EUR/USD: There
has not been any strong movement on the EUR/USD pair so far this week, but the bias
is bearish. The EMA 11 is below the EMA 56, and the Williams’ % Range period 20
is poised to drop further into the oversold territory, as soon as price starts
going further south. Only a pullback on USD/CHF would cause this market rally. Some
fundamental figures are expected today and they would have impact on the
market.
USD/CHF: This is a bull market,
and despite the fact that price has not done much this week, price is supposed
to continue going upwards. The EMA 11 is above the EMA 56, and the Williams’ %
Range period 20 would go decisively towards the overbought region when a strong
momentum occurs, which would favor the ongoing trend.
GBP/USD: The Cable made a faint
bullish attempt on Wednesday, and that could signal the beginning of a
long-term uptrend. The EMA 11 has crossed the EMA 56 to the upside, and the RSI
period 14 has crossed the level 50 to the upside. But before the overall bearish
bias could turn bullish, price would need to go upwards by at least, 1000 pips.
USD/JPY: The USD/JPY pair has
consistently gone up. Since the low of November 9, price has moved up 1350
pips, now above the demand level at 114.00. There is a huge Bullish Confirmation
Pattern on the 4-hour chart and the supply levels at 114.50, 115.00, and
115.50 would be the next targets. As it was correctly predicted, the outlook on
JPY pairs remains bullish.
EUR/JPY: The EUR/JPY pair has often gone up. Since the low of November 9, price has moved up 750 pips, now above the demand zone at 121.00. There is a huge Bullish Confirmation Pattern on the chart and the supply zones at 121.50, 122.00, and 122.50 would be the next targets.
The material has been provided by InstaForex Company – www.instaforex.com
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