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

EUR/USD: There is a Bullish Confirmation Pattern on the EUR/USD 4-hour chart: the EMA 11 is above the EMA 56, and the Williams' % Range period 20 is now around the overbought region. The price could now target the resistance lines at 1.1450 and 1.1500. However, the events affecting the Cable could also affect the EUR/USD today, bringing more bullish movement or bringing a decline.

USD/CHF: This currency trading instrument remains flat, but a serious breakout will soon happen. The nature of the breakout would be determined by whatever happens to the EUR/USD. In case the EUR/USD goes upwards, the USD/CHF would decline; and vice versa.

GBP/USD: GBP/USD has gone upward by over 450 pips this week. As of Thursday, the market was in a bullish mode, but the movement today would be determined by the results of Brexit/Bremain votes. Bremain would enable the GBP/USD to go upwards by at least, 300 pips today and next week. Brexit would cause strong panic selling across GBP pairs, not the GBP/USD only.

USD/JPY: This pair rallied yesterday, moving upwards by 200 pips that day and testing the supply level at 106.00. A movement above the supply level at 107.00 would result in a new bullish signal; but a failure to do this could result in bearish movement, which would mean that the current rally has simply been an opportunity to sell short at a better price.

EUR/JPY: This cross rallied significantly on June 23, 2016. The EMA 11 is now above the EMA 56 (it has crossed above it), while the RSI period 14 is above the level 50. The price is supposed to go higher, unless Brexit becomes emphasized, which would result in a large pullback.