01.07.201506:58 Forex Analysis & Reviews: Daily analysis of major pairs for July 1, 2015

Long-term review

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EUR/USD: This currency trading instrument is currently volatile; though a closer look would reveal that the dominant bias is bearish. This would hold as long as the resistance line at 1.1300 is intact. More selling pressure may enable the price to reach the support lines that were first tested this week as a result of the gap-down that occurred at the market open.

USD/CHF: This week has been characterized by a deadly struggle between the bull and the bear with bull gaining the upper hand. The price could continue going further upwards, especially as the EUR/USD pair is weakening further. The price may test the resistance levels at 0.9400 and 0.9450.

GBP/USD: The GBP/USD pair is moving sideways in spite of a fact that other majors are showing high volatility. The price is moving sideways this week, but there is bound to be a breakout this week or next. Either the price would close above the distribution territory at 1.5800, or it can close below the accumulation territory at 1.5650. A close below the accumulation territory at 1.5650 is more likely.

USD/JPY: There is a sell signal on this pair. The price is below the EMA 56 and the RSI period 14 is below the level of 50 showing a clean Bearish Confirmation Pattern in the chart. The pair is expected to become weaker this month. So, a long trade is currently not advisable here. The next target for bears is at the demand level of 121.50.

EUR/JPY: This cross has remained volatile. However, it is more likely that the price would trend downwards this week or next. That is the outlook for the market.

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