EUR/USD: As it was forecasted, this equilibrium phase on this market has ended as the EUR/USD pair broke downwards, trending downwards and going below the resistance line at 1.1100, this has resulted in a Bearish Confirmation Pattern on the 4-hour chart. While there would be normal rally attempts along the way, bears would be able to target the support line at 1.1000 today or tomorrow.
USD/CHF: This pair has moved upwards by 110 pips this week. The EMA 11 is above the EMA 56 and the Williams' % Range period 20 is around the overbought region. Now, price is getting to the major resistance level at 0.9900, where bulls would encounter a major opposition. At that resistance level, it would be difficult for price to go further upwards, unless there is a strong buying pressure in the market.
GBP/USD: The cable trended downwards on Tuesday and got a bit corrected to the upside early today. All this happened within a major downtrend. The accumulation territories at 1.2150 and 1.2100 have been tested and they would be tested again when price resumes its southward journey.
USD/JPY: This pair is still bullish though price has only become volatile so far this week. The market went upwards on Monday and then consolidated on Tuesday – in the context of a downtrend. Since the outlook on USD/JPY is bullish for this week, it is expected that price would continue going upwards, surmounting the supply level at 104.00.
EUR/JPY: Owing to the perceived weakness in the EUR, this currency trading instrument went a bit downwards yesterday. This has become a threat to the recent bullish signal, which would be rendered invalid once price goes below the demand zones at 114.00 and 113.50, which would in turn, result in a bearish signal.
