FX.co ★ Daily analysis of major pairs for November 6, 2014

EUR/USD: This is a bear market, and the price has the capacity to continue moving downwards. There is now some struggle between the bulls and the bears, and with increased stamina in the Greenback, the price may reach a near-term support line at 1.2450. That support line was tested at the beginning of this week, and it has a good chance of being tested again.

USD/CHF: This is a bull market. The price is above the EMA 11, which is in turn above the EMA 56. The Williams’ % Range period 20 is going into the overbought region. The price may go further upwards from here, reaching the resistance level at 0.9700.

GBP/USD:  This is a bear market – in a positive correlation to the EUR/USD. The Cable dropped yesterday, reaching the accumulation territory at 1.5900, and later bounced upwards. The upwards bounce is another opportunity to go long, for the price may test the accumulation territory again.

USD/JPY: The USD/JPY continues to climb higher and higher – with the supply level at 115.00 being threatened by the bulls. With further weakness in the JPY, the supply level would be breached as the price goes further towards another supply level at 115.50. There are some fundamental figures coming out today and they would have impact on the markets.

EUR/JPY:  Just like the other JPY pairs, this cross continues to go higher and higher. There is still a very strong Bullish Confirmation Pattern in the chart, and the price may reach the supply zone at 143.50.