Finally beginning to express the bullish pattern initiated yesterday, the USD/JPY pair has begun to climb back towards a strong uptrend pattern. Fibonacci data shows the price action moving closer to 38% retraction, with a target of 50%. No expectations can be made towards it breaking the 105.08 resistance line, however it should stabilize in the high 104’s by then end of the day.
Also making its way towards recovery, the EUR/CHF may require more volatility in order to fully correct. Main forecasts show that both currencies will strengthen during European market hours, leaving little room for serious gain by either of the two. Target expectations are to see the resistance level at 1.2291 reached, and the price action should stabilize above it through the remainder of the day.
Starting of the week with considerable gains, the AUD has shown growing strength against the NZD. However a periodic correction is set to occur. After breaking 2 resistance levels, the price action is being shown as strong bullish. Stochastic indicators are showing however, a change in volumes of buy bids. Therefore, the asset is considered overbought, and will be exhibiting a bearish movement by the end of the day.