13.01.201602:00 Forex Analysis & Reviews: Daily analysis of major pairs for January 13, 2016

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EUR/USD: The EUR/USD pair moved sideways on Tuesday with nothing significant. This week would see what shall happen to the market, but the bearish bias would not be over unless the price goes above the resistance line at 1.1000, which is a formidable line.

USD/CHF: By all indication, it is still possible that this currency pair would go further upwards. The EMA 11 is above the EMA 56, while the Williams' % Range period 20 is in the overbought region. Unless the CHF experiences lots of stamina, the USD/CHF pair could be seen making further bullish effort from here.

GBP/USD: Based on yesterday's forecast, the GBP/USD pair was able to test the accumulation territory at 1.4400. The price briefly went below that accumulation territory before bouncing upwards. The price action in this market reveals that such upward bounces should be taken as opportunities to go short, since the market could assume a further southward journey.

USD/JPY: This currency trading instrument, which moved southwards last week, still shows the tendency to move further south this week. Although it is still unclear if the pair will make a significant movement this week, the price still shows the determination to go further south, which may eventually enable it to go below the demand level at 117.50.

EUR/JPY: This cross simply consolidated yesterday in the context of a bearish outlook. The Bearish Confirmation Pattern in the market is valid, and the price could test the demand zone at 127.00. The price could even breach that demand zone to the downside.

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