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

EUR/USD: There is now a Bullish Confirmation Pattern in the chart, which would become stronger as the price manages to cross the resistance line at 1.2600 to the upside, closing above it. Moreover, many strong economic figures are expected today and they will have a serious impact on the markets.

USD/CHF: There is now a Bearish Confirmation Pattern in this market, which would become stronger as the price manages to cross the support level at 0.9550 to the downside, closing below it. That support level was tested recently and it could be tested again, especially in the face of continued strength in the CHF.

GBP/USD:  This is a bear market, which is now trying to go into positive correlation with its EUR/USD counterpart. As long as the price is under the distribution territory at 1.5800, the market would be viewed as being bearish. This means that the bearish outlook would come to an end once the price crosses the aforementioned distribution territory to the upside.

USD/JPY: The USD/JPY has exceeded our target for this week, and the price continues its upwards journey. The next target for this week or next week is at the supply level of 118.00. With continuous weakness in the JPY, the target could be reached.

EUR/JPY:  This currency trading instrument is now very strong. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. This means it is rational to seek long trades, especially on pullbacks. The bullish run may make the market reach the supply zone at 148.50.