06.11.201508:32 Forex Analysis & Reviews: Daily analysis of major pairs for November 6, 2015

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EUR/USD: The EUR/USD pair has gone downwards, but the price is now consolidating. As long as the USD makes bullish efforts, this pair cannot be expected to trend upwards. The support line at 1.0850 is being besieged by bears; and with more bearish effort, it could be broken to the downside, which might happen today or next week.

USD/CHF: The situation on the USD/CHF pair now looks intriguing. Would the USD reach parity again with the CHF? In the view of the ongoing bullish energy in the market, it seems likely today or next week. The price is currently in a sideways mode (in the short term), staying above the support level at 0.9950.

GBP/USD: The GBP/USD pair came down steeply yesterday, testing the accumulation territory at 1.5200. There is now a very strong Bearish Confirmation Pattern on the chart and as long as the distribution territories at 1.5350 and 1.5400 are not breached to the upside, long trades would be illogical in this market.

USD/JPY: This currency trading instrument has moved upwards so far this week - a movement of 150 pips. The price is above the EMA 56 and the RSI period 14 is above the level 50, which means that the bullish bias is valid. Further northward movement is expected and it could enable the price to reach the supply level at 122.00.

EUR/JPY: The outlook on the EUR/JPY cross is bearish. However, the price has entered an equilibrium phase. Even the current slight bullish attempt here may eventually help bears go short again at better prices. As long as the Euro is weak, it would be difficult for this market to go up.

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