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17.07.201508:48 Forex Analysis & Reviews: Daily analysis of major pairs for July 17, 2015

Long-term review

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EUR/USD: This market has gone below the resistance line at 1.0900. Going below that resistance means that bears have lots of energy at the moment, so long trades are not recommended now. Unless the USD loses stamina, the support line at 1.0850 could be easily tested and breached to the downside.

USD/CHF: Since this currency trading instrument has to go in an opposite direction to the EUR/USD pair, it has succeeded in going above the support level at 0.9550. The next target to be reached is the resistance level at 0.9600; unless the USD loses stamina.

GBP/USD: The cable has made some attempt to go further upwards this week, but there is a form of opposition at the distribution territory of 1.5650. It looks as though the price is in opposition to bears. With more buying pressure, that distribution territory could be breached to the upside.

USD/JPY: This pair has gone above the demand level at 124.00, going towards the supply level at 124.50. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The Bullish Confirmation Pattern in the chart is now very strong and further bullish movement is possible.

EUR/JPY: The EUR/JPY cross has started trending downwards owing to the weakness in EUR. A southward breakout of the recent short-term equilibrium phase means that the price could go further south. The demand zone at 134.50 could be breached to the downside.

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