Daily analysis of major pairs for December 22, 2017

EUR/USD: There remains a bullish bias on the EUR/USD, in spite of the current pullback on it. The pullback is not supposed to go below the support line at 1.1750 (otherwise the bias would turn bearish). The pullback might turn out to be an opportunity to buy long at a better price.


USD/CHF: This currency trading instrument has been moving sideways for several days (with no directional movement). There is a great resistance level at 1.0000, and bullish machinations may not push the price above that resistance level. This means that when a breakout does occur, it would most probably favor bears.


GBP/USD: The GBP/USD has been consolidating so far this week. The more the consolidation holds out, the bigger the breakout would be when it does happen. There is a distribution territory at 1.3500 and there is an accumulation territory at 1.3250. Each of these territories would be breached when a breakout occurs.


USD/JPY: A bullish signal has already been generated on this currency trading instrument. There is a Bullish Confirmation Pattern in the market (the EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50). The next targets are the supply levels at 113.50 and 114.00.


EUR/JPY: This cross went upwards strongly this week, breached the price zone at 134.50 and then dropped below it. The bearish correction might end up being an opportunity to buy long when things are on sale (and in the context of an uptrend).


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