04.11.201610:19 Forex Analysis & Reviews: Daily analysis of major pairs for November 4, 2016

EUR/USD: This trading instrument will be bullish as long as the USD/CHF is bearish. Price has gone upwards significantly, and bulls are still willing to push it further upwards. Therefore, the resistance lines at 1.1150 and 1.1200 may be targeted today or next week.

USD/CHF: This market is in a bearish mode, regardless the current choppy condition in the short-term. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 remains in the oversold region. After much hesitation, bears may just succeed in pushing price below the support levels at 0.9700, which is currently preventing further bearish movement.

GBP/USD: The GBP/USD has gone upwards by 300 pips this week, resulting in a strong Bullish Confirmation Pattern on the 4-hour chart. There is a possibility that price would continue going upwards today or next week, reaching the distribution territories at 1.2500, 1.2550 and 1.2600.

USD/JPY: There is a Bearish Confirmation Pattern in the USD/JPY 4-hour chart. And the bearishness in the market remains valid, despite the current volatility in the market. Further bearish movement is possible and the demand levels at 102.50 and 102.00 could be tested.

EUR/JPY: Bears have continued to flex their muscles on this cross, which has made price to weaken further. This has become a threat to the extant bullish signal in the market, and a movement below the demand zone at 113.50 would result in a clean bearish outlook.