07.07.201713:28 Forex Analysis & Reviews: Daily analysis of major pairs for July 7, 2017

Long-term review

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EUR/USD: The EUR/USD has continued going upwards this week, following the shallow bearish correction it witnessed in the first few days of this week. Price has gained 300 pips since June 20, and it is now close to the resistance line at 1.1450, which may be breached to the upside as price goes further upwards.

USD/CHF: It would be difficult for this pair to experience any protracted bullish movement as long as the EUR/USD goes upwards. The market made some bullish effort from Monday to Wednesday, but it has failed to generate a bullish signal, owing to its inability to reach the resistance line at 0.9700, not to mention breaching it to the upside. This is a bear market.

GBP/USD: The situation on the GBP/USD is a kind of dicey at the moment. The EMA 11 remains above the EMA 56, but the RSI period 14 has gone below the level 50. It would be prudent to stay away from this market until there would be a directional bias, which would make a directional position logical.

USD/JPY: The USD/JPY has gone flat this week, though the price is currently making some bullish effort, to save the ongoing bullish bias. The market is now above the demand level at 113.50, going towards the supply level at 114.00. The bullish outlook is far from being over.

EUR/JPY: The EUR/JPY has continued going upwards this week, following the shallow bearish correction it witnessed in the first few days of this week. Price has gained 750 pips since June 15, and it is now close to the supply zone at 130.00, which may be breached to the upside as price goes further upwards.

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