12.11.201401:18 Forex Analysis & Reviews: Daily analysis of major pairs for November 13, 2014

EUR/USD: This market remains bearish despite the existing rally on it. The price is still below the EMA 56 while the Williams’ Range period 20 is heading towards the overbought area. Only a movement above the resistance line at 1.2550 can render the near-term bearish outlook useless.

USD/CHF: This pair remains bullish irrespective of the current pullback in the market. There is still a Bullish Confirmation Pattern in the chart, which may be considered invalid when the price goes below the support level at 0.9600.

GBP/USD: So far this week, this currency trading instrument has been making a serious bullish effort. From the accumulation territory at 1.5850, the price has been going upwards, reaching the distribution territory at 1.5900 and breaking it to the upside. The price may also reach the distribution territory at 1.5950, and break it to the upside, but as long as the price is below the distribution territory at 1.6000, the bearish outlook would be intact.

USD/JPY: This pair attempted to make another all-time high testing the supply level at 116.00 before the current shallow pullback. There is a possibility that the price may continue to go further upwards, testing that supply level again, and possible breaking it to the upside. Should this happen, the price may begin to target another supply level at 116.50.

EUR/JPY: The EUR/JPY pair was able to test the supply zone at 144.00, but failed to close above it. With continuous bullish effort, the cross may succeed in breaking that supply zone to the upside, closing above it. Should this become possible, the next target for the bulls would be the supply zone at 144.50.