EUR/USD: This currency trading instrument has trended upward by 250 pips, testing the resistance line at 1.4000. The price would continue moving upwards, owing to the Bullish Confirmation Pattern in the market, which could take the price further upwards by another 100 pips. The next target for the price could thus be the resistance line at 1.4100.
USD/CHF: Normally, the USD/CHF pair went in the opposite direction of the EUR/USD pair. The former dropped by 200 pips, now threatening to test the support level at 0.9550. The EMA 11 is below the EMA 56, while the price is in the oversold region. It is assumed that the price would journey further downwards.
GBP/USD: The Cable went upwards this week – though the price is currently consolidating. There is a Bullish Confirmation Pattern on the 4-hour chart. The EMA 11 is above the EMA 56 while the RSI period 14 is above the level 50. In spite of the present consolidation, the price would most probably go upwards when a breakout happens. A particular impediment to the bulls' interest is located at the distribution territory of 1.4450.
USD/JPY: There is a clean Bearish Confirmation Pattern on the USD/JPY 4-hour chart. The price nearly tested the demand level at 112.00, before the current sideways movement in the market. That demand level could be broken to the downside as the price moves further south, targeting another demand level at 111.00.
EUR/JPY: The EUR/JPY pair has gone upwards so far this week. The price has moved upwards by 150 pips and it is now above the demand zone at 128.00. The next target for bulls is at the supply zone of 129.00, which would be attained today or next week.
