FX.co ★ Daily analysis of major pairs for December 9, 2016

EUR/USD: The EUR/USD pair made a bearish attempt yesterday, leading to another bearish signal on the 4-hour chart. Price has been choppy so far this week, but it may eventually target the support lines at 1.0600 and 1.0550. There could be some bullish attempts along the way, but they would be capped by the resistance lines of 1.0800 and 1.0850.

USD/CHF: The USD/CHF pair made a bullish attempt yesterday, leading to another bullish signal on the 4-hour chart. Price has been choppy so far this week, but it may eventually target the resistance levels at 1.0200 and 1.0250. There could be some bearish attempts along the way, but they would be contained at the support levels of 1.0100 and 1.0050.

GBP/USD: The GBP/USD pair has pulled back this week; and the pullback is getting serious enough to threaten the recent bullish signal in the market. The RSI period 14 has already crossed the level 50 to the downside. As soon as the EMA 11 crosses the EMA 56 to the downside, a bearish signal would form.

USD/JPY: This market is still consolidating – and that is something that started last week. In spite of this, the Bullish Confirmation Pattern in the market remains intact and when momentum comes back to the market, it might end up favoring bulls. As long as the demand level at 112.50 is not breached to the downside, the bullish bias on the market would be valid.

EUR/JPY: It is better to stay away from this market right now, until there is a prolonged directional movement on it. The EMAs and the RSI are giving conflicting signals because sustained trending movement is few and far between. A strong movement is expected next week.