EUR/USD: There is a gap-down on the EUR/USD, after which the market does not make any significant move. Trading below the resistance line at 1.3200, the market could potentially go towards the support line at 1.3150. Any movement above the resistance line at 1.3250 would pose a formidable threat to the current bearish outlook.
USD/CHF: After the gap-up that happened on it at the open of the market this week, this currency trading instrument has been subjected to a serious tug-of-war between the bull and the bear. There is a support level at 0.9150 and a resistance level at 0.9200. For the bulls to win, the price must test the aforementioned resistance level, and for the bears to win, the price must cross the aforementioned support level, closing below it.
GBP/USD: This week, the currency markets opened with gaps in certain cases. The gaps have proffered wonderful trading opportunities and the markets would move significantly this week. For instance, there has been a gap-down on the Cable, after which the market tries to rally. However, the bears are not going to make it easy for the bulls: the price direction today is what would determine the direction for the rest of this week.
USD/JPY: There is a gap-up on the USD/JPY. After that, the market tried to trend downwards, but the demand level at 104.00 is acting as a barrier to the downward movement. The market may come down again to challenge that demand level.
EUR/JPY: This cross has been weakened again, and that weakness has become a threat to the recent ‘buy’s signal in the market. In fact, any move below the demand zone at 137.00 would mean the end of the bullish outlook.
