FX.co ★ Daily analysis of major pairs for March 16, 2016

EUR/USD: This pair has been only moving sideways so far this week – in the context of a downtrend. The EMA 11 remains above the EMA 56, but the Williams' % Range period 20 is now sloping down, showing some intent from the bears. It is better to stay away from the market, until there is a directional movement, which should start today or tomorrow.

USD/CHF: On Monday (March 14, 2016), this pair moved upwards by 70 pips, and then, moved sideways on Tuesday. This upwards movement pales into insignificance in comparison to the bearish movement that happened last Friday. There should be a directional movement this week: either to the upside or to the downside. Otherwise, the market could go into a neutral phase again.

GBP/USD: The GBP/USD had dropped by 230 pips this week, thus threatening the recent bullish bias in the market. Unless the bulls come in to push the price higher and higher, there is a great probability that further southward movement would render the recent bullish bias invalid, especially when the price goes further south by additional 200 pips.

USD/JPY: The wild volatility experience is still ongoing on this currency trading instrument. There are sharp upswings alternated by sharp downswings in the chart, with no clear victory between the bull and the bear. However, there should be a directional movement this week, which would most probably favor the bulls.

EUR/JPY: The EUR/JPY cross has been moving down since Monday, which would lead to a Bullish Confirmation Pattern, once the price goes below the supply zone at 124.00. However, the indicators in the 4-hour chart give mixed signals. The EMA 11 is above the EMA 56, while the RSI period 14 is below the level 50. Today would reveal what shall happen in the market.