01.11.201603:07 Forex Analysis & Reviews: Daily analysis of major pairs for November 1, 2016

EUR/USD: There seems to be a novel bullish signal on the EUR/USD, owing to what happened in the market on Monday. Price actions reveals willingness to push price further upwards, targeting the resistance lines at 1.1000, 1.1050 and 1.1100. This could lead to a Bullish Confirmation Pattern in the 4-hour chart.

USD/CHF: This currency trading instrument shows a slight weakness on October 31, which almost resulted a bearish signal. However, the outlook for this week is bearish, and the resistance levels at 0.9950 and 1.0000 could be tested. It may not be easy for bulls to push price above the resistance level at 1.0000 because it is an important psychological level.

GBP/USD: The Cable has been consolidating for about two weeks – an even that has resulted in a neutral bias in the short-term. The long-term outlook on the market remains bearish and when momentum rises, it would most likely favor the bears. Strong volatility would be witnessed on GBP pairs this week, and some of them would be weaker in most cases.

USD/JPY: Bulls are still able to uphold the Bullish Confirmation Pattern that is being seen on this pair. The outlook on JPY pairs (the USD/JPY included) is bullish for this week, and therefore, a price movement towards the supply levels at 105.50, 106.00 and 106.00 could be witnessed this week.

EUR/JPY: This is a bull market in the short-term. The bullishness started last week, and it remains intact. The supply zones that are being watched are located at 115.50 and 116.00. The demand zones at 114.00 and 113.50 would impede attempts to push price significantly southwards.