Daily analysis of major pairs for June 16, 2014

As it was normally expected, there has been a shallow pullback on the Cable. But the price may go further higher to breach the distribution territory at 1.7000 to the upside.

EUR/USD: In spite of some vivid attempts by the bulls to push the price upwards, the price remains bearish. On Friday, June 13, 2014, the price closed at 1.3539 (below the resistance line at 1.3550). The support line at 1.3500 is thus an easy target this week, though the price can close below it while moving further downwards.

USD/CHF: It is interesting that the price on this pair has refused to lift its siege at the resistance level of 0.9000. The battle is very hot around this resistance level – having been carried on for more than two weeks. The bulls refuse to yield and the bears are too stubborn to surrender; though the latter have been battered furiously. It is now clear that the bulls are determined to keep the price bullish. Therefore, a break above the resistance level at 0.9000 would mean a landmark victory for the bulls, provided the price is able to stay above it.

GBP/USD: As it was normally expected, there has been a shallow pullback on the Cable. But the price may go further higher to breach the distribution territory at 1.7000 to the upside. In fact, it may go to another distribution territory at 1.7050. The distribution territory at 1.7000 is a psychological level, and therefore, a break above it would be noteworthy.

USD/JPY: The USD/JPY remains bearish; though there is a formidable challenge to that. Should the price fail to stay below the demand level at 102.00, the bearish outlook may be rendered invalid.

EUR/JPY: This is also a bear market, with an immediate supply zone at 138.50. The price closed at 138.14 on Friday and it is supposed to dive further.

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