EUR/USD: This is a bear market and the price could go further downwards, testing the support line at 1.3350 and then another support line at 1.3300. The resistance line at 0.9100 should act as an obstacle to the near-time rallies in the market. Should the price go above that resistance line, one would need to consider covering one’s short trades.
USD/CHF: This is a bull market – in contrast to what the EUR/USD is doing. The bullish bias is confirmed by the fact that the EMA 11 is above the EMA 56, while the Williams’ % Range period 20 is reverting away from the overbought area, creating an opportunity for another long trade.
GBP/USD: The GBP/USD is still bearish in outlook, and the accumulation territory at 1.6800 would soon be tested. There is a distribution territory at 1.6900, which would act as an impediment to any bullish effort along the way. In addition, strong fundamental figures are expected today and they will have significant impact on the markets.
USD/JPY: The Bullish Confirmation Pattern in this turbulent market is still sensible, though the bearish run that happened yesterday nearly made it useless. The basic trading idea is this: as long as the price is above the demand level at 102.00, the bullish bias is valid. But when the price closes below that demand level, we would need to consider short-selling opportunities.
EUR/JPY: After testing the demand zone at 136.50, this currency trading instrument bounced back upwards. The upward bounce is expected to take place in the supply zone at 137.50. This is an area from which the price could fall further lower.
