EURUSD: The slow and tardy bullish movement of the EURUSD has resulted in a clean bullish signal in the market. This is a result of the perpetual northward bias that has been resumed since the last week. The resistance line of 1.3600 could soon be breached to the upside – today or tomorrow.
USDCHF: The perpetual southward movement of USDCHF has resulted in a renewed bearish signal. The price may break the support level of 0.9100 to the downside. There is now a Bearish Confirmation Pattern in the chart (the EMA 11 is below the EMA 56, while the William’s % Range is not too far from the oversold zone).
GBPUSD: This currency instrument is, surprisingly, in the bullish market. This is in contrast with the scenario on EURUSD, which ought to be in a positive correlation with the Cable. The only thing that can render the bullish bias invalid is a situation in which the market is trading below the accumulation territory of 1.6000. Without this, it remains safe to call this a bull market; no matter what the bears do, which may cause crazy volatility.
USDJPY: This market is trying to pull back in a context of an uptrend. So far, the dominant bias has been bullish, but the market has been trending lower since Monday. The RSI period 14 is already below the level 50, but the price is yet to cross the EMA 56 to the downside, which is the only thing that can jeopardize the chances of the bulls.
EURJPY: The cross is also bullish in the long term, but bearish in the intermediate term. As long as the price is above the demand zone of 134.00, it cannot be said that the bias has really turned bearish. The price may turn northward anytime.
