EURUSD: No matter the present condition on the chart, the Bearish Confirmation Pattern on the chart is still a valid thing. The EMA 56, and more precisely, the resistance level of 1.3500 should act as a barrier to the bulls’ effort. Very soon, it is highly likely that the price would be trading below the support line of 1.3400.
USDCHF: The USDCHF pair has retraced by around 50 pips so far this week. However, when looking at a bigger picture, one would handle this action as a correction in a major bullish outlook. It is thus likely that the price may pick from the current state and move upwards to the resistance level of 0.9250 later.
GBPUSD: This currency instrument has really become turbulent with serious upswings followed by downswings. The price has trended downwards since the beginning of the week, but the there is presently a weak rally, which is expected to thin out. Trading below the distribution territory of 1.5900, the price may test the accumulation territory of 1.5850.
USDJPY: Here, the price is above the EMA 56 and the RSI period 14 is above the level 50. The formation of the indicators and the price action cleanly support the bulls’ action. Any southward correction here would be transient in nature, not supposing to take the price below the demand level of 99.00.
EURJPY: The EURJPY pair has already tested the supply level of 134.00. It is thus likely that the price may test that supply level again, for the overall bias on the market is bullish. The supply zone of 134.00, which is currently besieged, would soon be breached to the upside.
