EUR/USD: Though the movement of the EUR/USD pair looks deceptive, long trades would be rational with it. This is because the EMA 11 is above the EMA 56 and the Williams' % Range period 20 is not far from the overbought region. It is even drifting upwards. The resistance lines at 1.0950 and 1.0000 are likely to be reached within the next several trading days.
USD/CHF: This pair has only consolidated so far this week, owing to the perceived quietness in the market. This week, the price has oscillated between the resistance level at 0.9950 and the support level at 0.9850. A break out of this trading range may be possible next week because some serious movement is anticipated.
GBP/USD: What has happened to the Cable so far is what can be termed a rally in the context of an uptrend. The price has been going upward gradually since Wednesday, while the outlook on the market remains bearish. Only a movement above the distribution territory at 1.5050 would render the bearish outlook invalid; otherwise, the current rally would be logically taken for another short-selling opportunity.
USD/JPY: The USD/JPY pair has trended nicely downwards this week. The price has moved down by 110 pips, now below the supply level at 120.50, and going towards the demand level at 120.00. There is a very strong Bearish Confirmation Pattern on the chart; plus the price is likely to go further south when the market regains momentum.
EUR/JPY: The upward bounce we witnessed on this cross on Monday and Tuesday this week has proven to be an opportunity to sell short. The price has come down after that, trying the demand zone at 131.50 – which might be breached to the downside soon.
