EUR/USD: There has been a new lease of energy in the euro. After challenging the support line at 1.3500, the price bounced upwards by over 100 pips, making attempts to breach the resistance line at 1.36000. Should the price continue to hover around that resistance line, the EMA 11 would succeed in crossing the EMA 56 to the upside, thus resulting in a Bullish Confirmation Pattern.
USD/CHF: There has been an exponential weakness in the Greenback. After the recent consolidation in the market, it dropped vividly (though it must be noted that the drop in the USD/CHF is less significant than the rise in the EUR/USD). The price broke the support level at 0.9000 to the downside, but it failed to close below it. Should the price fail to go back below that support level, it would not make sense to think this is a bearish market.
GBP/USD: Surprisingly, the change in other markets has less impact on the Cable. The Bearish Confirmation Pattern is still valid, and the price could possibly fall further downwards.
USD/JPY: The recent rally in the price has resulted in mixed signals: the RSI period 14 has crosses the level 50 to the upside, but the EMA is still above the price. One would need to wait for a clearer direction before taking a position.
EUR/JPY: On the EUR/JPY, there has been a serious violation of the recent bearish outlook. The price rose significantly upwards on Thursday and recovered the loss it saw at the beginning of this week. Any perpetual movement above the supply zone at 139.00 would mean the advent of a new bullish outlook. However, before that happens, one ought to take this big rally with caution, for it could be a temporary northward breakout.
