EUR/USD: The EUR/USD traded downwards on Wednesday, leading to a Bearish Confirmation pattern. There is still a possibility for the price to trend further downwards and reach the support line at 1.3200. Only short trades are advised now.
USD/CHF: This pair has finally given a conspicuous Bullish Confirmation signal. The market still has much room to run towards the north, and the price would eventually reach the resistance level at 0.9300. Should a long order remain extant here, then it ought to be run.
GBP/USD: So far in this month, the cable has plunged by more than 470 pips. In this week alone, it plunged by more than 260 pips. The market is expected to continue trending lower, especially with the current bleak outlook on the UK economy.
USD/JPY: As expected, the USD/JPY was unable to close below the EMA 56, and as a result of this, the market shot upwards. In this context, it can even be said that the EMA 56 itself was acting like a kind of a demand level. It now remains for the price to break the supply level at 94.00 to the upside and go further towards the supply level at 94.50.
EUR/JPY: The EUR/JPY is still moving in a sideways manner this week – unlike most other instruments. Once again, it is either the price breaks the supply zone at 126.00 upwards or the demand zone at 125.00 downwards. Until this happens, it may be tricky to mention the next price target.
