10.09.201401:56 Forex Analysis & Reviews: Daily analysis of major pairs for September 10, 2014

EUR/USD: This is still a bearish market in spite of the shallow bullish attempts that can be seen in the chart. The resistance lines at 1.3000 and 1.3050 could serve as barriers to more bullish attempts. The price may go further downwards – thus turning out to be a short-selling opportunity for bears. Should this happen, the price may reach the support line at 1.2850.

USD/CHF: The dominant bias on the USD/CHF is northward. In spite of the current bearish retracement, the price may still go upwards, reaching the resistance level at 0.9400. More bearish speculations are expected to be contained at 0.9300 and 0.9250; something that would be favorable to bulls.

GBP/USD: After challenging the price territory at 1.6100, the cable which is bearish, has consolidated. What would be the next price action? The most likely journey is southward, which may take the market to the accumulation territory at 1.6000. Long trades on the cable are not yet recommended.

USD/JPY: Here, the signal is still a ‘buy.’ The price is far above the EMA 56 and the RSI period 14 is above the level 50. Unless the price crosses the EMA 56 to the downside and the RSI period 14 crosses the level 50 to the downside, it would be illogical to go short in this market. The market may go further upwards, reaching another target at the supply level of 106.50.

EUR/JPY: Further weakness in the yen and a measure of bullish determination in the euro has made the EUR/JPY cross gone upwards. Further upward journey, especially above the supply zone at 137.50, would result in a Bullish Confirmation Pattern in the chart. This can also mean the beginning of a sustained northward bias.