19.01.201715:13 Forex Analysis & Reviews: Daily analysis of major pairs for January 19, 2017

EUR/USD: There is a bullish signal on the EUR/USD pair. The EMA 11 is above the EMA 56 and the Williams' % Range period 20 is trying to slope upwards, after just leaving the overbought region. A further upwards movement is anticipated and the resistance lines at 1.0700 and 1.0750 would soon be tested.

USD/CHF: As it was expected, USD/CHF has continued its downward journey. However, the psychological level at 1.0000 has appeared to be something price could not breach permanently to the downside. Price needs to go below it, staying below it, in order for the threat to the current bearish movement to disappear.

GBP/USD: The GBP/USD pair is now in a bullish mode, though price retraced lower yesterday. The bearish retracement may turn out to be an excellent opportunity to go long in the context of a short-term uptrend. Some fundamental figures are coming out today and tomorrow and they may have impact on the markets.

USD/JPY: The USD/JPY pair rallied yesterday, but that was not strong enough to overturn the recent bearish outlook. There is still a Bearish Confirmation Pattern in the market, which would be rendered invalid only when price goes above the supply level at 116.50.

EUR/JPY: This cross pair is in a bearish mode, but there was a rally of 240 pips (from the low of 112.59). The bearish mode is already being threatened, and should price move upwards by another 200 pips, the bias would turn completely bullish. Today or tomorrow would determine what would happen eventually.