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18.06.201506:01 Forex Analysis & Reviews: Daily analysis of major pairs for June 18, 2015

Long-term review

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EUR/USD: There has been an upward breakout in the context of a consolidation of this pair. The outlook is bullish and an upward break enabled the price to test the resistance line at 1.1350. For the current bullish outlook to be stronger, the price would need to close above that resistance line.

USD/CHF: This pair has been able to break the resistance level at 0.9250 to the downside testing the support level at 0.9200. Should the price close below the support level or stay below the resistance level at 0.9250, it would mean strong presence of bears.

GBP/USD: The GBP/JPY pair has been trending upwards strongly breaking one distribution territory after the other. The price has gone upwards by 300 pips this week, and the next target to be breached by bulls is the distribution territory at 1.5850. The price is expected to close above the distribution territory.

USD/JPY: After several days of sideways movement, the price broke upwards, but it happened to be a false breakout. The price went upwards briefly and later came down. It would be fine to stay away from this market until there is a predictable/directional movement. Some fundamental figures are expected today and they would have some impact on the market.

EUR/JPY: There is a buy'signal on this cross: the EMA 11 is above the EMA 22 and the RSI period 14 is above the level 50. The price may go further upwards, for there is a Bullish Confirmation Pattern in the chart.

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