12.07.201705:43 Forex Analysis & Reviews: Daily analysis of major pairs for July 12, 2017

Long-term review

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EUR/USD: The EUR/USD moved further upwards yesterday, now above the support line at 1.1450, and going towards the resistance line at 1.1500. There is a Bullish Confirmation Pattern in the 4-hour chart, and the price would continue to move upwards, going above the resistance line at 1.1500.

USD/CHF: The recent near-term bullish signal on this pair has been put in check by the stamina in the EUR/USD. It is better to stay away from the USD/CHF until price moves above the resistance level at 0.9700 or below the support level at 0.9600. As long as the price stays between these two levels, the bias on the market would be neutral.

GBP/USD: The GBP/USD is bearish in the shorter-term, and the increasing short-term weakness has already resulted in a "sell" signal in the market. Price has tested the accumulation territory at 1.2850. The accumulation territory could be temporarily exceeded before there is a reversal.

USD/JPY: This currency trading instrument saw some bearish correction in the market on Tuesday. The further bearish movement would result in a bearish signal, especially when the price goes below the demand level at 112.00. Should price go up from here, it would help restore and strengthen the recent bullish outlook on the market.

EUR/JPY: There has been a minor sale in the context of an uptrend. As far as this cross is concerned, there is still more room to go upwards (given the stamina in the EUR). The RSI period 14 is above the level 50, and the EMA 11 remains above the EMA 56. The Bullish Confirmation Pattern in the market thus remains intact.

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