EURUSD: The EURUSD pair retains its potential to continue trending northward, in the face of the extant Bullish Confirmation Pattern on the chart. The present pullback is expected to be temporary in nature. Today or tomorrow, it may be possible for this pair to end up trading above the resistance line of 1.3200.
USDCHF: It is still probable that this pair would continue to go further downwards, for the recent ‘sell’ signal on the market is still valid. Any rally would prove to be transient – something normal. Soon, and very soon, the price may be trading below the support level of 0.9400, going towards the support level of 0.9350.
GBPUSD: On the cable, there is some equilibrium between buyers and sellers right now. Equilibrium zones do not last long, and as a result of that, the price may resume in the direction of the latest bias (a northward one) when the expected breakout occurs. There is an immediate price target at the distribution territory of 1.5200.
USDJPY: This currency instrument rose up on Monday, nosedived on Tuesday, and it seems to be rising right now. The reality, however, is that what is happening right now is a rally in a bear market – which proffers a good ‘short-selling’ opportunity when a bearish candle appears. The immediate target to be retested is the demand level of 99.00.
EURJPY: This cross rose upwards and then began to move sideways starting from Tuesday. The outlook on the cross is bullish and the price may break out to the upside whenever volatility resumes in the market. This is easily explained by the tendency for the JPY pairs to get negatively correlated, though EUR is not a weak currency at the present.
