EUR/USD: The EUR/USD pair has already generated a "buy" signal, owing to the bullish effort that was witnessed yesterday. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought region. Price would go further upwards, reaching the resistance line at 1.0750, although the ultimate target is at the resistance line at 1.0800.
USD/CHF: Since USD/CHF has its movement pegged to EUR/USD in the opposite way, price of USD/CHF normally went south once EUR/USD rallied. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold region. Price has dropped at least, 90 pips this week. It is below the resistance level at 1.0000 and going towards the support level at 0.9950. Needless to say, a movement below the resistance level at 1.0000 shows that the recent bullish bias is over.
GBP/USD: The GBP/USD pair moved upwards by 350 yesterday, testing the distribution territory at 1.2900. The significant movement has already confirmed the extant bullish outlook on the market, and the target for this week has already been surpassed. Price would go on to target another distribution territory at 1.3000 before the end of this week.
USD/JPY: This pair came down a bit on Tuesday. There is a huge Bearish Confirmation Pattern on the 4-hour chart. Since the outlook on JPY pairs is bearish, the USD/JPY pair also could be seen going further and further southwards, reaching the demand levels at 108.00 and 107.50.
EUR/JPY: This cross rallied by more than 160 pips on Tuesday. This could be taken as a rally in the context of a downtrend, which cannot be rendered invalid until the supply level at 117.00 is breached to the upside. The demand zones at 116.50, 116.00, and 115.50, may be tested again as price goes south again.
