14.12.201507:12 Forex Analysis & Reviews: Daily analysis of major pairs for December 14, 2015

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EUR/USD: The bullish breakout, which took place on December 3, 2015, has been sustained so far. This means that the breakout was not false one. The price moved upwards last week closing just below the resistance line at 1.1000, which is an important price area. With ongoing buying pressure in the market, the price could go above the resistance line this week. One thing should be noted, we may witness some weakness in the EUR/USD pair before the end of this month.

USD/CHF: The USD/CHF pair traded further downwards last week. Within the last two weeks, the price has come down by over 460 pips suggesting further southward attempts. This is possible because the USD/CHF pair faces two challenges: the euro is strong and the Swiss franc could potentially rally before the Christmas Eve. Nonetheless, the USD might rally against other currencies.

GBP/USD: From Monday to Tuesday last week, the cable was trending downwards. However, it was trending upwards from Tuesday to Friday closing above the accumulation territory at 1.5200. An upward movement of 250 pips has enabled a Bullish Confirmation Pattern to form in the market since last Tuesday. The distribution territories of 1.5250 and 1.5300 are potential targets for bulls, though that does not rule out the chances for pullbacks to occur in the market.

USD/JPY: After the pair has almost reached the supply level at 123.50, this currency trading instrument pulled backed in an intensive manner (a movement of 250 pips). This has led to a "sell" signal in the market, though the outlook for JPY pairs remains bullish for December 2015. Until that bullish outlook materializes, the current "sell" signal should be respected.

EUR/JPY: The EUR/JPY pair had consolidated in the first few trading days of the previous week, and then traded lower. The lower movement was shallow because the extant bias remains bullish. There is a possibility that the price would continue trading lower, which may threaten the bullish bias. The only thing that can change this is when the yen loses its stamina.

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