EUR/USD: In solidarity with an extant bearish outlook, the EUR/USD price has moved further downwards this week. The movement by over 60 pips has happened. The support line at 1.0650 is currently being penetrated and it could end up being breached to the downside. The resistance lines are seen at 1.0700 and 1.0750.
USD/CHF: Since the EUR/USD pair is going further downwards, the USD/CHF pair is going further upwards. The pair is trading over the support level at 1.0100, going towards the resistance level at 1.0150, which might even be breached to the upside.
GBP/USD: After testing the accumulation territory around 1.5050, the price gradually bounced upwards by 200 pips reaching the distribution territory of 1.5250. As long as the distribution territory at 1.5350 is not broken to the upside, the recent bearish bias would not be violated. There is an opportunity that the bearish journey would be resumed in earnest, but now the price is consolidating.
USD/JPY: This week, the USD/JPY pair rose from the demand level of 122.50, almost reaching the supply level at 123.50. This is happening in solidarity with the extant bullish outlook on the market, and since there is a Bullish Confirmation Pattern in the market, it looks rational to assume that a bullish journey will continue gradually.
EUR/JPY: This cross opened with a minor gap this week, and then the price bounced upward on Monday before the current bearish retracement took place. The bearish outlook is, nevertheless, valid. We expect faster and stronger movements this week owing to small gaps, which are observed on some pairs and crosses.
