FX.co ★ Daily analysis of major pairs for January 12, 2017

EUR/USD: The EUR/USD pair has gone significantly upwards, according to the forecast. From the low of 1.0453, price has gone upwards by 210 pips. There is now a Bullish Confirmation Pattern in the market and further upwards movement is anticipated, which may enable price to reach the resistance lines at 1.0700 and 1.0750.

USD/CHF: This market has gone downwards as a result of the weakness in the USD. There is another fact that EUR/USD is going upwards, and therefore, the USD/CHF must go downwards versus it. There is already a "sell" signal in the market, as price has dropped from the weekly high of 1.0247. It is important to know that price was still recently above the psychological level at 1.0000; and once it is breached to the downside. The bias would turn completely bearish.

GBP/USD: The Cable has also started making some bullish effort. Further movement of about 200 pips to the upside would result in a Bullish Confirmation Pattern on the 4-hour chart. Some more fundamental figures are expected today, and they would have impact on the markets.

USD/JPY: The USD/JPY pair has gone according to yesterday's forecast. The bearish movement started gradually at the beginning of this week, and it has really become serious. The EMA 11 is below the EMA 56, and the RSI period 14 has gone below the level 50. Price has already gone downwards by 300 pips, reaching the forecasted demand levels (now supply levels). The market may continue going further and further downwards.

EUR/JPY: This cross has also started a directional movement. There is yet to know how long the directional movement would last, but the bias on the market has turned bearish. Price could reach the demand zones at 121.00, 120.50, and 120.00 within the next several days, especially as price moves further south.