Daily analysis of major pairs for December 8, 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, today or early next week.

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USD/CHF: Since the gap-up that was seen at the beginning of this week, this currency trading instrument has gone upwards by 140 pips. Price is now approaching the resistance level at 0.9950, and it would soon breach it to the upside as it targets another resistance level at 1.0000, which is the ultimate target (a psychological level).

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GBP/USD: There is a "buy" signal on the GBP/USD, as the price went upwards on Thursday, creating that buy signal. There is a Bullish Confirmation Pattern in the 4-hour chart, which means the price could go towards the distribution territories at 133.50, 134.00 and 134.50 today or early next week.

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USD/JPY: This market has gone upwards, and that has led to a bullish bias in the market, as the price has gone markedly upwards. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. Further northwards journey is a possibility, and it is not logical to seek short trades now.

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EUR/JPY: It might be prudent to stay away from this cross, since the recent bearish signal that was generated on it has been rendered ineffectual by the price action of December 7. In fact, there is no clear directional bias at the present. The market is quite choppy – but a clean perpetual movement would soon help create a direction in the market.

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