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07.01.201501:37 Forex Analysis & Reviews: Daily analysis of major pairs for January 7, 2015

Long-term review

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EUR/USD: The bias here is bullish and the price may go further downwards, reaching the support line at 1.1850. There is a recalcitrant resistance line at 1.2000, which could be a great hurdle to the bulls’ interests.

USD/CHF: The USD/CHF is still a strong market and the price could still go further upwards. Bearish effort may allow the price to test the support level at 1.0000, which is now a strong barrier to the bears’ interests. Meanwhile, the price may end up reaching the resistance level at 1.0150.

GBP/USD: Since the last week Friday, the cable has now fallen by over 400 pips, reaching the accumulation territory at 1.5150. This accumulation territory would easily be breached to the downside, as the price goes further downwards another accumulation territory at 1.5100.

USD/JPY: This pair is also bearish in outlook – just like most other JPY pairs. The price is now trading below the EMA 56 and the RSI period 14 is below the level 50. This reality is also supported by the Bearish Confirmation Pattern in the chart and thus, the price could reach the demand level at 117.50, despite the fact that the USD is strong somewhere else.

EUR/JPY: The strength in the yen is still very much pronounced as JPY pairs are now mostly bearish. The EUR/JPY has trended downwards by close to 300 pips in this week alone. Further southward movement is expected on this cross, for the price could break the demand zone at 141.00 to the downside, moving towards another demand zone at 140.00.

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