18.11.201601:09 Forex Analysis & Reviews: Daily analysis of major pairs for November 18, 2016

EUR/USD: The EUR/USD pair has been declining further and further. Since the high of November 9, the market has gone downwards by 670, now below the resistance line at 1.0650, and targeting the support line at 1.0600.

USD/CHF: This pair has been edging higher and higher, forming a clearer Bullish Confirmation Pattern on the 4-hour chart. Price is now above the support level at 1.0050, and bulls may target the resistance levels at 1.0100 and 1.0150, which is attainable today or next week.

GBP/USD: A constant presence of bears in this market has already become a threat to the recent bullish bias. Things are now turning gradually bearish, and a movement of another 100 pips to the downside would result in a bearish signal in the short and long terms. Further southwards movement would result in a confirmed bearish outlook.

USD/JPY: The USD/JPY pair has been going from strength to strength. Since the low of November 9, the market has gone upwards by 880 pips, now above the demand level at 110.00, and targeting the supply level at 110.50.

EUR/JPY: In spite of dull activities on this currency cross, there remains a Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 20. This means when things become strong again in the market, it would most probably favor bulls. It is interesting to watch the supply zones at 117.50 and 118.00.