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The USD/CHF managed to go upwards a little on Friday, having consolidated in the first few days of the week. The bulls are still willing to push price northward, and there is a possibility that the resistance levels at 0.9950 and 1.0000 (a parity zone) would be tested. However, it is unlikely that the resistance level at 1.0000 would be broken to the upside, since there is also a threat from CHF, which might gain some stamina before the end of the week.
EUR/USD: As it was projected, the EUR/USD went south by roughly 110 pips last week, closing at 1.1114 on Friday, May 27, 2016. There is a strong Bearish Confirmation Pattern in the market: It is expected that the market would continue to trend lower as long as the USD is stronger than the EUR. Any signs of vulnerability in the USD would cause this pair to skyrocket.
USD/CHF: The USD/CHF managed to go upwards a little on Friday, having consolidated in the first few days of the week. The bulls are still willing to push price northward, and there is a possibility that the resistance levels at 0.9950 and 1.0000 (a parity zone) would be tested. However, it is unlikely that the resistance level at 1.0000 would be broken to the upside, since there is also a threat from CHF, which might gain some stamina before the end of the week.
GBP/USD: This pair went upwards by 200 pips last week; but further bullish movement was rejected as at the distribution territory at 1.4700, which effected an 80-pip correction. That correction has not put the bullish bias on the market in a precarious position, unless price goes below the accumulation territory at 1.4450 (which requires a great deal of selling pressure. The most likely direction this week is northward.
USD/JPY: The bias on this market has turned neutral, though a closer look at the price reveals that the bulls are still willing to push the price higher, if they would be freed from the bears’ clutches. There are currently mixed signals in the market, and swing traders might want to stay off until there is a directional movement. A breakout is imminent this week. The more the consolidation phase hold outs, the closer the expected breakout occurrence, plus the more predictable the breakout would be when it does occur.
EUR/JPY: The EUR/JPY cross has moved sideways so far this week, and thus, hope of a serious breakout today is very weak. However, there may be a strong breakout this week which would push the price below the demand zone at 122.00 or above the supply zone at 124.00.
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