EURUSD: EURUSD is still in a bullish mode, although there is some threat to it. The Williams’ % Range is in the oversold situation, while the price is yet to cross the EMA 56 to the downside. As long as the price is above the support line of 1.3500, it is normal to assume the bullish bias is still in place.
USDCHF: There has been a serious threat to the recent bearish bias in the chart, for the price is currently challenging the EMA 56, and would possibly close above it. Should this happen, it would signal the end of the bearish bias and the beginning of a bullish bias. The buying pressure in the market is already strong.
GBPUSD: The bearish outlook for GBPUSD is still valid, and the price may end up testing the accumulation territory of 1.6000. It is, thus, likely that the bears would continue to hold sway in this market, and when a breakout does occur, it would be southward. There is a distribution territory at 1.6100.
USDJPY: On this currency instrument, the rally in the context of an uptrend is so strong to the extent of nearly overriding the extant bearish outlook. Further northward movement would definitely cause the bearish outlook to be totally rendered useless, for the RSI period 14 it has already crossed the level of 50 to the upside.
EURJPY: This cross is also experiencing a determined northwards rally, which could jeopardize the bears’ interest. The RSI period 14 is already above the level of 50, unless the price fails to cross the EMA 56 to the upside and close above it; it would mean the end of the latest bearish outlook.
