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

EUR/USD: This currency pair is weak, but there is now a rally attempt on it. At this juncture, it must be mentioned that any surge of energy in Euro is supposed to be short-lived because the long-term bias on Euro is bearish. However, the short-term surge may be serious enough to bring some gains to the bulls that look forward to a limited rally.

USD/CHF: The USD/CHF has been unable to close above the resistance level at0.9000 (which is a must for the bullish trend to continue). Right now, there is a hollow pullback in the price. The pullback could be contained at the support level of 0.8950. Any movement below the support level may mean an end to the current bullish outlook.

GBP/USD:  The Cable has successfully tested the distribution territory at 1.7000. There has been a hollow bearish retracement after this, but the price would go back to test that distribution territory with a possibility of breaking it to the upside. Should this happen, the price may close above the territory, going further towards another distribution territory at 1.7050.

USD/JPY:  This currency trading instrument has gone bearish since last week – and that stance is still valid. This is because there is a clean Bearish Confirmation Pattern in the chart, and any bullish attempt may be a trap for the unwary buyer. Meanwhile, the price is supposed to test the demand level at 101.50 very soon.

EUR/JPY:  The cross is showing some volatility on it. The volatile movement is trying to culminate in favor of the bulls. This favorable movement to the bulls would be challenged at the supply zone at 138.50; which is a zone from which the price may fall again.