Daily analysis of major pairs for January 12, 2017

Source: Forex Analysis

EUR/USD: The EUR/USD pair has gone significantly upwards, according to the forecast. From the low of 1.0453, price has gone upwards by 210 pips. There is now a Bullish Confirmation Pattern in the market and further upwards movement is anticipated, which may enable price to reach the resistance lines at 1.0700 and 1.0750.

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USD/CHF: This market has
gone downwards as a result of the weakness in the USD. There is another fact that
EUR/USD is going upwards, and therefore, the USD/CHF must go downwards versus
it. There is already a “sell” signal in the market, as price has dropped from
the weekly high of 1.0247. It is important to know that price was still
recently above the psychological level at 1.0000; and once it is breached to
the downside. The bias would turn completely bearish.

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GBP/USD: The Cable has
also started making some bullish effort. Further movement of about 200 pips to
the upside would result in a Bullish Confirmation Pattern on the 4-hour chart.
Some more fundamental figures are expected today, and they would have impact on
the markets.

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USD/JPY: The USD/JPY pair has
gone according to yesterday’s forecast. The bearish movement started gradually
at the beginning of this week, and it has really become serious. The EMA 11 is
below the EMA 56, and the RSI period 14 has gone below the level 50. Price has
already gone downwards by 300 pips, reaching the forecasted demand levels (now
supply levels). The market may continue going further and further downwards.

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EUR/JPY: This cross has
also started a directional movement. There is yet to know how long the directional
movement would last, but the bias on the market has turned bearish. Price could
reach the demand zones at 121.00, 120.50, and 120.00 within the next several
days, especially as price moves further south.

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