Dominant bias: Bullish
This pair assumed a bullish journey last week, going upwards 230 pips. Price topped at 1.1195, closing above the support line at 1.1150. There is now a bullish signal in the market, which shows the possibility of price going further upwards. As forecasted in the last article, major pairs (with the exception of GBPUSD) moved more strongly than they did between July 18 to 22. As long as USD remains weak, EURUSD would continue going upwards. In August 2016, EUR would rally against most major pairs, meeting possible challenges only against JPY and (possibly JPY).
Dominant bias: Bearish
Contrary to expectation, USDCHF declined significantly because USD lost stamina. Although price initially went up by over 90 pips, almost reaching the resistance level at 0.9950,