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EUR/USD: This pair remains in a sideways market, and the price has some probability to trend higher when there is a breakout. This expectation is logical because the tendency of the price to reject bearish pulls has been noticed. It is either the price would break the resistance line at 1.3850 to the upside or it would break the support line at 1.3800 to the downside.
USD/CHF: After testing the resistance level at0.8850 for several times, the price of the USD/CHF has been unable to go higher than that point. In fact, the price has been corrected lower – a threat to the current bullish outlook. Any movement below the support level at 0.8800 would mean that a long trade would no longer be sensible.
GBP/USD: This is a bull market which has moved upwards by over 300 pips since March 21, 2014. Nevertheless, the uptrend has been punctuated by transient but tardy bearish corrections. It is thus safe to assume that the present bearish correction would also be transient.
USD/JPY: The USD/JPY has been moving sideways for most of this week, but there would soon be a significant breakout in the market. Until then, it would be advisable for one to stay away from this market, unless one is a scalper. When the price does break out in a determined mode, it would either break the demand level at 102.00 to the downside or break the supply level at 102.50 to the downside. The former scenario is more likely, owing to the recent price action in the market.
EUR/JPY: The price here is flat, and it would be rational to stay out of the market until there is a determined directional bias.
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