EUR/USD: The strength in this pair has also led to a bullish outlook in the market. The price is now above the EMAs 11 and 56, while the Williams’ % Range period 20 is in the overbought territory. As it may turn out, bearish retracements would proffer opportunities to go long in the market.
USD/CHF: The weakness in this pair has also led to a bearish outlook in the market. The price is now below the EMAs 11 and 56, while the Williams’ % Range period 20 is in the oversold territory. As it may turn out, rallies would proffer short-selling opportunities in the market.
GBP/USD: The situation on this currency is precarious. An upward movement of 280 pips in this week has nearly invalidated the bearish bias, but there is now a bearish retracement. For the bearish bias to be invalidated, the price needs to go above the distribution territory at 1.6200. A movement below the accumulation territory of 1.6050 would mean that the bears have come back with a full force.
USD/JPY: The Bearish Confirmation Pattern on the USD/JP is still intact. The price is now trading below the supply level at 108.00, going towards the demand level at 107.50. That is the next target for the bears.
EUR/JPY: So far this week, the bias has been bearish on this cross and the price has more probability of going downwards. The rally that happened on October 8, 2014, simply provided a wonderful opportunity to go short at a better price. The price may end up testing the demand level at 136.50; even if it would go upwards after that.
