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EUR/USD

After a sharp drop of more than 200 pips on Friday, the pair is showing fresh bullish momentum, and it is now floating around 1.5830. The Slow Stochastic of the 4 hour chart is showing moderate bullish momentum, and the RSI confirms that the direction is indeed up. If the pair breached the 1.5850 level, the trend will be fully validated and another move is expected. Going long appears to be preferable.

GBP/USD

The narrowing channel on the daily chart has been breached, and the cable now rides the bullish momentum created in that move. Both the Slow Stochastic and the RSI are pointing on the continuation of the bullish trend, as the hourlies are contradicting with a possibility of a local bearish correction. Buying on dips might be a good choice today.

USD/JPY

There is a very distinct bullish channel forming on the daily chart, as the pair now floats at the middle of it. All oscillators are showing bullish momentum, and the Bollinger Bands are getting tighter which indicate an additional upcoming bullish move. The next target price of 104.60 appears to be valid.

USD/CHF

Friday’s attempt to breach through the 1.0300 has failed and left the pair with no more bullish momentum. The flat channel continues on the daily chart, as the hourlies are showing fresh bearish momentum, and a possible corrective move towards 1.0100. Waiting for a clearer sign before entering the market might be the smart move today.

Gold

There has been a very strong breach through the bottom barrier of the channel which is forming on the daily chart. The bearish move has completed a full bar beyond the barrier, and the bearish move is now accumulating steam. Forex traders have a great chance of swing into what appears to be a very strong technical pattern. The next target price might be 910.00.

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