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Rather than going upwards, the USD/CHF broke below the resistance level at 0.9050. This has resulted in a clean ‘sell’ signal, and a movement below the support level at 0.9000 would mean the total end of the bullish bias.
EUR/USD: Since the strong support line at 1.3350 was tested several times last week, and the market has been unable to go downwards, it looks like the market has formed a base. It has begun to consolidate to the upside, but there is a challenge at the resistance line of 1.3400. For a ‘buy’ signal to make sense, the resistance level must be broken to the upside as the price journeys northwards. One may wait until this condition is met before taking a position.
USD/CHF: Rather than going upwards, the USD/CHF broke below the resistance level at 0.9050. This has resulted in a clean ‘sell’ signal, and a movement below the support level at 0.9000 would mean the total end of the bullish bias. There is already a Bearish Confirmation Pattern in the chart – long trades are no longer logical.
GBP/USD: There is another short-term base on the Cable, as it fails to continue going downwards. This is the prognosis for the week: A break below the accumulation territory at 1.6650 would means the bearish trend would continue, and a break above the distribution territory at 1.6800 would mean the beginning of another bullish outlook.
USD/JPY: Here, the bears battered the bulls on Friday and the price went downwards. However, the bullish bias could still be considered valid as long as the price stays above the demand level at 102.00
EUR/JPY: The event affecting the Euro is showing the possibility that it may gain some stamina. This cross closed at 137.15 on Friday, August 15, 2014. This is on a bullish note, which is rational as long as the price is above the demand zone at 136.50.
Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
