11.12.201401:48 Forex Analysis & Reviews: Daily analysis of major pairs for December 11, 2014

EUR/USD: EUR/USD has been making attempts to go bullish this week. The movement this week has been bullish so far, and this has threatened the recent bearish outlook in the market. From the support line at 1.2250, price has gone upward by nearly 200 pips. A touch of the resistance line at 1.2500 would mean the end of the bearish outlook.

USD/CHF: This currency trading instrument has been making attempts to go bearish this week. The movement this week has been bearish so far, but it would not be said that the bullish bias is over unless price closes below the support level at 0.9600. Further weakness in the Greenback may bring about this expectation.

GBP/USD: The Cable has also gotten engaged in a slow and steady bullish run – something that has resulted in a new bullish bias. Slowly and steadily, price could reach the distribution territory at 1.5800, and this is something that would strengthen the novel bullish bias.

USD/JPY: The bias on USD/JPY has gone bearish and price is now trading below the supply level at 118.00. Further weakness in the market could take price to the demand level at 117.00, which is the next target for bears. Some fundamental figures are expected today and they would have impact on the markets.

EUR/JPY: So far this week, this cross has been trending downwards and this has resulted in a Bearish Confirmation Pattern on the chart. The EMA 11 has just crossed the EMA 56 to the downside and the RSI period 14 is below the level 50. The next target to be attained is the demand zone at 145.50.