EURUSD: All the gains that were sustained by the bears have been given up in this market. The reversal was so serious – the RSI 14 period has already given a ‘buy’ signal. If this scenario continues today, the two EMAs on the chart will confirm this reversal. The bearish interest is almost over.

USDCHF: The scenario on the USDCHF pair is conversely similar to that of the EURUSD pair. The pair has given up all the gains it had earlier this week. The RSI 14 period has signaled a change in the trend, but this is yet to be confirmed by the EMAs. If this scenario continues today, the bearish confirmation would be complete.

GBPUSD: Unfortunately, there was no reversal on the GBPUSD pair – as it is the case on certain pairs and crosses. This shows that GBP is currently weak. The price has dropped by close to 80 pips this week, while the Williams’ % Range remains in the overbought condition. The bearish signal is still valid.

USDJPY: The reversal on this pair is quite significant. From a weekly low of 79.20, the price has moved up by over 170 pips! There has been a new bullish bias, as the price is now far above the EMA 56  and the RSI 14 is pointing up in an oversold situation.       

EURJPY: As it is true for other JPY pairs, the EURJPY pair has moved up by more than 290 pips, from a weekly low of 100.32. The price is far above the 2 EMAs as the Williams’ % Range is in an overbought condition. One would do well to seek a long trade here.