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The USD/CHF plunged into the support level at 0.9550 last week, closing above the support level. There is a Bearish Confirmation Pattern in the chart, and further downwards plunge could happen this week. However, a possible weakness in CHF, coupled with a possible weakness in the EUR/USD, might aid a significant rally in USD/CHF.
EUR/USD: The EUR/USD went upwards by 200 pips last week, and tested the resistance line at 1.1350. There is currently a shallow bearish retracement in the context of an uptrend, but price is supposed to continue going upwards this week, reaching other resistance lines at 1.1350, 1.1400 and 1.1450. A bearish movement could force price to test the support lines at 1.1250 and 1.1200.
USD/CHF: This pair plunged into the support level at 0.9550 last week, closing above the support level. There is a Bearish Confirmation Pattern in the chart, and further downwards plunge could happen this week. However, a possible weakness in CHF, coupled with a possible weakness in the EUR/USD, might aid a significant rally in USD/CHF.
GBP/USD: From Tuesday to Thursday, the Cable went north by 300 pips, reaching the distribution territory at 1.1350. Nevertheless, the upward movement is not serious enough to pose any threat to the dominant bias, which is bearish. This is even corroborated by what happened on Friday – a downwards correction by 130 pips. This week, further downwards pressure is possible because the Cable may be weak. For example, the GBP/CAD should plummet before the end of the week (owing to an expected stamina in CAD); and since GBP/USD is sometimes positively correlated with the GBP/CAD, it may experience a vivid bearish movement.
USD/JPY: It is good to check what is happening on other majors so that one can fathom the situations surrounding a trading instrument of interest. The outlook on JPY pairs is bearish in the long-term. The USD/JPY went sideways last week. It went further downwards on Monday and Tuesday and then consolidated till the end of this week. However, there should be a breakout this week, which might respect the dominant bearish trend or cause a near-term rally, especially when USD is strong.
EUR/JPY: This cross consolidated throughout last week, which was something it also did the week before last week. This has caused the bias to become neutral. The neutral bias would come to an end this week or next, when a breakout occurs, which would most probably favor bears.
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