EUR/USD: In a surprise move, the EUR/USD pair broke out of its recent sideways movement in the context of a downtrend, going upwards by 450 pips. There is a now a Bullish Confirmation Pattern in the market, which has overturned the recent bearish bias abruptly. More fundamental figures are expected today and they could have impact on the markets.
USD/CHF: It was very interesting that the USD/CHF pair dropped by over 350 pips on Thursday. This week alone, the price has dropped by 400 pips leading to an overnight bearish outlook in the market. Since the price has dropped below the great psychological level of 1.0000, a further bearish movement is possible.
GBP/USD: Having tested the accumulation territory of 1.4900, this market went upwards by 250 pips, testing the distribution territory of 1.5150. One thing: the bearish losses that were seen this week so far have already been gained. On the other hand, the upward bounce, which happened in a weak positive correlation with the EUR/USD pair, has not been strong enough to override the extant bearish bias. The price would need to move further upwards by 200 pips to override the bearish bias.
USD/JPY: Sudden weakness in the USD has made this currency trading instrument gone lower across the EMA 56 to the downside. The RSI period 14 is now below the level of 50, which is an indication of early bearish bias in the market. The bearish bias might continue.
EUR/JPY: It had already been said that this cross would not go upwards seriously unless the EUR gained serious stamina, or the JPY lost stamina. The price moved upwards by 450 pips in a single day after testing the demand zone of 130.00. The price has already moved above the demand level of 134.00, and further bullish movement is possible.
