Daily analysis of major pairs for August 4, 2017

EUR/USD: The EUR/USD has gained 140 pips this week (having been going upwards within last several months). There is a huge Bullish Confirmation Pattern in the 4-hour chart, and further upwards movement is anticipated. Right now, the price is above the support line at 1.1850, going towards the resistance line at 1.1900.

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USD/CHF: The situation in this market has remained unchanged. This week, the price has moved between the support level at 0.9650 and the resistance level at 0.9700; and this is something that has caused the current neutrality on the market. For the neutrality to end, the price would need to go above the aforementioned support level or resistance level.

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GBP/USD: This currency trading instrument experienced a considerable amount of pullback yesterday after the distribution territory at 1.3250 was tested. The pullback has taken price towards the accumulation territory at 1.3150; plus further upwards movement would result in removal of the ongoing threat to the recent bullish bias. Further movement to the downside would result in invalidation of the recent bullish bias.

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USD/JPY: This pair remains a bear market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Bear has made several attempts to breach the demand level at 110.00 to the downside – that is the aim of the bear. Once the demand level is breached to the downside, another target at the demand level of 109.50 would be aimed.

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EUR/JPY: This cross has gone above the demand zone at 130.50. There is a bullish signal here, which is invariably threatened by the bear. A movement below the demand zone at 130.00 would result in a return to neutrality, while a movement upwards from here would help save the ongoing bullish signal.

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