Daily analysis of major pairs

Although a bearish signal has been in place on the EUR/JPY since last week, it was not until this week that the signal became really significant. Any rally in the market is a good opportunity to sell short.

EUR/USD: Gradually the bulls’ determination on this pair has resulted in a Bullish Confirmation Pattern. Eventually the price would be trading above the resistance line at 1.3700. It was trading above it a few weeks ago, and so, the possibility of it going above that line again should not be any challenge.

USD/CHF: Gradually the bears’ determination on this pair has resulted in a Bearish Confirmation Pattern. Eventually the price would be trading below the resistance level at 0.8950. It was trading below it a few weeks ago, and so, the possibility of it going below that level again should not be any challenge. There are barriers to bullish attempts at the resistance levels of 0.9050 and 0.9100.

GBP/USD: There is a confirmation of a bearish bias on the Cable. The EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 has crossed the level 50 to the downside. The logical thing to do here is to seek short trades. Typically, it is possible for the price to reach the accumulation territory at 1.6300.

USD/JPY: The USD/JPY has finally succumbed to the southward pull that has been battering it lately. The bulls have been fighting against this, but right now they are losing to the bears. The indicators on the chart confirm the bears’ hegemony.

EUR/JPY: Although a bearish signal has been in place on the EUR/JPY since last week, it was not until this week that the signal became really significant. Any rally in the market is a good opportunity to sell short. The price could still reach the demand zone of 140.00 today or tomorrow.

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