FX.co ★ Daily analysis of major pairs for July 29, 2016

EUR/USD: The EUR/USD has assumed a bullish movement, which started on Wednesday. There is now a bullish bias in the market, and price could go further upwards, irrespective of the current bearish correction in the market, which is supposed to be transitory.

USD/CHF: The USD/CHF has finally generated a "sell" signal in the 4-hour chart. There is now a clean Bearish Confirmation Pattern in the chart, and price is expected to journey further south today or next week, reaching the support levels at 0.9800 and 0.9750. The resistance level at 0.9800 has been tested and it would be retested again.

GBP/USD: This currency trading instrument has started to consolidate again. The price movement is flat and this is supposed to continue till next week (though there could be some near-term directional movement today). A significant movement is expected next week.

USD/JPY: A closer look on the USD/JPY reveals there is a hidden weakness in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This shows the possibility of a southward movement, which could happen anytime. Some fundamental figures are expected today and they could have impact on the markets.

EUR/JPY: Bulls are making some effort to push up the price in this market, and this is visible by the price action in the chart. While bulls might be able to push price upwards towards the supply zones at 117.00 and 117.50, coming fundamental figures might aid them or scuttle their plan.