29.10.201510:25 Forex Analysis & Reviews: Daily analysis of major pairs for October 29, 2015

Long-term review

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EUR/USD: After moving sideways from Monday to Tuesday, this pair broke further downwards on Wednesday in a simple conjunction with the current bearish outlook. The great psychological level at 1.1000 has been overcome by bears as the price tested the support line at 1.0900, which could be broken to the downside in case the current selling pressure continues.

USD/CHF: The USD/CHF has assumed its upward journey, which started last week. The price is now close to the resistance level of 0.9950, which could be breached to the upside, in case the fundamental figures that are expected today favor the ongoing bullish pressure in the market. The price has moved upwards by 170 pips this week, and this gain may continue for the rest of the week.

GBP/USD: This currency trading instrument is moving downward slowly and gradually, partly owing to the weakness in EUR/USD (a pair with which the GBP/USD is positively correlated). There is a Bearish Confirmation Pattern on the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further movement to the south is therefore logically anticipated.

USD/JPY: What happened on Wednesday underlines the ongoing bullish pressure in the market. The price formed a bullish engulfing candlestick pattern yesterday, thereby ending the recent bearish attempt in the market. The price is now above the demand level at 121.00, and it could reach the supply level at 121.50, which is the target for this week.

EUR/JPY: The EUR/JPY cross traded further downwards on Wednesday, reinforcing the bearish bias in the market. The demand zone at 132.00 has been tested and it could be retested. It could even be breached to the downside as the price reaches another demand zone at 131.50. However, a bullish reversal could be experienced on Friday.

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