EUR/USD: The market simply ranged for the most part of this week with neither significant bullish movement, nor serious bearish movement. There was a slightly bullish movement on Thursday, but the outlook on the market remains bearish. Unless the market goes up by 150 pips, it would still be assumed that the market is bearish.
USD/CHF: Despite the fact that the USD/CHF pair simply ranged for the most part of this week, the bullish bias in the market remains valid. The EMA 11 is above the EMA 56, but Williams' % Range period 20 is in the oversold area. This could mean that the current consolidation in the market, though slightly bearish, might result in a rally.
GBP/USD: The GBP/USD pair seems determined in its bullish correction in the context of a downtrend. The price is close to the distribution territory at 1.5250, and in case it moves further upwards by 150 pips, the recent bearish outlook could be rendered ineffectual. It would still be assumed that the market is bearish.
USD/JPY: After testing the supply level of 123.50, the price has eased a bit. Nevertheless, it is possible that the price would continue going further upwards, especially as long as the demand level at 122.00 is not broken to the downside.
EUR/JPY: In the most part of this week (in the past 4 trading days) this currency trading instrument has moved only sideways. There is no potential that today would be an exemption because the market has shrugged off most fundamental figures this week. However, there might be a rise next week.
