04.09.201402:20 Forex Analysis & Reviews: Daily analysis of major pairs for September 4, 2014

Long-term review

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EUR/USD: Although the EUR/USD pair is threatening to go upwards, the bias is still bearish and the price action can be construed as another opportunity to go short. The price may reach the support line at 1.3100.

USD/CHF: Although the USD/CHF pair is threatening to go downwards, the bias is still bullish and the price action can be construed to be another opportunity to go long. The price may reach the resistance level at 0.9250.

GBP/USD: A fall of over 150 pips this week is not a joke – it gives the Bearish Confirmation Pattern in the chart a stronger formation. In the chart, the EMA 11 is below the EMA 56 and the price is below them. The RSI period 14 is far below the level 50. Long trades are not yet sensible in this market, for the price may end up reaching the accumulation territory at 1.6400.

USD/JPY: The USD/JPY pair is still in a bullish mode, irrespective of the shallow pullback that is currently happening in the market. In spite of the pullback, the price can still test the supply level at 105.00 again, break it to the upside and go towards another resistance level at 105.50. This would be possible as the yen continues to be weak. Some strong fundamental figures are expected today and they will surely have impact on the markets.

EUR/JPY: As the yen continues to be weak, this cross would be going further upwards. No matter occasional southward retracements and high volatility, the price can end up reaching the supply zone at 138.50.

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