FX.co ★ Daily analysis of major pairs for January 12, 2016

EUR/USD: The EUR/USD pair went down slightly on Monday with nothing significant. This week would see what shall happen to the market, but the bearish bias would not be over unless the price goes above the resistance line at 1.1000, which is a formidable line.

USD/CHF: On Monday, this pair showed some determination to continue going upwards. It is possible that the price would test the resistance level at 1.0100, which bulls could not breach to the upside last week. Another attempt to breach it to the upside might be witnessed this week, though that would require a significant buying pressure.

GBP/USD: The GBP/USD pair is still in a bearish mode, and the price might go further southwards. Any rallies in the market should be seen as opportunities to sell short, because the bearish trend is likely to continue. Therefore, the accumulation territories 1.4500 and 1.4450 could be attained.

USD/JPY: This currency trading instrument, which moved southwards last week, still shows the tendency to move further south this week. The price made several attempts to break the demand level at 117.00 to the downside, but with no success. The price still shows the determination to go further south, which may eventually enable it to go below the demand level at 117.50.

EUR/JPY: This cross moved lower on Monday in conjunction with the extant bearish outlook. The Bearish Confirmation Pattern in the market is valid, and the price could test the demand zone at 127.00. The price could even breach that demand zone to the downside.