FX.co ★ Daily analysis of major pairs for August 3, 2016

EUR/USD: This pair has moved north this week, by 70 pips. On the whole, it has risen 260 pips from the low of last week. The outlook on the market is bullish, for the EMA 11 is above the EMA 56, and the Williams' % Range period 20 is often in the overbought region. As long as the USD is weak, the pair would be going north.

USD/CHF: This pair has moved south this week, by 55 pips. On the whole, it has dropped 300 pips from the high of last week. The outlook on the market is bearish, for the EMA 11 is below the EMA 56, and the Williams' % Range period 20 is often in the oversold region. As long as USD is weak, the pair would be going south.

GBP/USD: Yesterday, the GBP/USD pair went upwards 180 pips, testing the distribution territory at 1.3350. Bulls are still willing to move price further upwards, targeting other distribution territories at 1.3400 and 1.3450. There could be a pause or transitory bearish corrections along the way, but the bullish journey would continue, because the bias has turned bullish in the short-term.

USD/JPY: This market consolidated on Monday and declined further on Tuesday – all in the context of a downtrend. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Price is now below the supply level at 101.00; the next target for bears are located at the demand levels at 100.50, 100.00, and 99.50.

EUR/JPY: The EUR/JPY cross came downwards on August 2, 2019, testing the demand zone at 113.00. There is a Bearish Confirmation Pattern in the market: which means the line of the least resistance is for price to continue going further downwards, targeting the demand zones at 112.50 and 112.50.