19.08.201508:05 Forex Analysis & Reviews: Daily analysis of major pairs for August 19, 2015

EUR/USD: The EUR/USD pair did not move very much yesterday. The little movement that was seen was towards the downside in the context of an uptrend. For the current bullish outlook to become illogical, the support lines at 1.1000 and 1.0950 must be broken to the downside: otherwise the price could make some renewed bullish attempts.

USD/CHF: This pair continues to move sideways while the overall outlook is bullish. What can invalidate the bullish outlook is an event in which the price closes below the support level at 0.9650. But in case it does not happen, this week can see some considerable bullish attempts, especially if the USD tries to amass lots of stamina. Right now the market is flat.

GBP/USD: At last, the GBP/USD pair has succeeded in going above the defiant accumulation territory at 1.5650. The price was able to close above that accumulation territory, trying to go towards the distribution territory at 1.5700, which has been tested but yet to be breached to the upside.

USD/JPY: There is no dominant trend in the market, but it is expected that the price would either go above the supply level at 125.50 or below the demand level at 123.50 when a breakout occurs (following the current sideways movement). Should this happen, that would mean a strong bullish or bearish outlook.

EUR/JPY: This cross has continued its weakness, but the Bullish Confirmation Pattern is not totally invalid. It would be OK to stay away from this market - the EMA 11 is not below the EMA 56 and the RSI period 14 is not below the level 50. There are mixed signals.