EUR/USD: This currency trading instrument did not present any significant movement on Tuesday, though the bias remains bearish. It is possible that the price would continue south; and it is also possible that the price would rise sharply. This week, we will witness the possibilities.
USD/CHF: After testing the resistance level at 1.0200, this pair has eased a bit hitting the support level at 1.0150. The bullish bias is intact and it would hold out as long as the price is above the support level at 1.0050. Only a very strong selling pressure is needed to take the price below that support level – something that currently does not exist in the market.
GBP/USD: This week so far, the GBP/USD pair has gone down by 120 pips almost testing the accumulation territory at 1.5050. Since the selling pressure in the market still exists, there is a possibility that the accumulation territory would be breached to the downside. The weakness in the GBP is also visible on, some of GBP pairs performed even bigger movements.
USD/JPY: The USD/JPY pair has formed a kind of sell signal. There is a Bearish Confirmation Pattern in the chart as the price moves below the EMA 56 and the RSI period 14 moves below the level of 50. The demand level at 122.00 could be tested easily.
EUR/JPY: This cross still shows strong willingness to continue trending downwards in conjunction with the extant bias in the market. The Bearish Confirmation Pattern in the chart is very strong and the weakness in the market should continue as long as the euro is weak versus the yen.
