EUR/USD: This currency trading instrument has come down a bit since the beginning of this week, but there is a great opposition to the downward trend (around the support line at 1.0850). In the face of the existing Bearish Confirmation Pattern in the market, there is a need for the price to breach that support line to the downside; otherwise a rally might begin from here.
USD/CHF: This pair tried to move upward on Tuesday, but there was nothing significant in this. However, the EMA 11 is above the EMA 56, while the Williams' % Range period 20 is around the overbought region. There is a probability that the price would continue moving upwards, reaching the resistance levels at 1.0050 and 1.0100, for the resistance level at 1.0000 is now vulnerable.
GBP/USD: After testing the accumulation territory at 1.3850, the GBP/USD pair bounced upwards. Since the EMA 11 is below the EMA 56 and the RSI period 14 remains below the level 50, it is rational to assume that the bearish bias is still in place. The GBP/USD pair needs to go north by at least, 300 pips, for the bearish bias to get invalidated.
USD/JPY: On Tuesday, the USD/JPY pair moved upward by 200 pips, testing the supply level at 114.00. Other JPY pairs also traded upwards on Tuesday, probably starting the bullish movements anticipated for this week and next. It is expected that USD/JPY itself would move further upwards by 200 pips before the end of this week.
EUR/JPY: This cross made a valid bullish attempt on Tuesday (March 1, 2016), but in the context of a downtrend. Only a movement above the supply zone at 125.50 could render the downtrend useless and this is something possible this week or next, for the outlook on JPY pairs is bright.
