EUR/USD: The EUR/USD was very volatile yesterday – all in the context of an uptrend. The uptrend bias is still valid (unless the support line at 1.1150 is breached to the downside). Right now, the uptrend is valid and price could go further upwards to reach the resistance lines at 1.1350 and 1.1400.
USD/CHF: A bearish signal has already appeared on the USD/CHF. There was a bullish effort yesterday, which has not succeeded in overturning the short-term bearish bias in the market. A movement of 150 pips to the upside would result in a bullish bias, while further decline would result in a confirmation of the extant bearish signal.
GBP/USD: This market pulled back further yesterday, causing the recent bullish outlook to be put in a precarious position. The RSI period 14 is giving a "sell" signal, which has not been confirmed by the EMAs 11 and 15. It would be OK to stay out of the market until there is a directional bullish or bearish movement.
USD/JPY: This pair made an effort to go upwards on September 8, 2016. However, the upwards movement is not significant enough to bring about a bullish signal in the market. For a bullish signal to occur, price needs to go above the supply level at 103.50. By this time, the EMA 11 would have crossed the EMA 56 to the upside and the RSI period 14 would have gone above the level 50, leading to a Bullish Confirmation Pattern in the market.
EUR/JPY: The EUR/JPY went upward on Thursday, thereby rendering the recent bearish signal in the market. Price has gone above the demand zone at 115.00, targeting the supply zones at 115.50 and 116.00. The situation in the market currently supports this expectation.
