EURUSD: Irrespective of the range movement that has been characteristic of this pair so far, the overall bias is still bullish. The EMA 11 is above the EMA 56: the Williams’ % Range is close to the oversold area, which means that the price would end up going further northward, when a breakout does occur in the market.
USDCHF: This is a bear market, and there is a Bearish Confirmation Pattern in the chart in spite of the current bullish correction in the market. The resistance level of 0.9100 is a formidable barrier to further northward move, plus the price may end up testing the support level of 0.9000, which is also a great check to further southward scenario.
GBPUSD: Here, there is a possibility that the accumulation territory of 1.6000 may be tested and probably breached towards the downside. The cable is seen as a kind of expensive and may, therefore, go further downwards. Please note that the ‘sell’ signal in the chart remains valid.
USDJPY: The outlook on this market is bearish; which means that the present rally would be transitory in nature. This is an opportunity for astute bears to sell at a better price (when things rally in the context of an uptrend). The demand zone of 96.50 is a possible target that the price can reach today or tomorrow.
EURJPY: The EURJPY is now in a bullish retracement, and there is a supply level at 132.00. The near-term target for the bears is at the demand level of 131.00; which could possibly be breached to the downside, should selling pressure resume (which could halt the current rally in the price).
