29.06.201601:21 Forex Analysis & Reviews: Daily analysis of major pairs for June 29, 2016

EUR/USD: This market is bearish – there is a Bearish Confirmation Pattern on the chart. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is not too far from the oversold region. Long trades are not yet recommended here unless the price goes upwards by about 200 pips.

USD/CHF: The USD/CHF is in a bullish mode, having broken upwards last week. The price is now above the support level at 0.9800, and bulls are still willing to push the market further upwards. Therefore, the resistance levels at 0.9850 and 0.9900 are the next targets for bulls.

GBP/USD: The Cable is trying to make some bullish effort when things are still bearish in the market. There is a strong Bearish Confirmation Pattern on the 4-hour chart (in conjunction with the major bearish trend on daily and weekly charts), and continuous selling pressure remains a possibility. There is a need for a bullish movement of about 500 pips to the upside, before long trades on the Cable can become logical.

USD/JPY: This currency trading instrument merely went flat on Tuesday, in the context of a downtrend. A breakout must happen before the end of this week, which would enable the price to reach the demand levels at 101.50 and 101.00; since there is a strong Bearish Confirmation Pattern on the chart.

EUR/JPY: Following the gap-down that happened at the beginning of this week, this cross has gone upwards by 220 pips. A movement of additional 300 pips to the upside would signal a bullish bias in the short term (though the long-term bias is bearish because the EMA 11 is below the EMA 56, while the RSI period 14 is below the level 50). By the time the price has moved upwards by another 300 pips, the RSI period 14 would have gone above the level 50.