EUR/USD: This pair moved essentially sideways yesterday, 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 market is yet to go above 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 is the expected stamina in CHF this month, coupled with the possibility that USD could also lose strength this week or next.
GBP/USD: GBP/USD only moved sideways on Monday – in the context of a dominant bearish outlook. We could see a strong rally in the context of a downtrend this week. The expected rally would not be strong enough to push the price beyond the high of June 23, 2016. The bearish movement appears to have thinned out in the short term.
USD/JPY: This currency trading instrument went upwards 250 pips on July 11, 2016. With an additional bullish movement of 300 pips, the bias would turn bullish, and there would have been a Bullish Confirmation Pattern in the market by then. However, there is still a possibility of a bearish movement this week.
EUR/JPY: This cross also went upwards by 250 pips yesterday, but the bias remains bearish. A movement of another 300 pips to the upside would result in a clear bullish signal in the market. However, there is also a possibility of further bearish movement before the end of the week.
