Looking at the Weekly FX Chart patterns for the upcoming August 1st trading week, The EUR/USD has formed what could be considered a bullish flag. However, there are many issues in Europe that are managing to stay out of the headlines, such as the rates in Italy and Portugal's bonds going back to the pre-deal levels in Europe. This shows that the market hasn't bought the deal, and that as soon as Washing DC gets it together, we will more than likely start to focus on the ills of Europe again. So be careful going long on this pair.
The EUR/CHF pair is absolutely horrible looking. The pair has found itself testing 1.13, which is 1,000 pips from where it started July. This pair continues to fall, and looks like it will reach 1.10, and then probably make a run towards parity. Look for short-term bounces in the pair for further selling opportunities.
The USD/CHF pair has finally broken the 0.80 mark, and now looks to run to 0.75 as the debt talks in DC continue to hamper the USD......add to that this pair is in a massive downtrend, and we won't be buying it anytime soon! Looking for selling opportunities on short-term bounces.
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