EUR/CHF
The EUR/CHF pair initially fell during the course of the week, but found enough support just below the 1.08 level to turn things back around and form a hammer. That hammer is similar to the hammer from the previous week, and I believe it’s only a matter of time before we see the buyers push this market much higher, reaching towards the 1.10 level. If we can get above the 1.10 level, the market should continue to head towards the 1.20 level which was the previous currency peg. Ultimately, the Swiss National Bank should continue to push this market higher as they have been involved again.
EUR/USD
The EUR/USD pair went back and forth during the course of the week, but as you can see we have formed a relatively neutral candle. Ultimately, I believe that we will rally from here but the uptrend line from the previous ascending triangle should offer resistance. Quite frankly, I hope that this market rallies so that we can start selling this pair yet again. I believe that the EUR/USD pair reaches down towards the 1.05 level.
GBP/USD
The GBP/USD pair rallied during the previous week, but quite frankly it should continue to go lower. I am waiting for a resistive move in order to start selling again as it appears we are stuck in some type of down trending channel. I believe that the market should then reach towards the 1.49 level, and then perhaps even lower than that. I have no interest in buying this pair at all and it should be noted that the Friday candle was a resistive shooting star.
AUD/USD
The AUD/USD pair had a slightly positive week over the last couple of sessions, but at the end of the day I think that the 0.70 level is simply offering a bit of a “dead cat bounce” in order to recognize the large, round, psychological significance of the number. However, I believe that rallies at this point in time will continue to be selling opportunities, and therefore will look for resistance and exhaustion above.
