11.11.201510:05 Forex Analysis & Reviews: Daily analysis of major pairs for November 11, 2015

Long-term review

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EUR/USD: Based on what this pair is doing, it is not yet rational to seek long trades in the market. Although we observe sideways movement this week has, momentum is expected to return to the market and the bearish journey could be resumed in earnest.

USD/CHF: In the face of mounting strength in the greenback, the USD/CHF would continue its upwards journey this week. It is likely to reach the resistance levels at 1.0100 and 1.0150. Therefore, any shallow pullbacks should be viewed as opportunities to go long.

GBP/USD: In the context of a downtrend, the GBP/USD pair simply moved sideways on Tuesday, moving above the accumulation territory at 1.5100. This is seen as consolidation in the context of a downtrend, and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as short-selling opportunities.

USD/JPY: After topping 123.50, this currency trading instrument got corrected lower, though the outlook on the market is bright. In the face of the expected bullish movements on most JPY pairs this month (coupled with the strength in the USD), it is logical to conclude that this currency trading instrument would continue its upward journey, going above the supply level at 123.50 again.

EUR/JPY: The EUR/JPY pair traded a bit lower on Tuesday. The bias is bearish so far and the demand zone around 131.50 is about to be tested again (the demand zone was tested last week); it could even be breached to the downside.

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