InstaForex - Analytics

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Daily analysis of major pairs for June 11, 2015

EUR/USD: This is a bullish market, which has regained all the losses experienced last week. It happened that the transitory Friday's loss gave an excellent opportunity to buy long, for the price has gone upwards by more than 220 pips this week. The resistance line at 1.1400 could be reached.

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USD/CHF: Although precarious, the outlook for the USD/CHF pair is bearish. The market is expected to trend lower and lower as EUR/USD moves higher and higher. The only event that can change the situation is when EUR/USD trends lower and lower, which seems improbable at the moment.

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GBP/USD: A clear bullish movement in this market has resulted in a Bullish Confirmation Pattern in the chart. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price is poised to continue moving further upwards, breaking one distribution territory after another.

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USD/JPY: There is a clean 'sell' signal on the USD/JPY now as the price moves below the supply level at 123.00. The next bearish target is located at the demand levels of 122.00 and 121.50. These levels would be attained as selling pressures intensify in the market.

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EUR/JPY: The current price action on this cross is posing some threat to dominant bullish outlook, but the outlook would hold as long as the price is above the demand zone around 137.50. The influence of bears would not become conspicuous as long as the price is unable to go below the demand zone.

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