Daily analysis of major pairs for January 11, 2017

EUR/USD: The EUR/USD has
been making attempt to go upwards. Price is now above the support line at 1.0500,
and might eventually target the resistance lines at 1.0550, 1.0600 and 1.0650. Bulls have been making some effort to push
price upwards, and they may eventually succeed.

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USD/CHF: This market has
become fairly choppy in recent times. However, the bias remains bearish because
the EMA 11 is below the EMA 56, and the RSI period 14 is somewhat below the
level 50. There could be more bearish effort, which would make price test the
support levels at 1.0050 and 1.0000. It would not be easy for the support level
at 1.0000 to be breached to the downside, unless there is a strong selling
pressure.

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GBP/USD: The GBP/USD is
still in a bearish mode. Any rallies in this market could be seen as an
opportunity to go short, for the bias on 4-hour and daily charts is bearish. As
long as price is not able to go above the distribution territory at 1.2650, the
bearish bias would be valid.

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USD/JPY: There is a
‘sell’ signal on this pair – as USD becomes weak. There is a Bearish
Confirmation Pattern in the chart, and further southward journey may be
experienced, which may enable the demand levels at 115.50, 115.00 and 114.50 to
be tested this week or next week.

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EUR/JPY: This currency
trading instrument has been consolidating for a few weeks. The market environment
is quite choppy, but a closer look at it shows some weakness in price, as it
goes below the EMA 11 (which has crossed the EMA 56 to the downside). The RSI
period 14 is also below the level 50. Unless EUR becomes very strong, this
instrument would possibly go southward.

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