EUR/USD: As it was already anticipated, the EUR/USD has shot skywards in conjunction with the recent bullish signal in the market. Price went upwards by over 290 pips early today, almost reaching the resistance line at 1.1300. A retracement is expected, after which the uptrend would resume. The next target to be reached today or tomorrow is the resistance line at 1.1300.
USD/CHF: Just in opposite to the EUR/USD, the USD/CHF has plummeted further. The bias is already bearish and what has happened early this morning has put more emphasis on the weakness in the market. The market crashed 280 pips, to test the support level at 0.9550. There could be a rebound in the market following this, but the bearish movement would resume, and the support level at 0.9550 would be breached to the downside.
GBP/USD: This is a bull market in the short term. Albeit price was in a bearish correction since Monday, the rally that has just happened has enabled bulls to reign again. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The bullish movement is expected to continue.
USD/JPY: A major pullback that has occurred on this currency trading instrument has forced a Bearish Confirmation Pattern in the market. This has ended the bullish attempt that was seen on Monday to Tuesday. A major pullback that happened has taken down the market by 400 pips, and this could potentially continue.
EUR/JPY: JPY pairs pulled back massively today and the EUR/JPY is not an exception. However, there is yet to be a confirmed bearish signal in the market, and it would be OK to wait to see what the market would do today or tomorrow. Soon a directional movement would eventually occur, leading to a confirmed signal.
