EURUSD: There is now a serious threat to the bullish bias – as far as this pair is concerned. If the current correction holds out for the rest of the day and possibly it continues tomorrow, then the bullish outlook would be over. The RSI 14 period is now below the level 50. 

USDCHF: This pair is now showing some new lease of strength – basically because of some noteworthy weakness in EUR. The RSI 14 period is already above the level 50. There is a bullish engulfing candle right now, and if this scenario continues for the next several hours, a bullish signal may become valid.

GBPUSD: This is a weak market, as the GBPUSD pair has proven to give short-sellers a good opportunity to enter short at a better price. The short-term rally that occurred yesterday proved to be a rally in a new and valid downtrend. The Williams’ % Range period 20 is already in the oversold region, and therefore there could be a minor correction before the continuation of the downward bias.

USDJPY:  As concerns USDJPY, the supply territory at 80.00 was tested once before the present pullback was observed. There is still some weakness in the yen, as the greenback is trying to gather some strength. The price is still above the EMA 56, and the RSI period 14 is going into the oversold region – no wonder the current correction. If the supply level at 80.00 is broken on the upside, the next target would be 80.50.

EURJPY: The bullish outlook on this cross is also still vivid – despite the current pullback. It may potentially prove to be a pullback in the context of an uptrend. The EMA 11 is above the EMA 56, while the nearest demand zone is 103.50.