FX.co ★ Daily analysis of major pairs for July 25, 2014

EUR/USD: The EUR/USD has able been able to test the support line at 1.3450, after which it made a shallow rally. The price could retest the support line and possibly break it to the downside. Meanwhile, the resistance lines at 1.3500 and 1.3550 would serve as a formidable barrier to any northward attempts along the way.

USD/CHF: Since it broke the support level at 0.9000 to the upside, this pair has been able to stay above that level. It is now making some effort to go more northwards, though there may be pullbacks along the way. The expected pullbacks should meet a stubborn challenge at the support level of 0.9000. The next target for the bull is at the resistance level of 0.9050.

GBP/USD:  The Cable has continued to go further downwards as a result of the vivid weakness in the market. The price could reach the accumulation territory at 1.6950; it could even break it to the downside, going towards another accumulation territory at 1.6900.

USD/JPY:  Unlike most other JPY pairs, the USD/JPY did not go seriously downwards because of the strength in the Greenback. The upwards move in the market has resulted in a Bullish Confirmation in the chart.  The price may test the supply level at 102.00, and it may close above it.

EUR/JPY:  In the chart, this cross is showing great weakness in spite of the current rally in the market. The rally just happens to be another good opportunity to go short, provided the price does not go above the supply zone at 137.50.