23.12.201402:59 Forex Analysis & Reviews: Daily analysis of major pairs for December 23, 2014

EUR/USD: This pair has continued its downward journey and it is close to the support line at 1.2200 (being below the resistance line at 1.2250). A break below that line would proffer an opportunity to target another support line at 1.2150, which is a real target for this week.

USD/CHF: This pair has continued its upwards journey and it is close to the resistance level at 0.9850. A break above that level would proffer an opportunity to target another resistance level at 0.9900, which is the ultimate target for this week.

GBP/USD: The Cable traded downwards on Monday in the context of the downtrend. The price is supposed to continue trending further downwards, reaching the accumulation territory at 1.5550. There may be an initial challenge at that accumulation territory, but with further strength in the Greenback, it could be breached to the downside.

USD/JPY: This currency trading instrument continues its slow and steady journey upwards. The supply level at 120.00 is now under siege and with more effort from bulls, the price may go above that supply level, going further upwards. Basically, the next target is located at the supply level at 120.50.

EUR/JPY: The EUR/JPY pair is still making attempts to go further bullish – though the attempt is being frustrated now and then. It would be OK to wait for a more pronounced directional movement before a position is taken. A break above the supply zone at 147.50 would strengthen the bullish outlook, while a break below the demand zone at 145.50 would strengthen the bearish outlook.