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EUR/USD: There is a Bullish Confirmation Pattern in the EUR/USD 4-hour chart. The EMA 11 is above the EMA 56 and the William's % Range period 20 is in the oversold region, which would proffer a bullish signal once the indicator leaves the oversold region and starts trending upwards. A movement below the support line at 1.1200 would invalidate this assumption and lead to a bearish signal.
USD/CHF: There is a Bearish Confirmation Pattern in the USD/CHF 4-hour chart. The EMA 11 is below the EMA 56, and the William's % Range period 20 is in the overbought region, which would proffer a bearish signal once the indicator leaves the overbought region and starts trending downwards. A movement above the resistance level at 0.9750 would invalidate this assumption and lead to a bullish signal.
GBP/USD: The Cable has gone upwards by 200 pips this week, testing the distribution territory at 1.3250. There is now a Bullish Confirmation Pattern in the 4-hour chart, and further upwards movement is anticipated. The next targets for bulls are located at the distribution territories at 1.3300 and 1.3350.
USD/JPY: Since the middle of last week till now, the USD/JPY has moved sideways. A further sideways movement for more several trading days would eventually lead to a neutral bias in the near-term. However, there is going to be a breakout this week or next, which would most possibly favor bears.
EUR/JPY: This is a flat market and the bias has really turned neutral. It is better to stay out of the market right now (unless one is a scalper). However, a breakout would happen before the end of this week or next, which would most probably favor bears. For a breakout to be valid, price needs to go below the demand zone at 112.00 or above the supply zone at 114.50.
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