no longer hold sway.
USD/JPY: In this market, the price tested the demand level at 104.00 a few times. This is a point where it seems that the price is bottoming out in a near-term basis, for the bears are now unwilling to allow a further plunge in the price. However, one would do well to wait for the price to cross the EMA 56 to the upside and the RSI period 14 to go above the level 50 before initiating a trade.
EUR/JPY: This cross is also trying to rally when the Bearish Confirmation Pattern in the chart is still valid. It would be OK to seek short trades, unless the price breaks the supply zone at 143.00 the upside, the bias is towards the south.
