EUR/USD: The sudden weakness in the Greenback has made most USD pairs trend significantly against the recent biases in the markets. This reality has led to new trading signals. The sudden weakness in the Greenback has made it illogical to go in its favor. There has now been a clean Bullish Confirmation Pattern in the EUR/USD chart, which may enable the pair to go further north. In addition, there are more fundamental figures coming out today and they would have impact on the markets.
USD/CHF: This pair went downward, contrary to the EUR/USD. The price broke below the resistance level at 0.9450 – it nearly touched the support level at 0.9350. This is a movement of over 190 pips, and the price may touch the support level at 0.9350 eventually.
GBP/USD: This market also skyrocketed by almost 200 pips (from the accumulation territory at 1.5900). However, the bearish outlook is not yet over, unlike its EUR/USD counterpart which is now essentially bullish. The movement in the market for the next several days would determine whether the bearish outlook would be overturned or whether the bearish outlook would continue.
USD/JPY: This USD/JPY was already bearish before it went further downwards, reaching the demand level at 105.50. This pair is now extremely weak; as a result of the weakness in the Greenback. The bearish movement may continue.
EUR/JPY: This is also a bear market, in which bullish attempts are hitherto negligible. The RSI period 14 is below the level 50 and the price itself is below the EMAs 11 and 56. The demand level at 135.00 may be tested again.