EUR/USD: Unlike the Cable, the EUR/USD has not traded downwards significantly, though the overall bias has been bearish. It is now either the price breaks the support line at 1.2400 or breaks the resistance line at 1.2500 to the upside. But as long as the price is below the EMA 56, the bearish outlook would continue to make sense.
USD/CHF: It can be said that this currency trading instrument has been consolidating so far this week – on a bullish note. It is likely that the price would either test the support level at 0.9600 or the resistance level at 0.9750. A break below the support level at 0.9600 would mean the end of the bullish effort and the beginning of the bearish effort in the near-term.
GBP/USD: The Cable has gone below our second target at the distribution territory at 1.5750. The price is now challenging the accumulation territory at 1.5700. Should the price breach that accumulation territory to the downside, the next target to be reached would be another accumulation territory at 1.5650. The target can be reached today or next week.
USD/JPY: It is possible that this market would continue to be strong for the rest of this month, owing to the continuous weakness in the Yen.The market is above the EMA 56 and the RSI period 14 is still above the level 50. In this kind of market, we do well to look for long opportunities in the context of an uptrend.
EUR/JPY: This currency trading instrument has trended upwards by more than 200 pips this week, resulting in a stronger Bullish Confirmation Pattern in the chart. The market may reach the supply level at 145.00.