Daily analysis of major pairs for November 8, 2017

EUR/USD: The EUR/USD 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. There is a Bearish Confirmation Pattern in the 4-hour char and further downwards movement is a possibility.


USD/CHF: The USD/CHF has not moved upwards significantly this week, but it was able to maintain its bullishness. The targets for the 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 the price goes perpetually in one direction. Until then, one would do well to stay out of the market.


USD/JPY: Things are quite choppy on the USD/JPY, but the bullish bias is still extant. Since the outlook on USD is bullish this week, it is more likely that when volatility returns to the market, it is going to favor the bulls. Thus, initial targets are located at the supply levels of 114.00, 114.50 and 115.00.


EUR/JPY: This cross is vividly bearish. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. There is a clean Bearish Confirmation Pattern in the 4-hour chart, which portends further bearish movement. As long as the price is below the EMS 56, the outlook on the market would be bearish.


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