EUR/USD: It seems that the EUR/USD has started the long-awaited bullish journey, made possible by the sudden weakness in the Greenback. This is now a bull market. With the price going above the support line at 1.2750, and it may easily test the resistance line at 1.2900.
USD/CHF: The USD is currently the major determinant of the directions of the markets. The sudden weakness in that currency has resulted in new signals on major pairs. For example, The USD/CHF has now become bearish in outlook, and further weakness in the USD could cause the pair to reach the support level at 0.9350.
GBP/USD: The determined northward direction in this market has already posed a morbid threat to the recent bearish outlook in the market. The RSI period 14 has already given a ‘buy’ signal and the price is now very close to the distribution territory at 1.6150. Should the price touch the distribution territory, then it would result in a Bullish Confirmation Pattern in the chart. By then, the EMA 11 would have crossed the EMA 56 to the upside, aiding the bullish attempt.
USD/JPY: This currency trading instrument is essentially bearish in outlook. Therefore the current upward bounce in the market is simply an opportunity to sell short again. The price may thus reach the reach the demand level at 105.50 again.
EUR/JPY: There is also an upwards bounce on this cross, which is an upward bounce from the demand zone at 134.50. With enough strength in the Euro, the market may continue going upwards – though it is more likely that the market may test the aforementioned demand zone again.
