EUR/USD: This pair got corrected before it could reach the resistance line at 1.1500, and this could be taken as a short-term sale in the context of an uptrend. Unless the support line at 1.1300 is breached to the downside, the bullish bias on the pair would remain a valid thing. The outlook for the pair is upbeat and further rally could take place.
USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is not far from the oversold territory. The bearish movement is expected to continue, especially as long as the EUR/USD is strong.
GBP/USD: The Cable is currently in a bullish mode, which is supposed to continue this week and next week. However, there is a stubborn distribution territory at 1.5500, which must be broken to the upside, so the northward journey can continue. Distribution territories of 1.5550 and 1.5600 are the next targets.
USD/JPY:The USD/JPY pair broke downwards, ending the recent protracted equilibrium phase. The price went briefly below the supply level of 118.00, before bounding upwards. The bias is now bearish and it would hold as long as the supply level at 119.50 is not broken to the upside.
EUR/JPY: This cross, which has been trading sideways from Monday till Wednesday this week, broke towards the south on Thursday. The southwards break was strong, but it was not strong enough to jeopardize the existing bullish outlook. A movement below the demand zone at 134.50 would result in a bearish outlook (though it is expected that the demand zone would defend the extant bullish outlook). Any movement above the supply zone at 136.00 would reinforce the existing bullish outlook, which might mean that the pullback which happened on Thursday was a nice opportunity to go long.
