EUR/USD: The sudden drop in the EURUSD has resulted in a serious violation of the extant bullish bias. Should the price trade below the support line at 1.3800, the action would lead to a Bearish Confirmation Pattern in the chart. The price is currently trying to rally that may be halted at the resistance line of 1.3850.
USD/CHF: The price action that occurred yesterday in this market led to a confirmation of a bullish bias. From under the support level at 0.8750, the price shot upwards by close to 90 pips. For this confirmed bullish bias to be sustained, the price must stay above the EMA 56.
GBP/USD: There has been a southward break on the Cable, which is in the direction of the extant propensity anyway. A drop of 100 pips so far this week is enough to strengthen the determination of the bears, and the price could end up hitting the accumulation territory at 1.6500.
USD/JPY: Because the greenback experienced a sudden surge of energy, the USD/JPY has skyrocketed (this is also the reason behind the strength of the USD/CHF, the weakness of the EUR/USD, etc.). However, the pair must stay above the demand level at 102.00 so that the new bullish bias can continue to be valid. There are fundamental figures which are coming out today, and they will have further impact on the greenback.
EUR/JPY: This Euro has been unable to go significantly upwards against the Yen – hence the current equilibrium phase. The price could eventually break either the supply zone at 142.00 to the upside or the demand zone at 141.00 to the downside.
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