11.03.201508:01 Forex Analysis & Reviews: Daily analysis of major pairs for March 11, 2015

Long-term review

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EUR/USD: This pair is very weak, and it may continue to do so. Only an exponential gain of stamina of the EUR could reverse this bearish trend. As it was mentioned earlier this week, a break below the strong support line at 1.0500 would mean that the euro would reach parity with the USD. If that fails to occur, the price is likely to stay above the aforementioned support line.

USD/CHF:This currency trading instrument has continued its slow and steady journey to the upside. The great psychological level of 1.0000 is under siege now and with more bullishness in the market, it is likely to be breached to the upside. The buying pressure would remain intact as long as the EUR/USD pair is weak.

GBP/USD: The Cable is currently volatile and the battle between bulls and bears is intense. We are watching the accumulation territory around 1.5000. While the price may test that accumulation zone, there could also be some desperate attempts by bulls to push the price upwards.

USD/JPY: This is also a bullish market and it is supposed to keep on being bullish, though there could be occasional pullbacks. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The demand level at 120.00 is being watched.

EUR/JPY: As expected, the EUR/JPY pair has continued its downward journey. As a result of a serious weakness in the euro, the bearish confirmation pattern is very strong in the market. Demand zones around 129.00 and 128.50 could be tested, even if the EUR/JPY pair rallies this week.

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