EUR/USD: After testing the resistance line at 1.1050, this currency trading instrument got corrected to the downside. Nevertheless, this could be seen as a mere correction in the context of an uptrend, because the market should experience a pullback of at least 200 pips before it could be assumed that an uptrend is over.
USD/CHF: The USD/CHF pair faces two challenges: the euro is strong and the Swiss franc could potentially rally before the Christmas Eve. Nonetheless, the USD might rally against other currencies. Any rallies seen in this market should be taken as short-selling signals, because the bearish outlook would be valid until the great resistance level at 1.0000 is overcome.
GBP/USD: As it was mentioned, the GBP/USD pair generated a "sell" signal, which became the threat to the recent bullish bias. A movement below the accumulation territory of 1.5000 could result in a Bearish Confirmation Pattern, and this is something that is likely to happen.
USD/JPY: After testing the demand level of 120.50, the USD/JPY pair moved upwards by 140 pips this week. It happened in the context of a downtrend, though the bias will turn bullish once the price goes above the supply level of 122.50. Since the outlook for JPY pairs remains bullish in December, this is very likely to occur.
EUR/JPY: A closer look at the 4-hour chart reveals that this cross is trading in a bullish mode. The EMA 11 is above the EMA 56; while the RSI period 14 is above the level of 50. The price is likely to journey further upwards from here, as bulls target the supply zones around 134.00 and 134.50.
