FX.co ★ Daily analysis of major pairs for December 8, 2015

EUR/USD: Since testing the resistance line at 1.0950, the EUR/USD pair has gone down by 150 pips. For the recent bullish breakout not to be a false one, the price needs to continue journeying upwards. Otherwise, the price is likely to go further downwards, which might eventually threaten the bullish stance.

USD/CHF: Since testing the resistance level of 0.9900, the USD/CHF pair has gone up by 100 pips. For the recent bearish breakout not to be a false one, the price needs to continue journeying downwards. Otherwise, the price will go further upwards, which might eventually threaten the bearish stance.

GBP/USD: This market has moved downward by 100 pips since last Friday. Even the bullish attempt we saw on Thursday was not strong enough to render the current bearish outlook invalid, since the stance on the GBPUSD is bearish. It is possible that the bearish signal in the market would be sustained.

USD/JPY: Despite strong movements of major pairs last week, this currency trading instrument merely moved sideways. There were short-term upswings and downswings in the market, which made the market condition great for scalpers and intraday traders. The bias is neutral and it may continue as such until there is a movement of at least 200 pips either upwards or downwards.

EUR/JPY: This market is currently consolidating, but we might witness a further bullish breakout in the market, since the outlook on the JPY pairs is bright for December. There is a Bullish Confirmation Pattern in the market. The price might still go further upwards despite occasional consolidations and pullbacks.