11.12.201506:54 Forex Analysis & Reviews: Daily analysis of major pairs for December 11, 2015

EUR/USD: After moving upwards by 200 pips, the EUR/USD pair got corrected downwards. But it must be noted that the correction is just as it is a mere bearish correction in the context of an uptrend. What happened this week showed that the bullish breakout we had seen last week was not a bogus one.

USD/CHF: After ramming into the support level at 0.9850, this pair has bounced upwards. However, the upward bounce pales into insignificance when compared with the dominant bearish bias on the pair. Bearish potential targets are seen at the support levels of 0.9800 and 0.9750, which could be broken to the downside.

GBP/USD: The cable has generated a bullish signal. The price is now above the EMA 11, which in its turn is above the EMA 56. The RSI period 14 is above the level of 50. It is expected that the price could reach the distribution territories of 1.5250 and 1.5300; proving that the buying pressure in the market is intense.

USD/JPY: There is a clean Bearish Confirmation Pattern in the USD/JPY chart, which shows that long trades are irrational in the market now. After dropping by 200 pips this week, the market has become quite choppy. Further southward movement is anticipated because of the ongoing weakness in the market.

EUR/JPY: After the EUR/JPY cross traded sideways for a few days, bears pushed the price lower. The price is now below the supply zone of 133.00, with a potential to go further below.