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The minor gaps that occurred on the JPY pairs at the beginning of this week mean that significant movements would soon occur on them.
EUR/USD: The bias on the EUR/USD is bullish and the price has bounced off the EMA 56, which is acting as a barrier to a further southward movement. The resistance line at 1.3800 was challenged last week, and it is expected that it would also be challenged again this week.
USD/CHF: This market remains bearish, although the price has been making an attempt to rally off the support level at 0.8800. The rally is limited in nature as long as the price is under the EMA 56. With the continuation of the bearish bias on this market, the price could go down to test the support level at 0.8800 again.
GBP/USD: Albeit it is possible that this market would go upwards again, it is OK to stay away from it until a clear directional bias is determined. When this is determined, there would be a Bullish Confirmation Pattern in the chart and long trades would be sought.
USD/JPY: The minor gaps that occurred on the JPY pairs at the beginning of this week mean that significant movements would soon occur on them. Following the gaps, there has been a rally since then (in this market). Unless, the price crosses the EMA 56 to the upside and closes above it, it is possible that the price would go downwards again, testing the demand level at 101.00.
EUR/JPY: Following the gaps that happened on the JPY pairs, this cross has made an attempt to rally but it has not succeeded in overruling the new bearish bias. While a movement above the supply zone at 140.50 would mean a real breach of the bearish bias, it is probable that the price would go south again and reach the demand zone at 139.00 in the near term.
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