FX.co ★ Daily analysis of major pairs for January 17, 2014

EUR/USD: The EUR/USD has been bearish this week. The bulls are making desperate attempts to push up the price, but as long as it stays below the resistance line of 1.3700, the bearish bias is valid.В  In the face of the extant bias, it is possible for the price to reach the support line of 1.3550. After all, the price tested that support line last week.

USD/CHF: В This week, the USD/CHF was initially bullish, but further bullish move was rejected at the resistance level of 0.9100. The bears are making desperate attempts to push down the price, but as long as it stays above the support level of 0.9000, the bullish bias is valid.В  In the face of the extant bias, it is possible for the price to go back towards the resistance level at 0.9100. After all, the price tested that resistance level this week.

GBP/USD: В Here, the EMA 11 is below the EMA 56, while the RSI period 14 is below the level 50. This is a Bearish Confirmation Pattern in the chart, which means that the price could still go further downward when some momentum returns to the market, in the face of the current struggle between the bulls and the bears. We are now watching the accumulation territory at 1.6300, which should be the next target for the bears. В 

USD/JPY: As it was noted, any bullish breakout on this pair would usually be limited, for the price has been showing limited strength for weeks. Although there are occasional upswing from certain demand levels, it is better to wait for a clearer signal before taking a direction.

EUR/JPY: Actually, the �sell’ signal here is still a valid thing; and a rally in the market is a good sell signal in the context of a downtrend.