EUR/USD: After facing serious struggles at the support line of 1.0850, bulls have been able to push this pair upwards, which is now threatening the recent bearish bias in the market. The Williams' % Range period 20 is already in the overbought region and as soon as the EMA 11 crosses the EMA 56 to the upside, there would be a "buy" signal in the market.
USD/CHF: This currency trading instrument has traded largely sideways so far this week, not going above the resistance level at 1.0050 and below the support level at 0.9900. The pair is bound to make a breakout today or next week, which would take the price below the aforementioned support level or above the resistance level. Before the expected breakout occurs, swing traders are advised to avoid this market, which is, however, attractive to intraday traders and scalpers.
GBP/USD: There is a clean bullish signal on the GBP/USD pair, having moved upwards by 330 pips this week. The distribution territory at 1.4200 is the next target, which would be overcome today or next week. After this, the price might target another distribution territory at 1.4250.
USD/JPY: There is a precarious "buy" signal on the USD/JPY pair, which would make sense only as long as the price does not go below the demand level at 112.00. Since the outlook on the pair is bright, the price is likely to trade further upwards this week or next week.
EUR/JPY: After moving briefly below the demand zone at 122.50, this cross has traded upwards by 250 pips. Short trades do not currently look logical in the market, especially when the price moves upwards by another 100 pips, which is more likely. When this happens, there would have been a clean Bullish Confirmation Pattern on the chart.
