Daily analysis of major pairs for June 22, 2015

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The GBP/USD moved upwards nicely last week – a movement of 350 pips. Since June 8, 2015, the price has moved upwards by 650 pips. The distribution territory at 1.5900 is now being threatened and it could be slashed to the upside, as bulls target another distribution territory at 1.5950. However, the pair could reverse massively before the end of this week or this month.

EUR/USD: This pair remains a bull market, for the bulls were able to keep the price upwards in spite of the bears’ effort to push it down. The possible targets for this week are the resistance lines at 1.1450 and 1.1500. On the downside, there are support lines at 1.1250 and 1.1200.

USD/CHF: This is a bear market. The selling pressure that happened last week enabled the recalcitrant resistance level at 0.9250 to be breached to the downside (including another resistance level at 0.9200). The support level at 0.9150 has also been tested and it could be tested again. It could even be breached to the downside. As long as the price is unable to go above the resistance level at 0.9350, the bearish outlook would remain intact.

GBP/USD: The GBP/USD moved upwards nicely last week – a movement of 350 pips. Since June 8, 2015, the price has moved upwards by 650 pips. The distribution territory at 1.5900 is now being threatened and it could be slashed to the upside, as bulls target another distribution territory at 1.5950. However, the pair could reverse massively before the end of this week or this month.

USD/JPY: Following some protracted consolidation that first happened last week, there was a false bullish breakout in the market, which happened briefly before the bears pushed down the price. There may be further downwards movement this week.

EUR/JPY: Although the outlook here is bullish, the price condition is not stable. This week would determine whether the price would continue going upwards or whether it would go downwards: depending largely on whatever happens to the EUR.

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