Daily analysis of major pairs for November 15, 2017

EUR/USD: The EUR/USD pair went upwards significantly yesterday – just as it was forecasted. Price has gained about 180 pips this week, and it is now above the support line at 1.1800, now targeting the resistance line at 1.1850. Price would still move upwards by at least, another 100 pips this week, but there could be temporary pauses or pullbacks along the way.

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USD/CHF: There is now a Bearish Confirmation Pattern on USD/CHF. Price has gone downwards by about 100 pips this week (as the bullish EUR/USD caused some selling pressure on USD/CHF). The market is now below the resistance level at 0.9900, and it may reach the support level at 0.9850 soon.

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GBP/USD: There has not been any vivid changes on the Cable. A directional bias is expected this week, when price either goes above the distribution territory at 1.3300, or it goes below the accumulation territory at 1.3050 (either of these would require a strong buying or selling pressure).

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USD/JPY: This currency trading instrument traded lower on Tuesday. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further bearish movement is anticipated, for bears would target the demand levels at 112.50 and 112.00. The supply level at 113.50 ought to contain any possible rallies that would want to jeopardize the current bearish bias.

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EUR/JPY: The bullish bias on the EUR/JPY cross has become stronger owing to the bullish run that was witnessed yesterday. The price action remains bullish, while there is a temporary pullback along the way. The pullback would soon bring a great opportunity to go long at a better price, as another 150 pips would be gained before the end of this week.

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