Daily analysis of major pairs for July 10, 2014

EUR/USD: There is now a bullish signal for the EUR/USD pair,
which would become particularly strong as soon as the market breaks the resistance
line at 1.3650 to the upside. The Bullish Confirmation Pattern in the chart
adds to the validity of the possibility that the price is going further northwards. In
addition, more economic figures will be released today and they will have impact
on the markets.

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USD/CHF: Since
the EUR/USD pair has gone upwards, the USD/CHF has gone downwards (in a negative
correlation pattern). The price has crossed the EMAs 11 and 56 to the downside
and the Williams’ % Range is also in the oversold region, confirming the
strength of the bears. The support level at 0.8900 stands a good chance of
being broken to the downside. After this has happened, the next target would
be the support level at 0.8850, which could be broken this week or next week.

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GBP/USD: The Cable remains on the bull market and it retains its determination to go further upwards. The adamant
price territory at 1.7150 stands a great chance of being breached to the
upside. The price may stay above it.

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USD/JPY: The signal on this market is still bearish
and the price may go towards the demand level at 101.00. But there is a need
for it to breach the demand level at 101.50 downwards first – and there is a noteworthy
resistance around that place.

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EUR/JPY: We still need to consider this
currency trading instrument with caution, because the price movement is erratic
and unpredictable. One would need to wait for a further confirmation of the
direction of the price.

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The material has been provided by InstaForex Company – www.instaforex.com