Daily analysis of major pairs for August 11, 2017
EUR/USD: This pair is currently consolidating, and this may make the bias on the market turn neutral when the consolidation continues for the next few trading weeks. A movement of about 200 pips to the downside would result in a bearish bias, while a movement of about 100 pips from here would emphasize the extent bullish bias.
USD/CHF: There is now a clean bearish signal on the USD/CHF, which has gone downwards by 150 pips, after testing the resistance line at 0.9750, going towards the support line at 0.9600. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold area. The support line would soon be breached to the downside, as the bearish movement continues.
GBP/USD: There is a Bearish Confirmation Pattern in the GBP/USD 4-hour chart. Price has moved lower this week and it is currently consolidating in the context of a downtrend. Following the consolidation, there would be another leg of a bearish journey, which would enable price to test the accumulation territories at 1.2950 and 1.2900.
USD/JPY: The USD/JPY has gone more southwards in the last few days, to put more emphasis on the ongoing bearish bias. Price has lost about 500 pips in the last several weeks and that seems to just be the beginning, as the bearish journey would continue towards the demand levels at 108.50, 108.00 and 107.50 within the next several trading days.
EUR/JPY: Since the much anticipated bearish signal has been generated on the EUR/JPY, its price has gone down by about 250 pips. There is a Bearish Confirmation Pattern in the 4-hour chart, and the price is now below the supply zone at 128.50, going towards the demand zone at 128, which would soon be breached to the downside as the market journeys further southwards.
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