EUR/USD: This currency trading instrument is making some commendable effort to go bullish, though some odds are still against it. An upward movement of over 110 so far this week is formidable enough, and when price goes above the resistance line at 1.2600, then things would have gone bullish. However, this goal is not currently easy to achieve.
USD/CHF: This is a bullish market, which can be rendered invalid only when price goes below the support line at 0.9550. Until then, the bullish outlook is logical, for the EMA 11 is still above the EMA 56 and the Williams’ % Range period 20 is not too far from the overbought region.
GBP/USD: This is a bearish market – with a Bearish Confirmation Pattern in the chart. The only thing that can render the Bearish Confirmation Pattern invalid is the condition in which price goes above the distribution territory at 1.5800.
USD/JPY: USD/JPY is still in a bullish mode. Following the shallow bearish attempt that happened yesterday, price has stabilized, forming a short-term base. The bullish trend is supposed to continue from here, as it takes price towards the supply level at 119.00. That is the ultimate target for this week.
EUR/JPY: This market dropped by around 60 pips yesterday, allowing astute bulls to enter the market when things were temporarily on sale and in the context of an uptrend. It is expected that price would go upwards towards the supply zone at 149.00. That supply zone was tested last week, and with enough strength in the market, it could be tested again this week or next week.
