This pair still shows its willingness to continue its upwards journey. The resistance line at 1.1400 has been tested again and again. Today or tomorrow, the price might breach the resistance level to the upside so as to assert its bullishness.
There is still a Bearish Confirmation Pattern on the USD/CHF - the EMA 11 is below the EMA 56, while the Williams' % Range period 20 is in the oversold area. Therefore, any rallies that are seen here could be interpreted as short-selling opportunities. The price is now under the resistance level at 0.9600, moving towards the support level at 0.9550. The USD/CHF would be weak as long as the EURUSD is able to maintain its current bullishness.
The cable plunged on Tuesday, owing to a sudden selling pressure that came on it. However, further drop was halted at the accumulation territory of 1.5200. The price has bounced up from that territory, since the outlook on the market remains bullish, and the bullish outlook would hold as long as the price is unable to go below the accumulation territory at 1.5100. A rally may happen today or tomorrow.
This market remains in an equilibrium phase, not going above the supply level at 121.00 nor going below the demand level at 119.00. There must be a journey above the supply level or below the demand level before it can be said that the equilibrium phase is over (which is something that will happen this week or next week).
The EUR/JPY pair did not change seriously on Tuesday, though the bullish outlook is valid. The validity of the bullish outlook will hold as long as the demand zone at 135.00 is not broken to the downside. The demand zone, including the one at 135.50, could foil bearish attempts.
The EUR/USD pair moved upwards by 280 pips since last week. The Bullish Confirmation Pattern in the chart is now particularly strong, and we may witness further northwards rally as the price goes above the resistance line at 1.1500.
The USD/CHF pair has been trending downwards since last week, and the price is now below the resistance level of 0.9500, exceeding the bearish target for the week. There is a possibility that the price would reach the support level at 0.9450 by the end of this week. In addition, some fundamental figures are expected today and they can have impact on the market
After testing the accumulation territory of 1.5200, the GBP/USD pair skyrocketed by 280 pips. This is a strong movement, which is supposed to continue during this and next week; since the outlook (including some other GBP pairs) is bullish. The distribution territories at 1.5550 and 1.5600 are the next targets.
The USD/JPY pair seems to have finally gone out of the recent equilibrium phase as the price goes below the supply level at 119.00. The price is under the EMA 56 and the RSI period 14 is below the level of 50. However, the price needs to break below the demand level at 118.00 and remain below it. This week would determine whether that would happen.
The EUR/JPY pair did not move seriously on Wednesday, though a bullish outlook is valid. The validity of the bullish outlook will hold as long as the demand zone at 135.00 is not broken to the downside. The demand zone, including the one at 135.50, is expected to foil bearish attempts.
