FX.co ★ Daily analysis of major pairs for December 7, 2016

EUR/USD: The EUR/USD pair was engaged in a bearish correction yesterday, though there is still a "buy" signal in the market. The EMA 11 is still above the EMA 56, and the Williams' % Range period 20 is often around the overbought area. The bullish signal is supposed to continue.

USD/CHF: The bearish signal on this pair remains valid, though price has been consolidating in the near term. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is not far from the oversold area. Price is supposed to continue dropping when momentum returns to the market.

GBP/USD: The Cable pulled back yesterday in the context of an uptrend. Unless price goes below the accumulation territory at 1.2550, the bullish bias would remain intact. From this point, GBP/USD is expected to turn upwards again, as it targets the distribution territories at 1.2700, 1.2750, and 1.2800.

USD/JPY: This pair has consolidated so far this week in the context of an uptrend. There is a Bullish Confirmation Pattern in the market and a rise in momentum should end up favoring the extant bullish outlook, for the outlook is also bullish for this week. The supply levels at 114.50, 115.00, and 115.50 remain the bullish targets for the week.

EUR/JPY: This currency trading instrument is still in a bullish mode, as price has gone upwards significantly this week, allowing a strong Bullish Confirmation Pattern to hold in the market. Bulls might be able to target the supply zones at 122.50, 123.00, and 123.50 before the end of this week.