EUR/USD: Although this pair has been able to maintain its bullish outlook, it has generally moved sideways so far this week. The market is currently volatile. A move above the resistance line at 1.3650 would strengthen the bullish outlook further, while a move below the support line at 1.3550 would render it invalid.
USD/CHF: This currency trading instrument is still able to hold on to its bearish outlook – which is the only valid outlook in that market right now. The market is very volatile, which is a testimony to the ongoing battle between the bulls and the bears. A move above the resistance level at 0.8950 would portend a rally that gives a great shorting opportunity; whereas a test of the support line at 0.8900 would mean another strengthening of the existing bearish outlook.
GBP/USD: So far this week, the Cable has been caught in a bearish correction. The correction ought not to take the price below the accumulation territory at 1.6950; otherwise the current bullish bias could be in jeopardy. The RSI period 14 is below the level 50, but the price would need to trade below the accumulation territory at 1.6950 before it could be said that the bullish bias is going invalid.
USD/JPY: The USD/JPY has also been moving sideways, which is a kind of consolidation to the downside. Since the price is below the EMA 56 and the RSI period 14 is below the level 50, one may want to assume a very short-term short trade.
EUR/JPY: The bullish signal on this cross is yet to be rendered completely invalid. Yet, it pays to stay aside now so that one can see what the next price development would be.
