17.08.201603:42 Forex Analysis & Reviews: Daily analysis of major pairs for August 17, 2016

EUR/USD: The EUR/USD has moved upwards by 170 pips this week, testing the resistance line at 1.1300. There is a Bullish Confirmation Pattern in the chart, and further upward movement is possible, as price goes above the resistance line at 1.1300, targeting another resistance lines at 1.1350 and 1.1400.

USD/CHF: The USD/CHF has moved downwards by 150 pips this week, testing the support level at 0.9600. There is a Bearish Confirmation Pattern in the chart, and further downward movement is possible, as price goes below the support level at 0.9600, targeting another support levels at 0.9550 and 0.9500.

GBP/USD: This pair rallied 150 pips yesterday, without being able to pose any threat to the extant bearish outlook. Price would need to move upwards by at least, 300 pips, before there can be a Bullish Confirmation Pattern in the 4-hour chart. Otherwise, the event of yesterday would simply be another opportunity to go short at a better price.

USD/JPY: This is a bear market in the short term. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. All bulls' effort in the market is expected to be scuttled. Then bears might be able to push price towards the demand levels at 99.50 and 99.00; though that would require strong selling pressure.

EUR/JPY: It can be said that the EUR/JPY consolidated yesterday, in the context of a downtrend. Price is expected to move further downwards this week, reaching the demand zones at 112.50 and 112.00; especially as EUR is expected to be weakened further today or tomorrow.