FX.co ★ Daily analysis of major pairs for December 12, 2017

EUR/USD: The EUR/USD pair did nothing significant on Monday. However, there is still a Bearish Confirmation Pattern in the market. While the support lines at 1.1750 and 1.1700 could be tested, it is also expected that a rally will occur sometime this week, owing to a bearish run on the USD/CHF pair.

USD/CHF: This pair is still experiencing what could be called a correction in the context of an uptrend. While the resistance levels at 0.9950 and 1.0000 could be tested, it is expected that the pair would end up plummeting this week, because CHF would showcase an extraordinary level of stamina. Other currencies would also drop versus CHF.

GBP/USD: The perpetual downwards movement in the Cable has resulted in a short-term bearish signal in the market. Price is under the distribution territory at 1.3350, going towards the accumulation territory at 1.3300. The next target after that would be the accumulation territory at 1.3250.

USD/JPY: The USD/JPY pair merely moved sideways on December 11. There is a bullish bias on the market, and it is expected that the supply levels at 113.50 would be reached – even if there is going to be any major pullback at last.

EUR/JPY: This is a choppy, directionless market (both in the longer-term and the shorter-term), and it is prudent to stay away from the market until there is a break above the supply zone at 134.50; or until there is a break below the demand zone at 131.50. This would require a big momentum, and would happen in less than 14 days to this time. A rise in momentum is imminent.