EURUSD: The movement of the EURUSD is still indecisive – hovering around the line at 1.2800. There must be a noteworthy breakaway from this line before there is a clear direction. But the most probable breakout will be on the upside, and then the next target will be the resistance level at 1.2850.
USDCHF: The USDCHF pair still has some difficulty in breaking the support level at 0.9400 to the downside. The signal available on the chart is, however, bearish. And thus, it would be judiciously expected that the price would eventually succeed in breaking that support level to the downside, targeting 0.9350.
GBPUSD: The cable is also in some equilibrium phase. The price continues to oscillate between the zones at 1.5950 and 1.5900. There must be a break above the zone at 1.5950 or below the zone at 1.5900. Then the price must close above or below any of the aforementioned zones in order to establish a clearer direction. The most probable scenario is to the downside.
USDJPY: This is a bull market. Since the technical analysis model used on the chart gave a ‘buy’ signal on November 14, 2012, the market has moved up by more than 260 pips! Right now, the market has broken the supply territory at 82.00 to the upside, and may reach the territory at 82.50 today or tomorrow. The RSI 14 period is now above the level 70, i.e. overbought region. This may cause some retracement in the price before we see any bullish continuation.
EURJPY: The EURJPY pair is also in a bullish phase. Since November 14, 2012, when the model on the chart gave a ‘buy’ signal, the market has moved up by more than 340 pips! The Williams’ % Range has constantly been in an overbought situation. The price is now above the demand zone at 105.00 – targeting 105.50.
