EUR/USD
After it peaked at the 1.4028 level, the EUR/USD pair promptly corrected its gains, and sharply fell to the1.3856 level. Currently a bullish cross on the Slow Stochastic in the 4-hour chart indicates that the bearish correction is over. Going long might be the preferable choice today.

GBP/USD
The pair managed to cross the 1.6000 resistance level yesterday, yet shortly after dropped to the 1.5825 level. At the moment, as the weekly RSI is pointing up, the pair looks to resume its bullish trend, with the potential to reach the 1.6000 level yet again. Traders may want to go long with tight stops today.

USD/JPY
The pair reached an astonishing 15-year low yesterday, after falling to the 82.10 level. All the technical indicators on the weekly chart continue to provide bearish signals, suggesting that the pair can still drop further. Going short is still the preferable option.

USD/CHF
The pair's bearish channel was broken yesterday after it climbed 150 pips in a single day and reached the 0.9700 level. In addition, a bullish cross on the 4-hour chart's MACD has taken place, indicating that the upward correction has room to grow. Going long with tight stops might be the preferable strategy today.

Gold
Up until yesterday, gold's bullish trend was one of the safest bets in the market. However, after peaking at $1,364 an ounce, gold dropped as low as $1,325. Currently the RSI on the daily chart is pointing down, and about to cross the 70 line. This means that gold has potential to drop further. This might be a good opportunity for forex traders to catch the trend at its beginning. Going short is the recommended choice.

with the collaboration of Forex Yard