12.11.201507:53 Forex Analysis & Reviews: Daily analysis of major pairs for November 12, 2015

EUR/USD: From Monday till now, this pair has been consolidating, though things are still bearish. When momentum returns to the market, it would most probably favor bears. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is not far from the oversold region. This shows a Bearish Confirmation Pattern in the chart.

USD/CHF: In the face of ongoing strengthening in the greenback, the USD/CHF pair would continue its upward journey this week, reaching the resistance levels at 1.0100 and 1.0150. Therefore, any shallow pullbacks should be viewed as opportunities to go long. This week so far, the price has been moving only sideways.

GBP/USD: This week, the GBP/USD pair has moved by 160 pips upwards in the context of a downtrend. The price is above the accumulation territory at 1.5200 now, but this could not pose any threats to the extant bearish outlook unless the distribution territory of 1.5300 is also breached to the upside, which would really require a strong buying pressure.

USD/JPY: After testing the supply level of 123.50, the pair has weakened. However, it is possible that the price would continue going further upwards, especially as long as the demand level at 122.00 is not broken to the downside yet. Moreover, some fundamental figures are expected today and they could have a significant impact on the market.

EUR/JPY: The EUR/JPY pair traded a bit lower on Wednesday. The bias was bearish so far and the demand zone at 131.50 is about to be tested again (the demand zone was tested last week); it could even be breached to the downside. Generally, the market is consolidating.