EUR/USD: It is safe to assume that the Bullish Confirmation Pattern was formed in this market. The EMA 11 has just crossed the EMA 56 to the upside and the Williams' % Range period 20 is in the oversold region. Further northwards movement is expected on this pair this week.
USD/CHF: This pair corrected lower this week. However, the correction is not significant enough to cause a "sell" signal in the market, for the EMA 11 did not cross the EMA 56 to the upside. The Williams' % Range period 20 is in the oversold region. These are mixed signals. The indicators on the 4-hour chart could reach an agreement before the end of this week.
GBP/USD: From the accumulation territory at 1.4150, the GBP/USD pair went up by 250 pips. Now, it is testing the distribution territory at 1.4400. There is a clear Bullish Confirmation Pattern in the market, and the distribution territory might be broken to the upside as the price goes further upwards towards another distribution territories at 1.4450 and 1.4500.
USD/JPY: Just like the EUR/JPY pair and most other JPY pairs, the USD/JPY pair has been making attempts to go upwards since the beginning of this week (whereas the bias is bearish). Further northwards movement could threaten the bearish bias, while a correction would reinforce it.
EUR/JPY: This cross moved upwards by 220 pips this week, though the outlook on the market is currently bearish. The price is above the demand zone at 123.50, targeting the supply zones at 124.50 and 125.00. A movement above the supply level at 125.00 would result in invalidation of the current bearish outlook. A bearish correction in the current scenario will merely reinforce the bearish outlook.
