EUR/USD: Indeed, this pair touched the support line at 1.0500, but a further downward slide was rejected as the price moved higher from there, going upwards by 180 pips. There is an ongoing battle between bulls and bears now. An important support line at 1.0500 should act as a deterrent to bears, and further rally is possible later this week or next week.
USD/CHF: The USD/CHF pair tested the resistance level at 1.0100, but it was not able to close above it. The price dived by 100 pips, testing the great psychological level at 1.0000. Again, the price could not close below that psychological level/ So, bulls have come in and are making attempts to push the price higher now.
GBP/USD: This currency trading instrument has continued to drop further and further. In fact, buying in this market is not a rational thing to do at the present. One should see any rally as short-selling opportunities. An accumulation territory at 1.4850 could end up being breached to the downside.
USD/JPY: Recently, we do not expect this market to move activly. However, the outlook remains bullish. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The supply level at 122.00 is being watched, for the price may reach that place latter.
EUR/JPY: Like EUR/USD, the EUR/JPY cross has also made some weak attempt to rally – all in the context of a downtrend. This rally may be seen as another opportunity to sell short, for the market may come down lower from there. Unless the supply zone at 130.00 is challenged, present rallies are likely to be insignificant.
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