EUR/USD: This currency trading instrument went upwards this week to test the resistance line at 1.2050, after which there has been a considerable amount of pullback. The price has pulled back by 170 pips, now below the resistance line at 1.1900. Another downwards movement of 150 pips to the downside would completely render the bullish bias invalid. The Williams' % Range period 20 is already in the overbought region.
USD/CHF: After testing the support line at 0.9450, the USD/CHF has bounced seriously upwards and that has become a threat to the recent bearish outlook on the market. As soon as the price goes above the resistance level at 0.9700 a new bullish signal would be generated (owing to a bullish bias). Some fundamental figures are expected today and they may have an impact on the market.
GBP/USD: This pair has largely consolidated so far this week. However, it is expected that price would break out upwards, and continue going north, reaching the distribution territory at 1.2950, which has been previously tested. After the price goes above the distribution territory, the next target would be another distribution territory at 1.3000.
USD/JPY: A bullish signal has finally been generated on the USD/JPY. The price has moved upwards by 200 pips, from the demand level at 108.50. The supply level at 110.50 is currently being tested and it would be breached to the upside as the price targets another demand level at 111.00 (which is the next target for today).
EUR/JPY: In spite of what is happening on it, the EUR/JPY cross is still able to maintain the bullish signal on it. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the market, and further upwards movement is expected. The next targets are the supply zones at 131.50 and 132.00.