FX.co ★ Daily analysis of major pairs for August 10, 2016

EUR/USD: This pair only moved sideways on Tuesday, and there is nothing significant so far. Only a movement above the resistance line at 1.1300 would lead to a "buy" signal, otherwise, this pair would remain a bearish market.

USD/CHF: Although there is nothing significant so far on this currency trading instrument. The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is often not far from the overbought territory. The resistance levels at 0.9850 and 0.9900 could still be tested this week, but a 200-pip movement to the downside would invalidate this expectation.

GBP/USD: The outlook on the GBP/USD remains bearish, both in daily and 4-hour charts. In the 4-hour chart, there is a Bearish Confirmation Pattern, which means price is supposed to continue going further south. There are accumulation territories at 1.2950 and 1.2900, which are potential targets for bears today or tomorrow. Although there are also possibilities of the price going upwards once these accumulation territories are tested.

USD/JPY: The USD/JPY remains in a bearish mode. Price is expected to continue going further south, as short-term rallies proffer new opportunities to sell short. The demand zones at 101.50 and 101.00 could be tested today or tomorrow.

EUR/JPY: The EUR/JPY remains in a bearish mode. Price is expected to continue going further south, as short-term rallies proffer new opportunities to sell short. The demand zones at 113.00 and 112.50 could be tested today or tomorrow.