Forex Analysis and News for Major Currency pairs June 20- 24 This Analysis is brought to you by PROFIFOREX EURUSD Dominant bias: Neutral All of the upward movement of the EURUSD last week have been nullified by downward movements. Gains in the pair so far across last week have been cancelled keeping the EURUSD stuck between 1.1150 which is a support line and 1.1300 which is a resistance line. Since there has been no distinct movement either up or down so far, we can say the market has been neutral. This neutrality of the market would not change unless prices fall below the 1.1100 support or on the other hand break above the 1.1400 resistance line. Now going further, should prices break past 1.1400, we could have a long stretch of upward movements or gains in the pair. Equally, should prices fall down below the 1.1100 support line, there could be stretch of downward movement or losses. For now the trend is not clear but then there is the solid chance there would be lot of movement in the pair for this week. Most likely, it appears it could be downward movement in the pair. EURJPY Dominant bias: Bearish At the moment, it appears the EURJPY is on a downtrend just like it is across many JPY pairs. Now there is a Bearish Confirmation Pattern in place now in the market so it is possible prices could get to demand zones at 117.00, 116.00; even dropping down to 115.00 next week. The EURJPY had briefly touched 117.00 and 116.00 levels last week; thus there is the prospects that it could be tested again across the next four days. Worth noting here is should the euro face any pressure this week, then any tangible gain in the EURJPY would be quite hard to see. GBPUSD Dominant bias: Bearish No unusual movement is really expected on GBP pairs for the next four days. This is because to have very sharp market movements, we need to have event we never anticipated the least. Whereas the possible exit of Britain from the EU is well anticipated as of now. There could be large moves of course, but most likely they wouldn't be beating what we have had so far this year. Now due to the referendum to hold on Thursday, the GBPUSD (as well as a lot of other GBP pairs) could go in one unique direction with no reversal ( or very little if there must be) but then it wouldn't be enough to surprise us. As such for the week the outlook remains bearish, thus it is possible for the pair to fall further. USDJPY Dominant bias: Bearish Just in line with our previous forecast, the USDJPY had actually crashed across last week by over 295 pips. This massive fall brings the USDJPY below the demand level of 104.00 after which it start swinging sideways again. So far the USDJPY has dropped by almost 548 pips since this June began. It is even likely the decline of the USDJPY would stretch a while longer as prices aim for 103.00 and 103.50 both of which are demand levels. USDCHF Dominant bias: Bearish Last week, there was sideways movement in the pair with up and down movements. The sideway movement is more in the downward direction. Now, for the USDCHF to continue to fall, it will have to drop below the 0.9550 support line. And then should the pair fall further, it could spark a reversal with the USDCHF turning around to make gains even rising as far to reach the 0.9800 resistance line setting up a Bullish Confirmation Pattern.