23.12.201508:57 Forex Analysis & Reviews: Daily analysis of major pairs for December 23, 2015

Long-term review

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EUR/USD: The EUR/USD pair rose by 120 pips this week, while the outlook for the market remains bright. The price is now above the support line of 1.0900, going towards the resistance lines of 1.1000 and 1.1050. These are targets for the bulls, which might be attained, in case the bullish journey continues.

USD/CHF: By all indication, at present, the best thing to do is to go short. The CHF is currently strong whereas the EUR is influenced by energy. In addition, the EMA 11 is below the EMA 56, as the Williams' Percentage Range is in the oversold region. Thus, the price can go below the support level of 0.9850, as the market weakenes further.

GBP/USD: This market moved downwards on Tuesday, following a short-term consolidation of the price in the context of a downtrend. On the chart, the Bearish Confirmation Pattern is very strong, and it is more likely that the price could move further downwards from here. Most other pairs, including the GBP, are also weak. For example, GBP/CHF and GBP/NZD.

USD/JPY: After the bearish signal we got last week, the USD/JPY pair is still showing a possibility of going further downwards. The demand level of 120.50 is the next possible target for the bears, which might be reached today or tomorrow. On the other hand, the supply level of 122.00 might check any possible rallies along the way.

EUR/JPY: This currency trading instrument moved slightly upwards on Tuesday. The price is currently trying to bounce upwards while the outlook remains bearish (but the bearish trend is threatened). The bearish outlook will not be rendered useless as long as the price does not go above the supply zone of 133.50.

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