EUR/USD: The EUR/USD pair has been moving sideways so far this week, while other major pairs are now in a trending mode. The price would either go above the resistance line at 1.1200 or go below the support line at 1.1000. A breakout to the upside is more likely because the outlook on the market is bullish for this week.
USD/CHF: This market succeeded in going above the support level at 0.9850, now it is targeting the resistance level at 0.9900. As long as the USD is stronger than the CHF, this market would be going upwards. It might even go beyond the resistance level of 0.9950.
GBP/USD: Cable has moved upwards by 320 pips this week, according to our expectation. Other GBP pairs are also trending upwards in the context of a downtrend (save the EUR/GBP). Unless the price goes above the distribution territory at 1.3400, the downtrend would remain valid. Right now, a bullish signal is being formed in the market.
USD/JPY: The USD/JPY moved upwards by 440 pips, contrary to the expectation of bears. There is already a Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. It is no longer logical to go short in this market, since the rally that is being witnessed here is more than a corrective rally.
EUR/JPY: The EUR/JPY pair has moved upwards by over 500 pips this week, and this action resulted in a Bullish Confirmation Pattern on the 4-hour chart (which occurred yesterday). Although, the price hovers above the demand zone at 115.50, further bullish movement is possible, and the supply zones at 116.50, 117.00, and 117.50 would be targeted.
