EUR/USD: This pair remains a weak market irrespective of the rally that is currently taking place on it. As long as the price stays below the resistance line at 1.3600, it is safe to assume that the bears are in control. The support line 1.3500 was once breached and it will likely be breached to the downside again, especially as the price continues to trade downwards.
USD/CHF: This pair remains a bull market irrespective of the bearish correction that has started on it since the beginning of this week. The bullish outlook is not yet over, except the price trades below the support level at 0.8950. As long as the price stays above the support level at 0.8950, it is safe to assume that the bulls are in control. The resistance level at 0.9050 was once breached and it will likely be breached to the upside again, especially as the price continues to trade upwards.
GBP/USD: On the Cable, the exponential weakness that began last week has become seriously significant. This week so far, the price has dipped by over 160 pips, plus the price could still continue towards the accumulation territory at 1.6200.
USD/JPY: With the Bearish Confirmation Pattern in the chart, the USD/JPY continues to go south. The price is now trading below the supply level at 101.00. While it is possible that the supply level could be challenged by the bulls, the price may go further to touch the great demand level at 100.00.
EUR/JPY: As it was said before, this cross has been bearish all this New Year and this week is no different so far. Historical data shows that buying rallies in the downtrend works. A rally that proffers a ‘buy’ opportunity may soon occur.
