18.08.201503:02 Forex Analysis & Reviews: Daily analysis of major pairs for August 18, 2015

Long-term review

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EUR/USD: The EUR/USD pair did not move very much yesterday. The little movement that was seen was towards the downside - in the context of an uptrend. For the current bullish outlook to become illogical, the support lines at 1.1000 and 1.0950 must be broken to the downside: otherwise the price could make some renewed bullish attempts.

USD/CHF: This pair continues to move sideways while the overall outlook is bullish. What can invalidate the bullish outlook is an event when the price closes below the support level at 0.9650. But in case it does not happen, this week we can see some bullish attempts, especially if the USD tries to amass lots of stamina.

GBP/USD: The distribution territory at 1.5650 has done its job again on Monday, restricting bullish effort successfully. This distribution territory has flatly rejected sincere bullish efforts for the past several weeks, and the price has trended lower, moving below the distribution territory at 1.5600. The accumulation territory at 1.5550 could be tested easily today.

USD/JPY: The Big Picture on this currency trading instrument shows that there is no dominant trend in the market. Upswings and downswings are often short-lived and sustained trending moves are rather rare. It is expected that the price would either go above the supply level at 125.50 or below the demand level at 123.50. Should this happen, it would mean a strong bullish or bearish outlook.

EUR/JPY: The EUR/JPY pair moved downwards by only 50 pips yesterday. Now the price is close to the demand zone at 137.50; and there is another demand zone at 137.00. Serious buying pressure is, therefore, needed to send the price upwards again.

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