Daily analysis of major pairs for January 9, 2018

EUR/USD: The EUR/USD pair has gone downwards by 100 pips this week, and the price is below the resistance lines at 1.2000 and 1.1950. It is possible that the pair will go downwards by at least another 100 pips today or tomorrow. Therefore, the next targets would be the support lines at 1.1900 and 1.1850.

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USD/CHF: The market has gone upwards by 70 pips this week, and now it is above the support level at 0.9800. Further bullish movement may lead to formation of a Bullish Confirmation Pattern on the chart – especially when the resistance level at 0.9900 will be breached to the upside. The ultimate target is the major resistance level at 1.0000. This is on the condition that the EUR/USD pair will continue going southwards.

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GBP/USD: This currency trading instrument has only gone flat so far this week. Price may be able to go upwards to test the distribution territories at 1.3600, 1.3650 and 1.3700. However, that does not eliminate a possibility of a significant pullback, which may happen any time this month.

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USD/JPY: This pair made some shallow bearish threat yesterday, but nothing has really changed significantly. In the short-term, the pair is choppy, but in the long-term, it is neutral. However, the outlook on JPY pairs is bearish for the week, and thus, some southwards propensity may be witnessed.

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EUR/JPY: The EUR/JPY pair has started going downward this week. The market has gone south by 170 pips and it is now below the supply zone at 134.50. Once the demand zone at 133.50 is breached to the downside, a Bearish Confirmation Pattern would be formed on the 4-hour chart. The price is expected to continue going lower.

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