EUR/USD: This pair is still in a bearish mode though things are going into an equilibrium territory. Should the price start moving sideways, it would be in the context of a downtrend. Long trades on this pair are not recommended yet unless the price moves above the resistance line at 1.1150.
USD/CHF: There is no bullish or bearish confirmation pattern in the USD/CHF 4-hour chart, as the price has been moving essentially sideways this week, and unless one is a scalper, one needs to wait until there is a directional movement which is likely to start today or next week.
GBP/USD: The GBP/USD has declined by almost 400 pips this week, moving briefly below the accumulation territory at 1.3900, before the shallow correction occured. The accumulation territory at 1.3900 is now important because the price needs to go below it so that the southward movement can continue. The price has entered a consolidation phase as it has not moved significantly above or below the accumulation territory at 1.3900.
USD/JPY: This week, the USD/JPY has merely consolidated with no directional movement being expressed. This has resulted in mixed signals. The EMA 11 is below the EMA 56 in the 4-hour chart, whereas the RSI with the 14 period is above the 50 level. It is better to stay away from the market until the two indicators agree on a direction – whether long or short.
EUR/JPY: After testing the demand zone at 122.50, the price bounced upwards significantly. It was a movement of over 200 pips, but it was not enough to invalidate the recent bearish bias. Only a movement above the supply zone at 126.50 can reverse the bearish trend and unless that happens, the rally in the context of a downtrend may offer another opportunity to go short.
