The EUR/JPY pair fell by at least, 350 pips since Friday. There is a strong Bearish Confirmation Pattern in the 4-hour chart. There could be further downward plunge today, which could make the price reach the demand zones at 133.00 and 132.50. Only the strong euro and a weake yen could reverse this bearish trend.
On Thursday, it was proven that the rally attempt we saw on this pair was merely a means to sell higher in the context of a downtrend. The price made some bullish efforts, but it could not reach the resistance line at 1.1300. There has been another bearish run, which has emphasized the extant bearish outlook.
The USD/CHF pair is still in a bullish mode as it was made evident by the price action of yesterday. The price made some bullish attempts, and now the pair is close to the resistance level at 0.9800, which is a formidable barrier to bulls' interests. There is a need for the resistance level to be breached to the upside, so that the bullish journey can continue.
The Cable has now dropped by nearly 350 pips this week, moving close to the accumulation territory at 1.5200. There is a Bearish Confirmation Pattern on the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. It is expected that the bearish trend would continue.
This is a strong equilibrium market in which there is no clear uptrend or downtrend. It is better to stay away from the market until there is a reliable breakout from the strong equilibrium phase; and this would require at least, a movement of 200 pips upwards or downwards.
Just like the EUR/USD pair, this cross is also on a bear market in spite of the recent rally in the context of a downtrend. Only a movement above the supply level at 136.00 could render the bearish outlook invalid. But right now, the rally attempt has eased, which could lead to further bearish run.
The market is bearish, in which bulls are making relentless effort to push the price upwards. Bulls would not be deemed as being successful until the resistance line at 1.1300 is overcome. Until then, the market will remain bearish
The USD/CHF pair trended upwards in a directional mode last week, going above the resistance level of 0.9800 briefly before closing below it on Friday. There is a possibility that the resistance level might be tried and breached to the upside again. Only a serious stamina could send the USD/CHF pair plunging southwards.
The cable fell 400 pips last week, testing the accumulation territory at 1.5150. There is a clean Bearish Confirmation Pattern in the market and the price could still continue its downwards journey by at least 200 pips this week. Accumulation territories at 1.5100 and 1.5000 are potential targets for bears.
This is a strong equilibrium market in which there is no clear uptrend or downtrend. It is better for swing and position traders to stay away from the market until a reliable breakout from the strong equilibrium phase takes place; and this would require at least a movement of 200 pips upwards or downwards. Right now, the market is OK for scalpers and intraday traders
