EUR/USD: On this pair, there is yet to be a significant trending movement, as the market is still consolidating. When a breakout (which is normally expected) takes place, the support line at 1.1150 could be violated. On the other hand, we may see bulls making further bullish attempts.
USD/CHF: This pair is in a consolidation mode. There would be a breakout to the upside or to the downside today, pushing the price above the resistance level of 0.9800 or below the support level at 0.9600. When a breakout does occur, it would probably be in favor of bears. Nevertheless, a strong trend is needed for this to happen.
GBP/USD: The GBP/USD pair moved upwards by at least 170 pips, testing the distribution territory at 1.5500. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. This reveals a bullish outlook - the price could reach other distribution territories of 1.5550 and 1.5600. Moreover, some fundamental figures are expected today and they will have impact on the markets.
USD/JPY: This pair moved largely sideways yesterday. A breakout could take place any day this week, which would make the price go above the supply level at 121.00 or below the demand level at 119.00. Then, a directional movement is expected in the market.
EUR/JPY: The EUR/JPY pair made some bullish attempt on Wednesday, testing the supply zone of 136.50. When the supply zone is breached to the upside, the price could test another supply zone around 137.00. There is a Bullish Confirmation Pattern in the chart, and bulls still dominate in the market.
