EUR/USD: Despite the fact that it is consolidating, the EUR/USD pair remains weak in the market. There is a strong Bearish Confirmation Pattern in the chart; and thus, when a breakout does occur, it would most probably favor the bears. At the present, long trades look illogical in this market.
USD/CHF: The USD/CHF pair is meandering its way upwards gradually. The bias is bullish, and the price is testing the resistance level at 1.0200, which is our target for this week. The resistance level could also be breached to the upside as the bullish sentiment continues to hold out in the market.
GBP/USD: The cable has consolidated so far this week; with neither upward movement nor downwards movement. However, all this is happening in the context of a downtrend, and when a breakout occurs, it might favor the current bearish outlook.
USD/JPY: This pair is still in a bullish mode. The price is above the EMA 56 and the RSI period 14 is above the level pf 50, which means that there is a higher probability that the USD/JPY pair will move further upwards. Some fundamental figures are expected today and they could have some impact on the market.
EUR/JPY: This currency trading instrument has been moving in a bearish mode for some time, though the price is in a vivid equilibrium phase. The bearish outlook is, nevertheless, valid. As long as the euro continues to be weak, this cross would not find it easy to rally significantly. Another condition for a bullish reversal is a serious weakness in the yen.
