25.09.201409:03 Forex Analysis & Reviews: Daily analysis of major pairs for September 25, 2014

Long-term review

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EUR/USD: This pair has continued its weakness – amidst the bearish outlook. The price is now trading below the resistance line at 1.2800, going towards another support line at 1.2750. Our target for the week was 1.2800, which has already been breached by the price, but the market may go further downwards from here.

USD/CHF: The USD/CHF pair has been able to continue its bullish journey, going above the support level at 0.9400 and breaking above it. The price is now going towards the next target at the resistance level of 0.9500. Some fundamental figures would be released today and they would have impact on the markets.

GBP/USD: This is a bullish market – although the bullish energy is low. As it was said earlier this week, as long as the Cable trades above the accumulation territory at 1.6300, it would be thought that the bullish signal is OK. The signal would be rendered useless only when the market goes below that accumulation territory.

USD/JPY: Here, the price is above the EMA 56 and the RSI period 14 is above the level 50. This shows that the Bullish Confirmation Pattern in the market is still valid. While the price could still test the supply level at 109.50, there is also a risk of a large pullback in the market.

EUR/JPY: The persistent selling pressure on this currency trading instrument has posed a threat on the recent bullish scenario in the market. The RSI period 14 has already gone below the level 50, and should the price cross below the demand zone at 139.00, it would mean the beginning of a serious bearish journey.

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