EUR/USD: This market has moved sideways so far – in the context of a downtrend. Further downwards movement is expected, for price could reach the support lines at 1.0850 and 1.0800. The support line at 1.0850 was reached and would be reached again. In case, the USD/CHF drops sharply, a strong rally might be witnessed any moment.
USD/CHF: There is still a Bullish Confirmation Pattern on the USD/CHF, though things have consolidated so far this week. A breakout is imminent on the market, and price could reach the resistance level at 1.0000. This is an important psychological level, and an extraordinarily strong buying pressure is needed to breach it to the upside. On the other hand, price could pull back sharply from here.
GBP/USD: The bias on the 4-hour and daily charts is bearish (that is the dominant bias), though the market has been in the equilibrium phase since last week. This means that a breakout is imminent, which is supposed to favor bulls. That could happen this week or next.
USD/JPY: The USD/JPY has trended upwards by 145 pips this week. This has become strong enough to result in a bullish bias. Price is now above the demand level at 105.00 and it could reach the supply levels at 105.50 and 106.00 this week or next. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The market would go further upwards.
EUR/JPY: As it was anticipated at the beginning of this week, the EUR/JPY has trended upwards by 190 pips. This has become strong enough to result in a bullish bias. Price is now above the demand zone at 114.50 and it could reach the supply zones at 115.00 and 115.50 this week or next.
