EUR/USD: There is a clean Bullish Confirmation Pattern on this currency trading instrument: the EMA 11 is above the EMA 56, while the price is above them all. The Williams' % Range period 20 has constantly been in an overbought territory. In addition, some fundamental figures are expected today and they would have impact on the market.
USD/CHF: Because of the strength in the EUR/USD, the USD/CHF has been forced to go downwards, slashing the adamant resistance level at 0.9500 to the downside. Even the support level at 0.9350 was also tried – it might be tried again in the face of the continuation of the selling pressure. Based on what was said at the beginning of this week, the event on the USD/CHF is being determined by what happens on the EUR/USD.
GBP/USD: This market has continued moving upwards, shrugging off any bearish attempts along the way. Any bearish retracements in this type of market would be transitory in nature, for the trend may continue going further upwards. The distribution territory at 1.5500 may be tested and breached to the upside, unless the price eases seriously.
USD/JPY: This is still essentially a bear market. While bears may succeed in bringing the price towards the demand level at 118.50, stronger weakness in the market would be required to breach that demand level to the downside. For now, there is no significant movement here.
EUR/JPY: All eyes are on the euro as it is one of the strongest currencies among the majors now. Most Euro pairs have proved that. For example, the EUR/JPY has gone upwards by 350 pips this week, slashing through the supply zone at 132.50 before easing. The supply zone could be breached again unless there is a strong reversal in the trend.
