FX.co ★ Daily analysis of major pairs for July 1, 2014

EUR/USD: This pair has now made clear its intention to go further higher. The support line at 1.3650 has been breached successfully: the price closed above it and moved upwards with adept alacrity. The nest target would be the resistance line at 1.3700, which is almost reached by the price.

USD/CHF: There is a Bearish Confirmation Pattern in this market.The USD/CHF has gone further downwards as expected. The price is currently trading below the resistance level at 0.8900, going towards the support level at 0.8850. Should the support level be breached to the downside, the next target would be the support level at 0.8800.

GBP/USD:  As it was forecasted on Monday, the Cable has gone further upwards in what is termed as a serious Bullish Confirmation Pattern in the chart. Since the middle of June 2014, the market has been bullish seriously – punctuated by temporary pullbacks along the way. The price has now closed above the accumulation territory at 1.7100. The next target is at the distribution territory at 1.7150.

USD/JPY:  The USD/JPY has been going as forecasted, for the bearish signal in the chart is now getting stronger and stronger. The pair is now moving below the supply level at 101.50, going further downwards. The price may end up reach the demand level at 101.00.

EUR/JPY:  As a result of a sudden surge of stamina in the EUR, the currency trading instrument is now going upwards – a morbid threat to the extant bearish bias. Should the strength in the EUR continue, the price might touch the supply zone at 139.00, and by then, the bearish indication would be completely over.