Daily analysis of major pairs for December 14, 2016
December 14, 2016 8:54 am
EUR/USD: The EUR/USD pair tried to go upward earlier this week. The upwards movement could be taken as another short-selling opportunity, unless the resistance line at 1.0800 is overcome (which would require a serious buying pressure). Price may still target the support lines at 1.0600 and 1.0550.
USD/CHF: This pair has been coming down gradually since the beginning of this week, and this has become a threat to the current bullish bias. A movement below the support level at 1.0000 would completely override the bullish bias, but that would never be an easy job for bears to do. As long as price is above the support level at 1.0000, the bullish bias would remain.
GBP/USD: There is still a Bullish Confirmation Pattern on the GBP/USD 4-hour chart. The price has not moved significantly this week, but there would soon be a rise in momentum, which would most probably favor bulls. The bullishness in the market would remain valid as long as price does not go below the accumulation territory at 1.2550.
USD/JPY: Price has continued to move sideways so far this week. There is a Bullish Confirmation Pattern on the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY pair would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00, and 116.50.
EUR/JPY: The EUR/JPY cross has been in a bull market till now in spite of the ongoing sideways movement in the short-term. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. When a strong movement returns to the market, it would most probably be in favor of bulls.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/USD: The
EUR/USD pair tried to go upward earlier this week. The upwards movement could be
taken as another short-selling opportunity, unless the resistance line at
1.0800 is overcome (which would require a serious buying pressure). Price may
still target the support lines at 1.0600 and 1.0550.
USD/CHF: This pair has been
coming down gradually since the beginning of this week, and this has become a
threat to the current bullish bias. A movement below the support level at
1.0000 would completely override the bullish bias, but that would never be an
easy job for bears to do. As long as price is above the support level at
1.0000, the bullish bias would remain.
GBP/USD: There is still a
Bullish Confirmation Pattern on the GBP/USD 4-hour chart. The price has not
moved significantly this week, but there would soon be a rise in momentum,
which would most probably favor bulls. The bullishness in the market would
remain valid as long as price does not go below the accumulation territory at
1.2550.
USD/JPY: Price has continued to
move sideways so far this week. There is a Bullish Confirmation Pattern on the
4-hour chart, and since the outlook on JPY pairs remains bullish for this week,
the USD/JPY pair would also normally trend further upwards. The targets for this
week are located at the supply levels of 115.50, 116.00, and 116.50.
EUR/JPY: The
EUR/JPY cross has been in a bull market till now in spite of the ongoing
sideways movement in the short-term. The EMA 11 is above the EMA 56 and the RSI
period 14 is above the level 50. When a strong movement returns to the market,
it would most probably be in favor of bulls.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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