Daily analysis of major pairs - 30/12/2013

At last, the USD/JPY succeeded in trading above the market level at 105.00. The bias is bullish and the price is expected to trade further upwards this week.

EUR/USD: Last week, this pair shot upwards significantly and then pulled back. This pullback is supposed to be short-term; not going below the support line at 1.3700, for the Bullish Confirmation Pattern in the chart is still a valid thing. It is likely that the price would test the resistance line at 1.3900 this week or next week.

USD/CHF: Last week, this pair shot downwards significantly and then rallied. This rally is supposed to be short-term; not going above the resistance level at 0.8950, for the Bearish Confirmation Pattern in the chart is still a valid thing. It is likely that the price would test the support level at 0.8800 this week or next week.

GBP/USD: This currency trading instrument trended significantly higher last week, closing at 1.6480. The price was able to test the distribution territory at 1.6550 before it experienced the current pullback (which is a great chance to go long when things are on sale in a context of an uptrend). The price would not go below the distribution territory at 1.6400, before turning upwards, for the bullish bias in the market remains extant. It is forecasted that the price could touch the distribution territory of 1.6550 again.

USD/JPY: At last, the USDJPY succeeded in trading above the market level at 105.00. The bias is bullish and the price is expected to trade further upwards this week. The next target is at the supply level of 105.50.

EUR/JPY: This cross is bullish, though the market closed as things went temporary on sale as a result of a short-term weakness of the Euro, which is also the reason behind the bearish correction on the EUR/USD itself. The price would, however, go up again.

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