FX.co ★ Daily analysis of major pairs for January 16, 2014

EUR/USD: As it was forecasted, EUR/USD was able to reach the support line at 1.3600. The line has been tested repeatedly and could soon be breached to the downside (though it appears not easy), especially with the continuation of the current bearish pressure. There is a Bearish Confirmation Pattern in the chart, and so, the price should keep on going downwards.

USD/CHF: В As it was forecasted, the USD/CHF was able to reach the resistance level at 0.9100. The level has been tested repeatedly and could soon be breached to the upside, especially with the continuation of the current bullish pressure. There is a Bullish Confirmation Pattern in the chart, and so, the price should keep on going upwards.

GBP/USD:  Generally, it is expected that the fundamental figures coming out today would have impact on the markets, including the Cable. This pair has kept on being bearish – in spite of upswings and downswings on it. So, the rallies on it could be seen as opportunities to sell a little dearer. The price target remains at the accumulation territory of 1.6300.

USD/JPY: This currency instrument keeps going upward after it has formed a �buy’ signal. The supply level at 105.00 is thus and easy target for the bulls, although the price could also breach that level to the upside.

EUR/JPY: Like most other JPY pairs, this cross is also going upwards. A crossing of the supply zone at 143.00 to the upside would result in Bullish Confirmation Pattern in the chart.В В