Daily analysis of major pairs for July 31, 2015

EUR/USD: There is already a sell signal on EUR/USD which shows that the pair has a great potential to continue trending
lower and lower. The support line at 1.0900 has been already tested; and it could be
tested again. Once that support line has been breached to the downside, bears could target the support line at 1.0850.

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USD/CHF: The USD/CHF pair is currently besieging the resistance level at 0.9700. That resistance level has to be breached to the upside for the current bullish trend to continue. In case that happens, the next target would be the resistance level at 0.9750.

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GBP/USD: The market is bullish now – the currency trading
instrument is making bullish efforts . This has resulted in high volatility in the market. There are
distribution territories around1.5650 and 1.5700. There are also accumulation territories of 1.5550 and 1.5500.

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USD/JPY: Since this pair broke upwards from its recent
equilibrium zone, it has trended further upwards. The pair has tested the
supply level at 124.50. That supply level seems to be a kind of wall that bulls have to break before they can continue to push the price higher. This
outlook would be valid as long as the price does not cross the demand level of 123.00 to the downside.

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EUR/JPY: This cross is trying to make some bearish
effort (owing to the perceived selling pressure in the market). The EMA 11 needs to move below the EMA 56, though the RSI period 14 is already
below the level of 50. This can lead to a Bearish
Confirmation Pattern in the market, and until then it is better to be cautious.

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The material has been provided by InstaForex Company – www.instaforex.com

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