FX.co ★ Daily analysis of major pairs for November 13, 2014

EUR/USD: Unlike the Cable, the EUR/USD pair has not traded downwards significantly, though the overall bias has been bearish. As long as the price is below the support line at 1.2500, it would be assumed that the bearish outlook is intact. It is now either the price breaks the support line at 1.2400 or breaks the resistance line at 1.2500 to the upside.

USD/CHF: This is a bullish market – just in opposite to what the EUR/USD pair does. The bullish bias is logical as long as the price is above the support level at 0.9600. The price may end up reaching the resistance level at 0.9750, something that will require more stamina in the USD.

GBP/USD: The Cable has trended further downwards in respect for the dominant bias. It turned out that the rally that was seen earlier this week offered an opportunity to sell short at a better price. The price is now trading below the distribution territory at 1.5800; the next target is the accumulation territory at 1.5750. In addition, some more fundamental figures are expected today and they would have an impact on the markets.

USD/JPY: The USD/JPY pair continues its upwards journey while the bias remains northwards. The market is above the EMA 56 and the RSI period 14 is still above the level 50. In this kind of market, we do well to look for long opportunities in the context of an uptrend. That is when there are transitory pullbacks.

EUR/JPY: This currency trading instrument has trended upwards by more than 200 pips this week, resulting in a stronger Bullish Confirmation Pattern in the chart. The current pullback is expected to be short-lived. More purchasing opportunities are better sought at pullbacks.