InstaForex - Analytics

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Daily analysis of major pairs for November 5, 2015

EUR/USD: The EUR/USD pair has gone downwards in a slow and steady manner. As long as the US dollar makes serious bullish efforts, this pair cannot be expected to go upwards. The support line at 1.0850 is being besieged by bears; and with more bearish effort, it could be broken to the downside.

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USD/CHF: The situation with the USD/CHF pair seems intriguing. In a slow and steady manner, the price has gone upwards, moving above the support level at 0.9950. But the question is whether the greenback will reach the parity with the franc again? In the view of the ongoing bullish activity in the market, it seems likely today or tomorrow.

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GBP/USD: The GBP/USD pair made a bullish attempt on Wednesday, but bears pushed the price back below the distribution territory at 1.5400. There is still a bullish signal in the market, which would be sensible as long as the accumulation territory at 1.5300 is not breached to the downside. Some fundamental figures are expected today and they may have some impact on the market.

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USD/JPY: The bullish pressure on the USD/JPY pair got stronger. The price is above the EMA 56 and the RSI period 14 is above the level 50. This is a Bullish Confirmation Pattern on the chart. Further upward movement is expected and it could enable the price to reach the supply level at 122.00.

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EUR/JPY: The outlook on the EUR/JPY cross is bearish. The demand zone at 132.00 was tested severely several times: it could be tested again and get breached to the downside as long as the bearish pressure still places the cross uder pressure.

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