FX.co ★ Daily analysis of major pairs for November 12, 2014

EUR/USD: The EUR/USD remains bearish, with a possibility of further downwards movement. However, the downward movement may be challenged at the support lines of 1.2400 and 1.2350. Should the challenge prove effective, the price may rally towards the resistance line at 1.2500, testing it again.

USD/CHF: This pair is still strong and it may go further north in its attempt to test the resistance levels at 0.9700 and 0.9750. Nevertheless, the resistance levels themselves may prove unfriendly to the existing bullish outlook, which may cause the price to drop towards the support level at 0.9600.  

GBP/USD:  This is a weak market – with the Bearish Confirmation Pattern remaining intact in the market. The price has a good chance of testing the accumulation territory at 1.5800, which was tested last week. Even if the market would bounce upwards, it may test that accumulation territory first.  

USD/JPY: The strength in the USD is the reason why the bullish outlook on this pair remains sustainable when most other JPY pairs are consolidating. The supply level at 115.50 was challenged consistently last week: it could also be challenged this week. It could even be breached to the upside, providing that the USD remains strong enough.

EUR/JPY:  This cross is also trying to go upwards, but with limited success. The bias is still bullish and the upwards journey may be accomplished provided that the Euro itself is able to muster more energy.