EUR/USD: The EUR bounced slightly upwards yesterday in the context of a downtrend. The downtrend is supposed to continue this week unless something drastic changes the outlook (especially something fundamental). The support lines at 1.0600, 1.0550б and 1.0500 remain the targets for this week.
USD/CHF: This is a bull market in spite of what is happening now. The EMA 11 is above the EMA 56, but the Williams' % Range period 20 is currently pulling back. Unless it enters the oversold region, the Williams' % Range is expected to go back upwards again, entering the overbought territory, as price goes further upwards.
.png)
GBP/USD: This currency trading instrument moved sideways last week; and it is still in an equilibrium phase. Price has moved between the distribution territory at 1.2550 and the accumulation territory at 1.2350. A movement above the distribution territory at 1.2550 is more likely than a movement below the accumulation territory at 1.2350. When there is a breakout in the market, it would most probably be in favor of bulls.
USD/JPY: There is a shallow bearish signal on USD/JPY. Price is below the supply level at 111.00, and it has almost reached the demand level at 110.50. Once the demand level is breached to the downside, the next target would be the demand level at 110.00.
EUR/JPY: This cross went further south on Monday. Price has dropped about 550 pips since March 13, 2017 and further downwards movement is anticipated this week. One factor aiding the bearishness in the market is the weakness in EUR itself. The targets for this week are thus located at the demand zones at 117.00, 116.50, and 116.00.
