Daily analysis of major pairs for December 26, 2016

EUR/USD: The
EUR/USD went down on Monday and Tuesday, and then began to move upwards slowly
from Wednesday. Overall, the bias is bearish, which means that the current
bullish attempt is an opportunity to go short at better prices. The support
lines at 1.0400 and 1.0350 could still be reached.

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USD/CHF: This pair is currently
consolidating and it is quite choppy right now. However, the recent outlook is
bullish and as long as price is above the psychological level at 1.0000. This
is something that may hold for the rest of this year, for further bullish
movement is a logical possibility.

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GBP/USD: This pair came down 200
pips this week. Now below the distribution territory at 1.2300. There is a
Bearish Confirmation Pattern in the chart and the accumulation territories at
1.2250, 1.2200 and 1.1150 before the end of this month. Long trades are not
recommended in this market at this period.

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USD/JPY: This market has become flat
since last week and there is no directional movement in the near term. Right
now, it is OK to stay away from the market because there are mixed signals in
it – the EMAs 11 and 56 are giving a bullish indication while the RSI period 14
is giving a bearish indication. Soon, the indicators would begin to give
signals in the same direction.

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EUR/JPY: The
EUR/JPY went flat throughout last week. However, a closer look at the market
reveals that bulls are intent on pushing price higher. So when momentum returns
to the market, it might push price toward north. The supply zones at 123.00,
123.50 and 124.00 might be reached soon.

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The material has been provided by InstaForex Company – www.instaforex.com