EUR/USD: In an amazing contrast, this pair was able to retest the support line at 1.3650, but it was not able to close below it. A close below the support line is mandatory so that the bearish movement can be continue (the trend is bearish); otherwise a noteworthy rally may begin. The noteworthy rally is possible especially when the pair tries to go into a positive correlation with the Cable.
USD/CHF: The resistance level at0.8950 has been retested, but the price is unable to close above it. It is imperative that the price close above it so that the upward journey can continue, which might take the price towards the resistance level at 0.9000 – a formidable hindrance to the bulls. Should the price fail to do this or should the EUR/USD go into positive correlation with the Cable, one would expect the price to drop further.
GBP/USD: The Cable has moved upwards by over 90 pips this week, and this upward move has resulted in an established bullish outlook. This means that short trades are no longer logical in the markets. It would be advised that short trades be closed and long trades be sought, unless one is a position trader. Moreover, some fundamental figures would be released today and they would have an impact on the Cable.
USD/JPY: The outlook on this market is bearish. Although the price tests the demand level at 101.00, it didn’t close below it. The current rally in the market is expected to be transient, as the price may go further downwards to test the aforementioned demand level.
EUR/JPY: The trend on this cross is bearish. Therefore, the shallow rally that is being experienced in the market would be challenged at the supply zone of 139.00.
