14.10.201402:42 Forex Analysis & Reviews: Daily analysis of major pairs for October 14, 2014

Long-term review

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EUR/USD: The EUR/USD is making commendable bullish attempts after months of weakness. The price is above the support line at 1.2700, now testing the resistance line at 1.2750. Should the price succeed in closing above the resistance line at 1.2750, the next target would be the resistance line at 1.2800. There is already a confirmed bullish bias in the market.

USD/CHF: As the EUR/USD goes upwards, the USD/CHF goes downwards. Now there is a bearish confirmation pattern in the chart as the price is now below the resistance level at 0.9500, targeting the support level at 0.9450. The bearish bias in the market is getting strong as oscillators saunter into the oversold territories.

GBP/USD: The Cable is still essentially a bear market – and only a movement above the distribution territory at 1.6150 could render the bearish outlook invalid. While the price can make an attempt to reach that distribution territory, there is a possibility that pullbacks may cause the price to test the accumulation territory at 1.6000.

USD/JPY: This market has continued its downwards move, and it may reach the demand level at 106.50. It may even breach it to the downside. However, there is a strong possibility of weakness in the yen, which may cause some JPY pairs to go upwards, including the USD/JPY.

EUR/JPY: After nearly testing the demand zone at 135.50, the bulls have started pushing the price upwards. It is only a movement above the supply zone at 137.00 that can reveal the seriousness of the bulls. The demand zone at 135.50 is thus a barrier to further bearish movement.

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