FX.co ★ Daily analysis of major pairs for June 23, 2017

EUR/USD: On Thursday, there was an upwards bounce on the EUR/USD pair in the context of a downtrend. The upwards bounce could end up giving a good short-selling signal as price is expected to go downwards, reaching the support lines at 1.1150 and 1.1100.

USD/CHF: This pair continues to be corrected gradually lower and lower, and this has begun to pose a threat to the recent bullish signal. The Williams' % Range period 20 is already in the overbought region, and the EMA 11 is almost crossing the EMA 56 to the downside. By the time prices crosses the support level at 0.9650 to the downside, the bias would have turned bearish.

GBP/USD: The Cable also has continued to climb upwards in the context of a downtrend. Price would not really turn bullish until it goes above the distribution territory at 1.2900, which would require a serious bullish movement. On the other hand, price may eventually drop from here, supporting the current dominant bearish bias.

USD/JPY: There has been nothing significant on this market since yesterday, since it is generally quiet now. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50, which means that the bias remains bullish. Once the RSI period 50 goes below the level 50, it would warn of a trend reversal.

EUR/JPY: This cross has not done anything significant this week. A movement above the supply zone at 125.00 would result in a clean Bullish Confirmation Pattern, while a movement below the demand zone at 123.00 would result in a Bearish Confirmation Pattern. This is the scenario that is supposed to happen early next week, since price may not do anything serious today.