EUR/USD: The pullback in the USD/CHF has helped this market to rally. The rally took place yesterday and this has led to a bullish signal in the market. Further upwards movement is anticipated, which would push price towards the resistance lines at 1.1100 and 1.1150. A very strong buying pressure may even push price above those resistance lines.
USD/CHF: In the last forecast, it was mentioned that the outlook on the USD/CHF turned bearish since Monday. On Tuesday, price underwent a large pullback, because bulls have been unable to continue pushing price towards the resistance level at 1.0000. The 170-pip pullback that was seen yesterday has resulted in a Bearish Confirmation Pattern in the chart.
GBP/USD: The Cable has been consolidating for about two weeks – an even that has resulted in a neutral bias in the short-term. The long-term outlook on the market remains bearish and when momentum rises, it would most likely favor the bears. Strong volatility would be witnessed on GBP pairs this week, and some of them would be weaker in most cases.
USD/JPY: The USD/JPY went bearish yesterday, but that bearish movement has not been strong enough to result in a clean bearish signal. For a bearish signal to form, the EMA 11 would need to cross the EMA 56 to the downside. The RSI period 14 is already signaling a possibility of a downwards movement, since it is now below the level 50.
EUR/JPY: There has been a shallow pullback on this currency trading instrument. In spite of this, there remains a Bullish Confirmation Pattern in the 4-hour chart, which means price is still expected to continue moving upwards. Bulls would target the supply zones at 115.50 and 116.00 (at least).
