FX.co ★ Daily analysis of major pairs for December 24, 2014

EUR/USD: This pair has continued its downwards journey and it is has closed below the resistance line at 1.2200. There is a clean Bearish Confirmation Pattern on the chart, which means that the price is likely to continue trending more downwards. The next target for bears is at the support line of 1.2150.

USD/CHF: This currency trading instrument has been going upwards so far this week, trading above the support level at 0.9850. The EMA 11 is above the EMA 56 and the Williams’ % Range has always sauntered around the overbought area. This means the price may continue going higher.

GBP/USD: The market has become weak – just like its EUR/USD counterpart. The accumulation territory at 1.5550 is now being battered; which is a great effort by bears to breach this uncontrollable territory. It can be noted that bears made unsuccessful attempts in the past to reach this territory. This time around, they may succeed in breaching it to the downside.

USD/JPY: The USD/JPY pair has exceeded our target for this week. The price is now trading above the demand level at 120.50, going towards another supply level at 121.00. With the ongoing slow and steady movement in the market, the supply level would be breached to the upside.

EUR/JPY: After a bullish attempt on Monday, this market has been trading sideways. However, the bias is already bullish and there could soon be a breakout to the upside. Should this happen, the price may start going towards the supply zone at 147.50, which may also be breached to the upside.