Daily analysis of major pairs for December 14, 2017

EUR/USD: The EUR/USD rose upwards yesterday – in the context of a downtrend. The rise in the market has become a threat to the extant bearish bias, but it would not override it until the resistance line at 1.1900 is breached to the upside (which would require a heavy buying pressure).

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USD/CHF: The USD/CHF has generated a short-term "sell" signal, which is supposed to propel price further southwards. The market has lost about 80 pips this week, and it may reach the support levels at 0.9800 and 0.9750. However, this would require a heavy selling pressure.

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GBP/USD: The "sell" signal that was generated earlier has been rendered ineffectual by the bullish effort that was witnessed yesterday. A rise above the distribution territory at 1.3500 would result in a bullish bias, while a drop below the accumulation territory at 1.3250 would result in a bearish bias. Some fundamental figures are expected today and they would have an impact on the market.

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USD/JPY: This currency trading instrument consolidated on Monday and Tuesday and then began to trend downwards on Wednesday. When the EMA 11 finally crosses the EMA 56 to the downside, a Bearish Confirmation Pattern would have formed in the market, and the demand level at 112.00 would have been exceeded by then.

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EUR/JPY: This cross has assumed a strong directional movement this week, and it would be prudent to stay away from the market until a directional movement is perceived, thus creating a directional bias. The expectation would be fulfilled by the end of this week or early next week.

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