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Last week, it was rightly predicted that there would be significant movements on the JPY pairs. The pairs moved significantly upwards, breaching more and more supply levels. There are currently pullbacks in the markets, but the uptrends would continue this week.
EUR/USD: After much dithering, this market has been able to bring about an established bullish bias. The resistance line at 1.3900 was tried before the price moved into a temporary consolidation. This resistance line would be tested again and the price may attempt to move towards our ultimate target at 1.4000.
USD/CHF: The sudden weakness in the USD has caused a serious plunge in the price of the USD/CHF. At this point, the struggle between the bull and the bear is so intense, but the bull cannot help being battered by the bear. The easy/initial target for this week is at the support level of 0.8750. When the price tests that support level, it may bounce temporarily upwards, but there is a possibility of it being tested again and breached to the downside.
GBP/USD: Here, there has not been a significant bullish move, but the signal in the market is still bullish. The EMA 11 is above the EMA 56, while the RSI period 14 is not below the level 50. There may soon be a breakout to the upside.
USD/JPY: Last week, it was rightly predicted that there would be significant movements on the JPY pairs. The pairs moved significantly upwards, breaching more and more supply levels. There are currently pullbacks in the markets, but the uptrends would continue this week. The pullback on the USD/JPY could be contained at the demand levels of 103.00 and 102.50 respectively.
EUR/JPY: This cross shot skywards by over 450 pips last week. Right now, there is a bearish retracement which is supposed to be temporary. The market can go upwards again and run into the supply zone at 144.00.
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