17.11.201602:05 Forex Analysis & Reviews: Daily analysis of major pairs for November 17, 2016

EUR/USD: This pair has come down by more than 160 pips this week. Price is now below the resistance line at 1.0700, going towards the support line at 1.0650. Some fundamental figures are expected today and they would have impact on the market.

USD/CHF: The USD/CHF has been able to stay above the psychological level at 1.0000 for some time now. Price is trying to target the resistance levels at 1.0050 and 1.0100, but it is unlikely that price would settle above the resistance level at 1.0100. Failure to do this would result in a considerable pullback in the market.

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. The RSI period 14 is already gone below the level 50. And once the EMA 11 crosses the EMA 56 to the downside, a bearish signal would form.

USD/JPY: This is a bull market – confirmed by the Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. Price has moved up by 280 pips this week, now above the demand level at 109.00. There could be a pause in the market, but it is expected to resume its bullish journey; which means the supply level at 110.00 could eventually be tested this week.

EUR/JPY: This cross has moved up by 170 pips this week, now getting corrected by 80 pips yesterday. This shallow correction is a good opportunity to buy long the market, when things are on sale and in the context of an uptrend. Price would go up again to test the supply levels at 117.00, 117.50 and 118.00 this week or next.