EUR/USD: The EUR/USD pair spiked downward and then broke upwards. The price is now above the support line of 1.1150, poised to trend further upwards. There is a Bullish Confirmation Pattern in the chart, and there is a possibility that the resistance levels of 1.1250 and 1.1300 might be tested today or next week.
USD/CHF: The USD/CHF pair spiked upwards and broke downwards later. The price is now below the resistance level of 0.9900, poised to trend further downwards. There is now a Bearish Confirmation Pattern in the chart, and there is a possibility that the support levels of 0.9800 and 0.9750 might be tested today or next week.
GBP/USD: This pair is still in an equilibrium phase, but a closer look at the chart reveals that bulls are still determined to push the price further upwards. Therefore, the price is expected to move above the distribution territory of 1.4300 soon. There is a Bullish Confirmation Pattern in the market and it is logical to conclude that further upwards movement is possible.
USD/JPY: This is a volatile market, with no particular direction, save upswings, and downswings, which are short-term in nature. For a directional movement to occur in the market, the price would need to go above the supply level of 114.50 or below the demand level of 112.50. Without this condition being fulfilled, it is better to stay away from the market.
EUR/JPY: Bulls have won on the EUR/JPY cross this week. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price is now above the demand zone of 126.50: it could reach the supply zones at 127.00 and 127.50 within the next few trading days. After all, the outlook on some JPY pairs is bright for this month.
