EUR/USD: The EUR/USD made an attempt to go upwards yesterday, but that was not serious enough to override the current bearish outlook on the market. The Bearish Confirmation Pattern in the 4-hour chart remains intact and only a movement above the resistance line at 1.0800 could render the bearish outlook invalid.
USD/CHF: This is a bull market in spite of what is happening now. The EMA 11 is above the EMA 56, but the Williams' % Range period 20 has pulled back into the oversold region. The market cannot go bearish until price breaches the support line at 1.0000 to the downside. So the current position of Williams' % Range may harbinger a clean bullish signal.
GBP/USD: The Cable has gone upwards (just like some GBP pairs are doing). The EMA 11 is above the EMA 56, while the RSI period 14 is above the level 50. Further northwards journey is expected today as the distribution territories at 1.2600 and 1.2650 are reached. Some fundamental figures are expected today and they may have impact on the market.
USD/JPY: The USD/JPY has trended downwards so far this week, following the tight consolidation that was witnessed last week. Price has gone down 244 pips from Monday to Wednesday, now below the supply level at 109.00. Bears would target the demand levels at 108.50 and 108.00, which would be attained before the end of next week.
EUR/JPY: This cross consolidated yesterday – in the context of a downtrend. Price would soon experience some momentum, which would most probably happen before the end of next week. When momentum rises, it would favor bears, as price goes towards the demand zones at 116.00, 115.50 and 115.00.
