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Last week, the USDCHF almost tested the resistance level of 0.9250 twice. The price, which is bullish, would still likely test the resistance level again this week and possibly overcome it.
EURUSD: This pair closed at 1.3368 on Friday, having tested the support line of 1.3300 once in the last week. That support line would be tested and even be overcome this week, especially in the face of the current bearish bias. The long-term target is at the support line of 1.3200.
USDCHF: Last week, the USDCHF almost tested the resistance level of 0.9250 twice. The price, which is bullish, would still likely test the resistance level again this week and possibly overcome it. This is clearly possible because the market is in a Bullish Confirmation Pattern at the present.
GBPUSD: On this currency pair, the distribution territory of 1.6100 has become a formidable barrier to the bulls’ interests. There have also been serious market activities between the aforementioned distribution territory and the accumulation territory of 1.6000. This week, the price would break above or below either of the two territories in order to resume the next directional movement.
USDJPY: The USDJPY is a bull market with lots of turbulence and volatility on it. The price, which closed at 99.05 on Friday, is essentially a bull market. The price would thus test the supply level of 99.50, although the long-term target is at the supply level of 100.00.
EURJPY: This cross is still bearish to some extent. The bias last week (and this week has been bearish). From the demand zone of 131.50, the price bounced upwards by over 100 pips. This is really an opportunity for the bears to go short, selling the rally in the context of a downtrend.
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