EUR/USD: Surprisingly, the EUR/USD has continued to go lower and lower. It has tested the support line at 1.2700 and retraced upwards a little. It is more likely that the support line would be tested again; with more weakness in the market, the support line at 1.2700 may even be breached to the downside.
USD/CHF: As long as the EUR/USD is weak, the USD/CHF would be strong. This pair has achieved the incredible feats of breaking one resistance level after the other. The resistance level at 0.9500 has already been tested before present shallow bearish retracement. The price may go further upwards to test the resistance level again.
GBP/USD: This market is still in an equilibrium zone, since the strength of the bull and the bear is equal. It is not currently advisable to play this market until there is a clean directional bias. There are mixed signals in the chart.
USD/JPY: This is a bull market – a result of the stamina in the Greenback. The Greenback is, in fact, one of the strongest currencies among the majors right now. The supply level at 109.50 is still a target that can be attained, though there is still a possibility of a significant pullback.
EUR/JPY: The perpetual weakness of the EUR/JPY cross has resulted in a Bearish Confirmation Pattern in the chart. The price has crossed the EMA 56 to the downside, and the RSI period 14 has crossed the level 50 to the downside. The ‘sell’ signal is valid. The price has crossed the supply level at 139.00 to the downside, and it should maintain its position below that supply zone, so that the bearish signal can continue to be valid.
