The major instruments in the currency markets generally made indecisive movements yesterday. Today they could, however, be different because some economic figure releases are expected to cause considerable volatility in the markets.
EURUSD: It can be safely said that indicator levels would have to determine what might happen on this pair. Right now, it is advisable to stay away from trading the pair. A clearer signal would be generated during the course.
USDCHF: What is true on EURUSD, is also true on USDCHF - stay away from this market until a clearer signal is generated. While it is easy to predict what could happen in the near-term, one may not figure out what the market will do in the long-term (at least for the moment).
GBPUSD: The signal on the Cable is bearish. The price is below the EMA 21, while the Stochastic is in the oversold region. This means that there could be some bullish correction on the price before further bearish momentum occurs.
EURJPY: If anything could be done on this cross, it could be short-selling. The only time when this would not be valid is when the EMA 11 crosses the EMA 56 to the upside. The Williams’ % Range is now heading downwards from the overbought territory, which could herald a bearish run.
USDJPY: The price on USDJPY threatens to start a bullish move, but the signal is ambiguous. One way of dealing with this is to wait for the EMA 11 to cross the EMA 56 to the upside. Otherwise, the price would have to fall back below the EMA 11.