EUR/USD: This pair moved essentially sideways throughout last week, but the bias remains bearish. There is a need for the price to go above the resistance line at 1.1400, before it can be said that bulls have begun to reign in this market. There could be some serious bullish attempts this week, but they would not be able to push the price beyond the resistance line at 1.1400.
USD/CHF: This currency trading instrument made a commendable effort to go upwards last week. The price first went above the support level at 0.9800 and then tested the resistance level at 0.9850. Bulls might also be able to target the resistance level at 0.9000. Nonetheless, there are two obstacles along the way, which are the stamina expected in CHF this month, coupled with the possibility that USD could also lose its strength this week or next.
GBP/USD: GBP/USD dropped 450 pips last week to test the low of 1.2796, before the price consolidated in the last few days of the week. The bias on the 4-hour, daily and weekly charts is bearish, and thus the price should continue its decline. However, this week may be different, for we could see a strong rally in the context of a downtrend. The expected rally would not be strong enough to push the price beyond the high of June 23, 2016.
USD/JPY: This pair went downwards by at least 250 pips last week. There is a Bearish Confirmation Pattern in the market, and further southward movement could be witnessed this week. The next targets for bears are located at the demand levels of 100.00, 99.50 and 99.00. The demand level at 100.00 would pose a challenge to bears; but once it is breached to the downside, further bearish movement would be seen as the price goes below other demand levels beneath.
EUR/JPY: The EUR/JPY declined by 330 pips from Monday to Wednesday – only to move sideways on Thursday and Friday. The bias is bearish; just as it is bearish on other JPY pairs. Any rallies in this market ought to be ignored. They might even be taken as opportunities to go short at better prices.
