This week wad bullish for such instruments like EURUSD, GBPUSD, EURJPY, and so on. Whereas it was bearish for USDCHF. This was good for trend riders as the markets break through resistance and support levels.
EURUSD: This bullish market has even gone beyond our target for this week. The price remains far above the EMA 21 as the Stochastic is now in the overbought territory. The bias remains bullish.
USDCHF: USDCHF is bearish, as the price remains below the EMA 21. The Stochastic is now in the oversold territory; the bias still point to downward movement.
GBPUSD: Now the Williams’ % Range has constantly been in the overbought territory as the price remains upward. It still stays above the EMA 21, being bullish.
EURJPY: This clearly shows that the euro is strong indeed. JPY has constantly been weakened against it as the Williams’ % Range also goes perpetually overbought. The EMA 11 is still above the EMA 56, confirming the trend.
USDJPY: As expected earlier this week, USDJPY eventually attempts to go to the north in spite of the recent USD weakness against the JPY. This new bullish attempt would be confirmed once the EMA 11 crossed its EMA 56 counterpart to the upside.
