Daily analysis of major pairs for November 7, 2017

EUR/USD: The EUR/USD pair is moving downwards gradually, while the overall bias on the market is bearish. Price is now below the resistance line at 1.1600, going towards the support line at 1.1550. USD is supposed to be strong this week, and that is what would put some bearish pressure on the EUR/USD pair.


USD/CHF: The USD/CHF pair did not move seriously on Monday, but it was able to maintain its bullishness. The targets for this week are located at the resistance levels of 1.0050, 1.0100, and 1.0150. The resistance level at 1.0150 would require a very strong buying pressure to be breached to the upside.


GBP/USD: The Cable is a kind of maniacal market right now, with large upswings and downswings. The short-term bias on the market is neither clearly bearish nor clearly bullish. A directional bias is expected to form soon, after price goes perpetually in one direction. Until then, one would do well to stay out of the market.


USD/JPY: A bullish signal has been generated on the USD/JPY pairs. Price is currently making bullish effort; and having gone above the demand level at 114.00, it is targeting the supply level at 114.500. Another target for the week is the supply level at 115.00.


EUR/JPY: There is a Bearish Confirmation Pattern on this cross, and rallies ought to be construed as opportunities to sell short. The demand zone at 132.00 has been tested and it would be tested again (it would be breached to the downside as price goes further south). Owing to a bearish outlook on EUR pairs this week, the market is supposed to go further southwards.


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