EUR/USD: Yesterday, the EUR/USD pair regained momentum as the price broke downwards through the resistance lines at 1.1300 and 1.1200, resulting in a strong Bearish Confirmation Pattern. While it is possible that the price could touch the support lines at 1.1150 and 1.1100, there is a scenario of a significant rally along the way.
USD/CHF: In contrast to what the EUR/USD pair was doing, this pair moved downwards. (Although its movement was not as significant as the movement on the EUR/USD pair). The USD/CHF pair rose upwards from the support level at 0.9450, almost reaching the resistance level at 0.9550. While the resistance level may be breached to the upside, the possibility of a bearish correction cannot also be overlooked.
GBP/USD: The Cable has been weak in the short-term, but the weakness was not significant enough to override existing bullish outlook. Only a movement below the accumulation territory at 1.5300 could render the bullish outlook invalid.
USD/JPY: Owing to the perceived strength in the USD, this currency trading instrument made a weak effort to go upwards yesterday. Unless the price crosses the supply level at 120.00 to the upside, it would be assumed that this market is still consolidating. One would need to keep one’s fingers crossed.
EUR/JPY: This cross plunged on Thursday because of the great weakness in the EUR. The price dropped by over 150 pips, testing the demand zone at 133.50. The EMA 11 is now below the EMA 56 and the RSI period 14 is below the level 50. This is currently a bear market.