EUR/USD: The drop of the USD/CHF has been able to propel the EUR/USD to the upside, for the two currency trading instruments are negatively correlated to each other. A newly formed Bullish Confirmation Pattern has been able to support the current bullish bias. In this market, bearish corrections may be treated as good opportunities to buy long.
USD/CHF: This currency trading instrument has already plummeted by 170 pips this week. Price dropped into the support level at 0.9700, where bulls have been battling bears. It is most likely that bulls would lose out, as price would go on towards another resistance levels at 0.9650 and 0.9600 today or tomorrow.
GBP/USD: There is now a bullish signal on the Cable, especially in the 4-hour chart. The EMA 11 has crossed the EMA 56 to the upside, while the RSI period 14 is above the level 50. Price is supposed to continue trending further north from here. Some fundamental figures are expected today and they could have some impact on the market.
USD/JPY: There is now a Bearish Confirmation Pattern in the USD/JPY 4-hour chart. Price has come down by 190 pips this week, almost testing the demand level at 103.00. Further bearish movement is possible and the demand levels at 102.50 and 102.00 could be tested.
EUR/JPY: The situation in the cross looks dicey right now. The RSI period 14 is below the level 50, showing a bearish signal; but the EMA 11 is yet to cross the EMA 56 to the downside. Moreover, the market itself appears to be in a kind of short-term correction in the context of a short-term uptrend. It is better to wait to see what would happen in the market.
