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It is interesting that some currency pairs and crosses opened with conspicuous gaps this week. This means that there would be directional movements in the markets sooner or later.
EURUSD: This pair opened with an upwards gap on Sunday, and it has been trending downwards since then. Should this downward attempt continue, it would be a serious threat to the current bullish outlook, which is still supported by the indicators on the chart. The resistance line at 1.3400 is thus a barrier to any bullish attempt.
USDCHF: There has been a gap-down on the USDCHF at the open of the market this week. The price has tried to rally after this, though it must be noted that there is a resistance level at 0.9300. Besides, the bias on the market is still bearish, and therefore, an upwards movement is not likely unless the Greenback can keep on showing continuous stamina.
GBPUSD: The Cable also gapped upwards at the open of the market. It gapped into the distribution territory of 1.5950, and then pulled back a little. There is another formidable distribution territory at 1.6000 – a serious threat to bullish interests.
USDJPY: It is interesting that some currency pairs and crosses opened with conspicuous gaps this week. This means that there would be directional movements in the markets sooner or later. This also affects JPY pairs in a few cases. Thus the USDJPY is expected to trend upwards this week.
EURJPY: There is no vivid gap on this currency instrument, but it is more likely that it would go in the way of most JPY pairs. The RSI period 14 is above the level 50 and the EMA 11 is above the EMA 56; plus price action, it is more likely that the price would trend upwards.
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