Daily analysis of major pairs for December 11, 2017

Throughout last week, the EUR/USD went downwards by 120 pips, thus leading to a Bearish Confirmation Pattern in the market. While the support lines at 1.1750 and 1.1700 could be tested, it is also expected that a rally will occur sometime this week, owing to a bearish run on the USD/CHF.

EUR/USD: Throughout last week, the EUR/USD went downwards by 120 pips, thus leading to a Bearish Confirmation Pattern in the market. While the support lines at 1.1750 and 1.1700 could be tested, it is also expected that a rally will occur sometime this week, owing to a bearish run on the USD/CHF.

USD/CHF: Throughout last week, the USD/CHF went upwards by 160 pips, thus leading to a Bullish Confirmation Pattern in the market. While the resistance levels at 0.9950 and 1.0000 could be tested, it is expected that the pair would end up plummeting this week, because CHF would showcase an extraordinary level of stamina. Other currencies would also drop versus CHF.

GBP/USD: The bullish bias on the GBP/USD is not currently strong, because there were some subtle bearish attacks on the market last week. For the bullish bias to become strong, price would need to overcome the distribution territory at 1.3550. A movement below the accumulation territory at 1.3250 would result in a bearish outlook.

USD/JPY: This currency trading instrument went downwards on Monday and Tuesday, and then went upwards on Thursday and Friday. There is a bullish bias on the market, and it is expected that the supply levels at 113.50 would be reached – even if there is going to be any major pullback at last.

EUR/JPY: This is a choppy, directionless market (both in the longer-term and the shorter-term), and it is prudent to stay away from the market until there is a break above the supply zone at 134.50; or until there is a break below the demand zone at 131.50. This would require a big momentum, and would happen in less than 14 days to this time.

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