EUR/USD: This pair has been able to continue going upwards – a trend that started last week. Our target at 1.2500 has been exceeded and the price hit the resistance line at 1.2550. There is now a shallow pullback in the market, but the price may go further upwards, eventually reaching the resistance level at 1.2600.
USD/CHF: This pair has been able to continue going downwards – a trend that started last week. Our target at 0.9600 has been exceeded and the price hit the support level 0.9550. There is now a shallow bullish pullback in the market, but the price may go further downwards, eventually reaching the support level at 0.9500. This expectation would require continuous weakness in the Greenback.
GBP/USD: Here, the bears’ threats are over, for the bulls have taken control, pushing the price upwards by over 170 pips. The Bullish Confirmation Pattern has been reaffirmed. The price may eventually reach the distribution territory at 1.5800.
USD/JPY: This currency trading instrument has moved downwards by over 300 pips this week, reaching the demand level at 115.50, before rallying by 200 pips. The bearish signal is still valid, since the price remains below the EMA 56 and the RSI period 14 is below the level 50. This could be another opportunity to sell short.
EUR/JPY: After testing the demand zone at 145.00, the EUR/JPY cross bounced upward by over 200 pips, testing the supply zone at 147.00. However, the bias is still bearish; and unless the price goes above the supply level at 148.00, this could be another opportunity to sell short.
