Forex Analysis and News for Major Currency pairs November, Week 1 This Analysis is brought to you by PROFIFOREX Here’s the market outlook for this week: EURUSD Price Trend: Bearish Last week, there was sideways movement in the EURUSD. But by the end of the week, it managed to trade upward. The move was not significant as it was not heavy enough to trigger an uptrend. Thus even by last week Friday, the trend was still a downtrend with this trend extending to this week. In fact the trend is a downtrend for most EUR pairs. It is thus possible that this currency pair may drop down to 1.0900, 1.0850 even falling as far down as 1.0800 (all these points being support levels) across the next four days. EURJPY Price Trend: Bullish Even in face of the euro losing strength, the EURJPY managed to climb up by over 225 pips. Prices for this pair closed last week at 115.11. This comes following the formation of a strong Bullish Confirmation on the H4 chart. The charts indicate that prices were more likely to push up. Thus across the next four days, it is possible prices may reach the supply zones located at 115.50, 116.00 and 116.50. GBPUSD Price Trend: Bearish For the last two weeks, we have been seeing sideways movement in the cable. This has resulted in the short term trend being neutral. But then across the next four days, the trend is a downtrend, thus we are not expecting this pair to noticeably push up. Across the upcoming month of November, we expect big movements in GBP pairs, but these movements look to be more on a downtrend. USDJPY Price Trend: Bullish Just in line with our previous forecast, the USDJPY has been enjoying an uptrend. For last week, prices have climbed up by over 160 pips even attempting to push above the supply levels located at 105.50. On October 28, prices went down but at the end, it was a chance to open long positions at lower prices. For this week, we still the USDJPY to continue in its uptrend. USDCHF Price Trend: Bullish The USDCHF made strong attempts to push above the resistance line located at 0.9900; but this didn't last long as prices were eventually pushed down. For almost two weeks now, the USDCHF has been consolidating. Yet this doesn't change the trend from being an uptrend. So far across October, the USD has been bullish. It becomes more likely that the most of the USD's rivals will fall down. There is also the possibility of the USDCHF rising up to 1.0000 (a very notable resistance level). For this to happen, the USDCHF needs to experience intense pressure from heavy buying.