Daily analysis of major pairs for December 7, 2017

EUR/USD: A "sell" signal has been generated on the EUR/USD; owing to the perpetual bearish movement that has been witnessed since the beginning of this week. The EMA 11 has crossed the EMA 56 to the downside and the Williams' % Range period 20 is in the oversold region. Price is expected to journey further downwards towards the support lines at 1.1750 and 1.1700.

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USD/CHF: The USD/CHF has just generated a clear bullish signal, which has led to a Bullish Confirmation Pattern in the 4-hour chart. The supply level at 0.9900 has been tested and it would soon be breached to the upside, especially in the face of a continual weakness in the EUR/USD.

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GBP/USD: The GBP/USD has fluctuated southwards since the beginning of this week, and that has become a threat to the recent bullish effort in the market. A movement below the accumulation territory at 1.3300 would render the bullish effort invalid, while a movement to the upside would strengthen it.

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USD/JPY: Since the beginning of this week, after the supply level at 113.00 has been tested, the USD/JPY price has begun to consolidate. Since the bearish outlook on the market is still valid, it is expected that price would continue going downwards. Some fundamental figures are expected today and they may have an impact on the market.

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EUR/JPY: A clean bearish signal has been generated on the EUR/JPY. Price has dropped 150 pips this week, and it is now below the supply zone at 132.50. There are bearish targets in the demand zones of 132.00, 131.50 and 131.00, which ought to be tested before the end of the week.

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