FX.co ★ Daily analysis of major pairs for November 25, 2014

EUR/USD: After testing the support line at 1.2400, this market trended upwards. There is still a Bearish Confirmation Pattern in the market, which can only be rendered invalid when the price goes above the resistance line at 1.2600. Otherwise, the price may go further downwards from here.

USD/CHF: After testing the resistance level at 0.9700, this market trended downwards by more than 60 pips. There is still a Bullish Confirmation Pattern in the market, which can only be rendered invalid when the price goes below the support level at 0.9550. Otherwise, the price may go further upwards from here.

GBP/USD: This is a bearish market – irrespective of the bullish effort in it. The only thing that can make the bullish effort to render the bearish outlook useless is a situation in which the price goes above the distribution territory at 1.5800. That is the point where it would be clear that short trades are not sensible.

USD/JPY: This pair remains in a bullish market and it is supposed to continue going further upwards. The nearest target for bulls is at the supply level at 119.00, which could be reached this week. With enough strength in the market, the price can even go beyond that supply level.

EUR/JPY: There is a rally on EUR/JPY after the price touched the demand zone at 145.50. The price has moved upward by 150 pips since then, and further move may enable this cross to recover the loss it incurred around the end of last week. There is now a bullish target at the supply zone of 149.00, which was touched last week.