EUR/USD: The EUR/USD has moved sideways so far this week, while other major pairs are now in a trending mode. The price would either go above the resistance line at 1.1200 or go below the support line at 1.1000. A breakout to the upside is more likely because the outlook on the market is bullish for this week.
USD/CHF: There is a Bullish Confirmation Pattern on this pair: the EMA 11 is above the EMA 56 and the Williams' % Range period 20 is not far from the overbought region. Although the outlook on the market is bullish, the price is yet to move upwards significantly this week. There is a formidable resistance level at 0.9900, but bulls need to push the price towards that resistance level so as to avoid bears' domination.
GBP/USD: This market, which trended upwards on Monday and Tuesday, got corrected to the downside on Wednesday. This has become a threat to the new bullish bias in the market. Should the price drop further by another 200 pips, the bias on the market would turn bearish. This means bulls need to push the market upwards in order to avoid the bias turning bearish.
USD/JPY: The USD/JPY is now in a bullish mode, having trended upwards by 430 pips this week. The price is now around the demand level of 104.00 – which is part of the pause in the market. It is expected that the bullish movement would resume today or tomorrow, which would enable the price to reach the supply levels at 105.50 and 106.00.
EUR/JPY: This cross consolidated on Wednesday, having moved upwards by more than 500 pips this week. The EMA 11 is above the EMA 56; and the RSI period 14 is above the level 50. This is a "buy" signal, and when momentum returns to the market, it would most probably favor bulls.
