InstaForex - Analytics

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Daily analysis of major pairs for December 2, 2015

EUR/USD: Without testing the support line at 1.0550, the EUR/USD pair went upwards by 80 pips and this could be a rally in the context of a downtrend, unless the resistance line at 1.0700 is broken to the upside. This is the only condition that could render the current bearish bias useless, and unless that happens rallies could be taken as short-selling opportunities.

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USD/CHF: The USD/CHF pair went sideways on Tuesday, as the price gallivanted between the support level at 1.0250 and the resistance level at 1.0300. The price would move out of the channel soon, going upwards in respect of the current bullish bias in the market, although this does not rule out the possibility of transitory pullbacks along the way.

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GBP/USD: The cable simply performed a shallow upward bounce on Tuesday, while the outlook remains bearish. Yes, it is highly possible that the current bearish bias would be sustained, because the outlook for the GBP/USD pair (including GB pairs) is gloomy for December 2015. It is likely that the price would drop further by 150 pips minimum.

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USD/JPY: The USD/JPY pair has now moved above the demand level of 122.50. It is highly probable that the price would reach the supply level of 123.50; and in case this happens, the bullish signal will become stronger in the market. Further bullish movement is expected in the market.

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EUR/JPY: In spite of the bullish attempts, there is not yet a buy signal in the chart. Though, this is a threat to the Bullish Confirmation Pattern in the market, because the RSI period 14 is already above the level of 50; but the EMA 11 is yet to cross the EMA 56 to the upside. An upwards movement of at least 200 pips is needed for the recent bearish bias to become completely illogical.

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