EUR/USD: This pair, which went sideways for most of this week, broke upwards on Thursday. The EMA 11 is above the EMA 56, and the Williams’ Percentage Range is now in the overbought region. The price is on its way to reach the resistance line at 1.3400.
USD/CHF: As the EUR/USD broke upwards, the USD/CHF was expected to break downwards. But the downward move on the USD/CHF was negligible. The Williams’ Percent Range is now in the oversold region; however, the EMAs are yet to support a clean bullish outlook. It is better to stay out of this market right now.
GBP/USD: Paradoxically, the Cable – which is supposed to be positively correlated with the EUR/USD – continues to go downwards. This propensity could drag the EUR/USD downwards. Otherwise, there will be a serious bullish breakout. For now, a bearish outlook is present.
USD/JPY: Contrary to most expectations, this pair broke upwards considerably, and therefore, rendering the recent Sell signal useless. The RSI 14 has crossed the 50 level to the upside, as the price itself trades above the EMA 56. The market is above the price level at 90.00: the next target is 90.50.
EUR/JPY: While a possible bearish confirmation pattern was being waited for on this cross, a breakout to the upside came. This means that the long-awaited bearish confirmation never materialized. Instead of that, we have a bullish price confirmation. The price has broken the price zone at 120.00 to the upside, and would soon reach the supply zone at 130.00.
