EURUSD
The EURUSD was indecisive last week. The major bullish trend remains valid but we have a potential “head and shoulders” bearish reversal formation as you can see on my daily chart below. The bias is bearish in nearest term testing 1.1670 support area which is the “neckline” of the “head and shoulders” formation. A clear break below that area would confirm the bearish reversal scenario with nearest target seen at 1.1450. Immediate resistance is seen around 1.1800. A clear break above that area could lead price to neutral zone in nearest term testing 1.1850 but key resistance remains at 1.1900 which need to be clearly broken to the upside to potentially nullify the “head and shoulders” bearish scenario and continue the major bullish trend testing 1.2000 – 1.2090.
GBPUSD
The GBPUSD failed to continue its bullish momentum last week bottomed at 1.3087 but closed a little bit higher at 1.3189. The bias is neutral in nearest term probably with a little bullish bias testing 1.3225 – 1.3285 area but key resistance remains at 1.3330 which need to be clearly broken to the upside to reactivate my bullish mode. Immediate support is seen around 1.3150. A clear break below that area could trigger further bearish pressure retesting 1.3087 but key support is seen at 1.3000 – 1.2950 region. Overall I remain bullish.
USDJPY
The USDJPY had a bullish momentum last week, broke above 113.20 key resistance and gapped higher earlier today in Asian session opened at 113.86. The bias is bullish in nearest term testing 114.50 area. Immediate support is seen around 113.50/20 region. A clear break back below that area could lead price to neutral zone in nearest term as direction would become unclear. On the upside, a clear break and daily close above 114.50 would expose 115.20/50 region. Overall I remain neutral.
USDCHF
The USDCHF had a bullish momentum last week topped at 0.9852 and hit 0.9858 earlier today in Asian session. The bias is bullish in nearest term testing 0.9950. Immediate support is seen around 0.9836/07. A clear break below that area could lead price to neutral zone in nearest term as direction would become unclear. On the upside, a clear break and daily close above 0.9950 would expose 1.0100 region. I am bullish on this pair.
