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In the face of the general weakness of the greenback, the EURUSD has been able to move upwards this week.
EURUSD: In the face of the general weakness of the greenback, the EURUSD has been able to move upwards this week. The price has moved upwards by roughly 140 pips. There is a possibility that the price may reach the resistance line of 1.3650; eventually breaching it to the upside.
USDCHF: There is a Bearish Confirmation Pattern on the chart belonging to this pair. As it was expected, the pair was able to break the price level of 0.9000 to the downside, closing and trading below it. At the time of writing this forecast, the price was trading at 0.8982 and it may reach the support level of 0.8950.
GBPUSD: Primarily, the dominant bias on this currency trading instrument is northward, though there is a vivid pullback in the market. The pullback has made the RSI period 14 go below the level 50 (though the EMAs still support a northward outlook). It would be nice to wait for the RSI to go above the level 50 again before a new long order is initiated.
USDJPY: The Greenback is weak, the EURUSD is going upwards. The Greenback is week, the USDJPY is going downwards. This shows that the weakness in the Greenback has been a determining factor in the movement of certain pairs and crosses – irrespective of a base currency or a counter-currency being strong or weak. The USDJPY is weak.
EURJPY: This cross is also a weak market. The indicators on the chart and the price action signify a probability of the price moving further south. There is an immediate supply zone at 133.00 and a demand zone at 132.00.
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