24.12.201508:03 Forex Analysis & Reviews: Daily analysis of major pairs for December 24, 2015

Long-term review

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EUR/USD: Though the movement on the EUR/USD pair looks deceptive, long trades would be rational on it. This is because the EMA 11 is above the EMA 56 and the Williams' Percentage Range is not far from the overbought region. It is even sloping upwards. There is a strong likelihood that the resistance lines of 1.0950 and 1.0000 will be reached within the next several trading days.

USD/CHF: This pair has only consolidated so far this week, owing to the perceived quietness in the market. This week, the price has oscillated between the resistance level of 0.9950 and the support level of 0.9850. A break out of this trading range may be possible next week because a serious movement is anticipated.

GBP/USD: The Bearish Confirmation Pattern on the GBP/USD pair is very strong, and it can hold out, despite the current shallow rally in the market. This kind of rally should be seen as another opportunity to go short while the outlook on the market remains bearish. A further bearish movement is expected soon (most probably next week).

USD/JPY: The USD/JPY pair remains steady – consolidating to the downside in the context of a downtrend. The price is now below the supply level of 121.00, targeting the demand level of 120.50. Since weak trading activity is expected today, the price would not go downwards significantly.

EUR/JPY: This cross went upwards on Monday and Tuesday, but came down on Wednesday, reinforcing the bearish pressure in the market. The demand zone of 131.50 has been tried and it can be retried, in spite of the upwards bounce that is currently happening (a bullish candle).

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