EUR/USD: This currency pair is still consolidating in the context of a downtrend. When volatility returns to the market, it would most probably favor bears, for price is expected to reach the support lines at 1.1600 and 1.1550, which would be tested between today and tomorrow.
USD/CHF: This pair, with a Bullish Confirmation Pattern in its 4-hour chart, has gone above the support level at 1.0000, going towards the resistance level at 1.0050. Price would also try to reach another resistance level at 1.0100. Meanwhile, the support level at 1.0000 has become a big psychological barrier to bears.
GBP/USD: The Cable tested the distribution territory at 1.3300 and then pulled backwards. The bullish bias on the market is still a valid thing, for the EMA 11 remains above the EMA 56, while the RSI with period 14 is above the 50 level. Unless price crosses the accumulation territory at 1.3150 to the downside (which could cause a threat to the extant bullish bias), it is expected to go upwards from here, by at least, 150 pips. Some important fundamental figures are expected today and they would have impact on the market.
USD/JPY: The USD/JPY pair remains in a short-term bullish mode. Price is currently above the demand level at 114.00, targeting the supply level at 114.50 (first target), and then going towards another supply level at 115.00 (second target). Any major pullback is not currently anticipated.
EUR/JPY: What is happening right now on the cross pair is what can best be called protracted rally in the context of a downtrend. The rally has skewed the recent bearish signal, i.e. the RSI period 14 is giving a bullish signal while the EMAs 11 and 56 do not support that. It is better to stay away until a directional movement starts.
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