EUR/USD: The EUR/USD pair is volatile and directionless, having tested the support line at 1.1150 and the resistance line at 1.1250 (last week). Price needs to go above the resistance line or below the support line, to form a bearish or bullish bias. This is what is expected before the end of the week.
USD/CHF: This pair tested the resistance level at 0.9800 and later got corrected by close to 70 pips. Price is now below the resistance level at 0.9750, with a probability of testing the support level at 0.9700. However, the bullish signal in the market would be valid as long as price does not go below the support level at 0.9650.
GBP/USD: The GBP/USD pair has gone bearish this week, and it is currently experiencing some shallow rally in the context of a downtrend. The major bias is bearish and further downwards movement is expected, which means the current shallow rally might end up being an invitation to enter the market at better prices.
USD/JPY: This currency trading instrument has gone upwards by over 200 pips this week, and the supply level at 103.50 has almost been breached to the upside. There is a Bullish Confirmation Pattern in the market and a further northward movement is anticipated, which may make price reach the supply levels at 104.00 and 104.50. Some fundamental figures are expected today and they may have some impact on the market.
EUR/JPY: The movement on this cross is quite similar to the movement on the USD/JPY pair. Price has rallied significantly and this seems just to be the beginning. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. Bulls may now target the supply zones at 116.50 and 117.00 soon.
