EUR/USD: Last week, the EUR/USD pair reached the resistance line of 1.1050 (and almost the support line at 1.0800). This is the real threat to the current bullish outlook, and a further bearish movement of 150 pips would mean the bullish outlook is completely illogical. Until then, this the market remains bearish.
USD/CHF: After testing the support level at 0.9800, of USD/CHF has been making some vivid bullish attempts, all in the context of a downtrend. At this juncture, it is not easy to predict the movement of the market, but the bearish bias would not be rendered invalid as long as the resistance level of 1.0050 is not overcome.
GBP/USD: Based on our expectation, the cable fell by 300 pips last week, reaching the accumulation territory of 1.4900. There is a strong Bearish Confirmation Pattern in the market and there is a possibility that the cable would continue dropping further and further. Therefore, any rallies seen in the market should be taken as short-term selling opportunities.
USD/JPY: Last week, the USD/JPY pair tested the demand level of 120.50 and then rallied to test the supply level of 123.50. Afterwards, the price dropped by 230 pips to close below the supply level of 121.50. In face of these wild swings, the bias is bearish on the market, which means the support level of 121.00 would be easily tested.
EUR/JPY: Last week, the pair had been trading sideways from Monday to Thursday and broke downwards on Friday. The southward breakout was significant enough to result in a bearish outlook, which means the market would continue its weakness as long as the EUR is weak.
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Daily analysis of major pairs for December 21, 2015 . Thanks for your support.
