EUR/USD: The EUR/USD pair traded further downwards on Tuesday partly owing to the ongoing stamina in USD. The price has gone below the resistance line at 1.1150, targeting the support line at 1.1100. Since there is a bearish confirmation pattern in the market, it is rational to think that the price could go below that support line.
USD/CHF: The USD/CHF pair is still in a bullish mode, though the price simply went flat on Tuesday (a form of consolidation to the upside). The next target should be the resistance level of 1.0000, which means a parity area for USD versus CHF. Would USD reach parity with CHF? This or next week would show that answer. Any significant pullback, owing to a possible strengthening of CHF, would jeopardize the chances of parity.
GBP/USD: There has been further bullish movement in GBP/USD, which has resulted in a clean bullish signal in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. The price could target the distribution territories at 1.4600 and 1.4650 today or tomorrow.
USD/JPY: The movement on this currency trading instrument is best described as a zigzag. There is still some degree of willingness to push the price upwards among bulls , though there is some resistance from bears. Since the EMA 11 is above the EMA 56, and the RSI period 14 is also above the level 50, it is rational to expect an imminent breakout favoring bulls.
EUR/JPY: This cross has gone slightly downwards this week, but it has been unable to stay below the demand zone at 122.50. The price should go below the demand zone so as to support the current bearish signal in the market; otherwise, a possible rally would trump up the current bearish signal.
