22.11.201704:21 Forex Analysis & Reviews: Daily analysis of major pairs for November 22, 2017

EUR/USD: This pair has been consolidating to the downside since the beginning of the week. However, that has not yet posed a threat to the extant bullish bias on the market, unless price goes below the support line at 1.1650. The support line would make an attempt to impede further bearish movements.

USD/CHF: The USD/CHF pair went upwards on Monday and came down on Tuesday. There remains a bearish bias on the market and the support level at 0.9900 (which has been tested), shall be tested again and breached to the downside. There are other bearish targets at the support levels of 0.9850 and 0.9800.

GBP/USD: Since a short-term signal has been generated on the GBP/USD pair, price has remained quite choppy. There is a Bullish Confirmation Pattern in the 4-hour chart, which is supposed to be more conspicuous as price journeys further northwards. The next targets for bulls could be the distribution territories at 1.3250 (which has been tested several times) and 1.3300.

USD/JPY: There is still a Bearish Confirmation Pattern in the USD/JPY 4-hour chart. Price is below the supply level at 112.50, targeting the demand level at 112.00. Once the demand level is breached to the downside, another demand level at 111.50 would be targeted.

EUR/JPY: The upwards bounce that was witnessed on the EUR/JPY pair at the beginning of this week, has turned out to be an opportunity to sell short at a better price (in the context of a downtrend). The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Further bearish movements are anticipated from here.