EUR/USD: This is a bearish market. With more bearish journey, the price could stay below the resistance line at 1.2750, while targeting the support line at 1.2600. The resistance lines at 1.2750 and 1.2800 should serve as barriers against bullish attempts that may happen long the way.
USD/CHF: The strength in the Greenback is one of the reasons why this pair is going upwards. There is a clean Bullish Confirmation Pattern in the chart, brought about by the perpetual weakness in the EUR/USD and the perceived strength in the Greenback. Since the middle of July 2014, the market has moved upwards by close to 600 pips, and this would continue as long as the Greenback is strong. Any sudden weakness in the Greenback can enable the price to be pulled back towards the support levels at 0.9450 and 0.9400 respectively.
GBP/USD: The Forex markets are now at critical points. For instance, the bias on the Cable is bearish but there is a need for the price to go below the accumulation territory at 1.6200 so that the bias could be stronger. On the other hand, a rally above the distribution territory at 1.6350 would mean the end of the bearish bias.
USD/JPY: This is a bullish market as well and the pair is currently trading above the demand level at 109.00. There is a possibility that the price could reach the supply level at 110.00, but should there be a sudden stamina in the Yen, the price could tumble.
EUR/JPY: This cross is also making some bullish attempts, following the bearish run that happened on it last week. With a continuation of the southward movement, the price could break below the demand zone at 138.50, going towards another demand zone at 138.00.
| ||
Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for September 30, 2014
No comments:
Post a Comment