FX.co ★ Daily analysis of major pairs for June 20, 2014

EUR/USD: As it was said in the last forecast, this pair has already had a Bullish Confirmation Pattern formed on it. As long as the price stays above the support line at 1.3550, the Bullish Confirmation Pattern would be valid. There is currently a shallow pullback, which is supposed to be another buying opportunity in the market.

USD/CHF: Yesterday, it was said that this pair has already had a Bearish Confirmation Pattern formed on it. As long as the price stays below the resistance level at 0.9000, the Bearish Confirmation Pattern would be valid. There is currently a shallow rally, which is supposed to be another selling opportunity in the market. One thing should be noted: the resistance level at 0.9000 is a formidable foe to the bulls, and therefore, this newly formed bearish bias is not going to end soon.

GBP/USD:  The Cable went upwards as expected, breaking the accumulation territory at 1.7000 to the upside. The bullish outlook is now rather strong. Another easy target is the distribution territory at 1.7050, which has already been tested. Generally, the fundamental figures coming out today should not be ignored, for they would have some impact on the markets.

USD/JPY:  The recent signals that come off this currency trading instruments are largely transient. The present condition in this market is perfectly suitable for intraday traders, and one may go short as soon as the price touches the EMA 56.

EUR/JPY:  The rally that started here at the beginning of this week has been strong and protracted enough to result in a confirmation of a northward outlook. Buy!