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The constant bearish pressure on the EURUSD has led to a Bearish Confirmation Pattern on the chart. The pair has nosedive from the resistance line of 1.3800 this week, going towards the support line of 1.3500.
EURUSD: The constant bearish pressure on the EURUSD has led to a Bearish Confirmation Pattern on the chart. The pairs has nosedive from the resistance line of 1.3800 this week, going towards the support line of 1.3500. This is really a massive bearish pressure!
USDCHF: The strength of the USD, or the weakness of the EUR (whichever is apt), has resulted in a Bullish Confirmation Pattern in this market. The price is edging towards the resistance level at 0.9100, while the immediate support level at 0.9050 would act as a barrier to any short-term southward threats. Would the USD reach parity with the CHF this year or next year! Only time will tell.
GBPUSD: The Cable is also a weak market – in spite of its current consolidation and in spite of its refusal to go strongly bearish as the EURUSD has done. The price is below the EMAs 11 and 56, while the RSI period 14 is below the level 50. When a breakout does occur in this context of a downtrend, it would most probably be to the downside.
USDJPY: Initially, this market went upwards this week, going as far as the supply level of 98.50. Here, the northward move was challenged and the price yielded to gravity (as evident on most other JPY pairs). Looking at the position of the indicators on the chart, one would see a confirmed ‘sell’ signal in the market.
EURJPY: This week, the EURJPY has gone significantly bearish. From the beginning of this week to the time of preparing this forecast, the pair, which is now trading below the supply zone of 133.00, has gone downwards by up to 250 pips. Sell!
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