16.08.201701:33 Forex Analysis & Reviews: Daily analysis of major pairs for August 16, 2017

EUR/USD: The EUR/USD has reluctantly generated a bearish signal on the 4-hour chart. The price has gone below the resistance lines at 1.1800 and 1.1750, now going towards the support lines at 1.1700 (which was previously tested this week), and 1.1650. The support lines may even be exceeded as the USD/CHF, which trades in the opposite direction to the EUR/USD continues to go upwards.

USD/CHF: Bulls have made a commendable effort to push price northwards, and there are some tangible results for their action. Price has gone north this week, testing the resistance level at 0.9750, which may be exceeded as another resistance level at 0.9800 is aimed. The Williams' % Range period 20 is now in the overbought region. The bulls' intent is quite strong.

GBP/USD: The GBP/USD has dropped further downwards, creating an interesting bearish signal in the market (just as certain other majors have also produced signals). The price has gone down by over 150 pips this week, now testing the accumulation territory at 1.2850, which would be breached to the downside as the bearish movement continues.

USD/JPY: A clean bullish signal has eventually been generated on this currency trading instrument. Price has gained about 150 pips this week, now above the demand level at 110.50. The EMA 11 has crossed the EMA 56 to the upside, and the RSI period 14 has crossed the level 50 to the upside. The next targets are the supply levels at 111.00 and 111.50, which would be tested very soon.

EUR/JPY: This cross has continued to make a bullish effort, which would eventually result in a bullish signal once the price goes above the supply zone at 130.50. The market is currently volatile, but a directional movement is expected very soon. There are demand zones at 129.50 and 129.00.