EUR/USD: The Bullish Confirmation Pattern on the EUR/USD is still valid and the price would go further upwards after it leaves the current consolidation phase. The Williams’ % Range has retraced southwards a little that means there is a hidden weakness in the market – a good point from which the price can rise further.
USD/CHF: The Bearish Confirmation Pattern on the USD/CHF is still valid and the price would go further downwards after it leaves the current consolidation phase. The Williams’ % Range has retraced north a little, which means there is a hidden stamina in the market – a good point from which the price can fall further.
GBP/USD: It was noted that as long as the Cable is unable to close below the EMA 56 on the 4-hour chart, the bullish bias valid. This is exactly what happened: after testing the EMA 56 area several times, the price skyrocketed by over 120 pips. It is now trading above the accumulation territory at 1.6600. The next target is at the distribution territory at 1.6650.
USD/JPY: The exponential weakness that was experienced in the market made it test the demand level at102.00, a point from which the price bounced upwards. Right now, the price is a kind of moving sideways, but the supply level at 103.00 may prevent further rise, for the bearish outlook is still relevant. So the price may fall further.
EUR/JPY: The outlook on the USD/JPY is exactly valid for this cross - though the prices and the levels are different. The supply zone at 141.00 should check any bullish attempts, for the price is expected to go further south.
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