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EUR/USD: It is no longer rational to seek long trades in this market. Because of its inability to trend higher, the EUR/USD has been corrected lower forming a ‘sell’ signal. Besides, it is normal for the pair to go into negative correlation with the USD/CHF (which is presently strong). The price has closed below the resistance line at 1.3800: this is what rendered the bullish expectation illogical, and therefore, the price may go further lower until it tests the support line at 1.3750.
USD/CHF: This is a bull market. The bullish determination began last week and it has been sustained till then. In a slow and steady manner, the price is trending higher. The resistance level at 0.8850 has already been challenged and would eventually be breached to the upside. Our target is at the resistance level at 0.8900, which would possibly be hit when the buying pressure in the market is intensified.
GBP/USD: There is still an establishment of a bullish outlook on the Cable, with the price constantly testing the distribution territory at 1.6800. The distribution territory at 1.6800 is being battered: the price closed above it last week and the price may close again above it this week.
USD/JPY: This pair is above the EMA 56, and the RSI period 14 is also above the level 50. The outlook for this week is bullish and any bearish correction may proffer a nice opportunity to go long.
EUR/JPY: In spite of the threats to it, the northward bias remains visible in the chart, unless the price goes below the demand zone at 141.00.
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