EURUSD
Dominant bias: Bearish
The recent bias on this pair was bullish, but everything has now gone bearish. It is no longer sensible to seek long trades on this pair because it has failed to break up through the resistance line at 1.3700. In addition, price has dropped by almost 100 pips and is now trading below the resistance line at 1.3650. The support line at 1.3600 is currently being tested and there is a high probability of it being breached. Should this occur, price is likely to seek the support line at 1.3550.

USDCHF
Dominant bias: Bearish
Although the dominant bias on this currency pair is bearish, price has been making serious bullish attempts – attempts so strong that they threaten the bearish bias which, to remain valid, needs the rally to be rejected at the resistance level of 0.8950. Any movement above that resistance level would indicate a seriously bullish turn. However, it is unlikely that price will be able to cross the strong resistance level at 0.9000 in the long run.

GBPUSD
Dominant bias: Bullish
This market has been able to remain bullish – breaking one distribution territory after the other. The price territory at 1.7150 was breached to the upside after much struggle and hesitation lasting for a few days. Price is now poised to move further upwards, and may reach another distribution territory at 1.7200 next week.

USDJPY
Dominant bias: Bullish
USD/JPY is bullish, although there is now some southward correction in the market. This correction cannot render the bullish outlook invalid, as long as price remains above the demand level at 101.50. Any movement below that demand level will result in clean bearish outlook.

EURJPY
Dominant bias: Bullish
The condition of this cross is very delicate, and one would do well to stay out of the market until there is a convincing directional movement. Price is bullish, but the sudden weakness in the EUR makes it illogical to seek long trades at the present. The possibility of price testing the demand zone at 138.50 cannot be ruled out.

I’d like to conclude this forecast with the following quote:

“You want to be paid to trade. Winnings are your payment for taking risk.” – Jos Ross