EUR/USD: Despite a significant bulls’ attempt to push the EUR/JPY pair upward this week, the bias on the cross remains bearish. This is because the cross has already lost nearly all its bullish gains for the week. Support lines at 1.0550 and 1.0500 are now
USD/CHF: Because the EUR/USD pair skyrocketed momentarily
this week, the USD/CHF pair also plummeted momentarily. However, some of the loss has been regained, but events are going to be largely determined
by what happens next to EUR/USD. The market is likely to experience an opposite
movement compared to the EUR/USD pair.
GBP/USD: There is
still a Bearish Confirmation Pattern on the Cable: the EMA 11 is below the EMA
56 and the RSI period 14 is below the level 50. The accumulation territory at 1.4700
has been tested, plus another accumulation territory at 1.4650 might soon be
USD/JPY: There is
a perpetual upward bounce following the recent great dip in this market. Nevertheless,
the upward bounce has not been serious enough to allow a clean confirmation of
a bullish outlook, unless the price closes above the supply level at 121.50.
Right now, the bulls should tread with caution.
EUR/JPY: In spite of a significant bulls’ attempt to push the EUR/JPY pair upward this week, the bias on the cross remains bearish. This is because the cross has already lost nearly all its bullish gains for the week. The demand zones at 128.00 and 127.50 are now being watched.
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