08.07.201505:03 Forex Analysis & Reviews: Daily analysis of major pairs for July 8, 2015

Long-term review

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EUR/USD: This pair is weak. Following Monday's rally in the context of a downtrend, the market has been coming down gradually. The support line at 1.0950 had been battered before the price bounced upwards. With further weakness in the market, the support line would be battered again and get broken.

USD/CHF: Normally, this currency trading instrument would go in the opposite direction to the EUR/USD. Therefore, the instrument will maintain its bullish outlook as long as the EUR/USD pair is weak.

GBP/USD: Following the initial bullish attempt on the cable, the price has gone south by roughly 200 pips. There is a clean Bullish Confirmation Pattern in the chart now: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. More selling pressure is expected.

USD/JPY: The situation is still the same. The market is currently a market in which short-term traders and scalpers thrive. Short-term swings took place in the market as the price oscillates between the supply level at 124.00 and demand level at 122.00. There is a need for a breakout above the aforementioned supply level or demand level before there could be a strong directional movement.

EUR/JPY: The EUR/JPY pair is in a bearish trend today. Following Monday's rally in the context of a downtrend, the market has been coming down gradually. The demand zone at 133.50 has been tested and it is lukely be tested again. It could even be breached to the downside.

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