FX.co ★ Daily analysis of major pairs for August 24, 2016

EUR/USD: There is a Bullish Confirmation Pattern in the EUR/USD 4-hour chart. The EMA 11 is above the EMA 56 and the William's % Range period 20 is trying to slope downwards, in conjunction with the shallow bearish correction that happened yesterday. This is nothing but another opportunity to go long in this market.

USD/CHF: There is a Bearish Confirmation Pattern in the USD/CHF 4-hour chart. The EMA 11 is below the EMA 56, and the William's % Range period 20 is trying to slope upwards, in conjunction with the shallow bullish attempt that happened on August 23, 2016. This is nothing but another opportunity to go short in the market.

GBP/USD: As it was mentioned in the last forecast, this market was able to go above the accumulation territory at 1.3150, testing the distribution territory at 1.3200. It is highly probable that price would go above that distribution territory, going further upwards to confirm the current bullish outlook on the market.

USD/JPY: Since the middle of last week till now, the USD/JPY has moved sideways. A further sideways movement for more several trading days would eventually lead to a neutral bias in the near-term. However, a breakout is going to happen this week or next, which would most possibly favor bears.

EUR/JPY: This cross consolidated throughout last week, which was something it also did the week before last week. This has caused the bias to become neutral; plus nothing has changed till now. The neutral bias would come to an end this week or next, when a breakout occurs, which would most probably favor bears.