EUR/USD: The overall bias on this market remains bearish, with rallies proffering short-selling opportunities. Earlier this week, the price rallied into the EMA 56, but it was not able to close above it. More importantly, the price is largely below the resistance line at 1.3600, which acts as a shield to further rally. Further rally has been rejected and the price is gradually slipping downwards. It is now trading below the resistance line at 1.3550.
USD/CHF: The USD/CHF still hovers around the great resistance at 0.9000. This has become a serious siege – an area where battle between the bulls and the bears is very hot. The price has neither broken the resistance level to the upside nor gone downwards significantly. This has been going on for a few weeks, and eventually, the resistance level might be breached to the upside and the price would close above it.
GBP/USD: This market is a bull market (in sharp contrast to what is happening to the EUR/USD which should be positively correlated with the Cable). The price may breach the distribution territory at 1.7000 to the upside. Meanwhile there is an immediate accumulation territory at 1.6950.
USD/JPY: This pair has assumed a new bullish bias; but the bias is supposed to be short-lived. The price may have some difficulty going further upwards after it possibly reaches the supply level at 102.50.
EUR/JPY: This cross remains bearish, unless the supply zone at 139.00 is breached to the upside. The current rally could be halted at supply zone at 138.50.
