27.09.201601:17 Forex Analysis & Reviews: Daily analysis of major pairs for September 27, 2016

Long-term review

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EUR/USD: This pair made further bullish attempt yesterday, going above the support line at 1.1250 and targeting the resistance line at 1.1300. Should the resistance line be broken to the upside, the next target will be the resistance line at 1.1350. The support line at 1.1250 will act as impediment to near-term bearish forces.

USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF 4-hour chart. The market is a kind of quiet now, but momentum is likely to rise soon, which will most probably favor bears. The targets for the week are located at the support levels at 0.9650 and 0.9600. As long as the price is under the resistance line at 0.9800, the bearish bias will be rational.

GBP/USD: Bears are still showing willingness to push the price further southward this week. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take the price towards the accumulation territories at 1.2950 and 1.2900. The accumulation territory at 1.2950 was tested and it would be tested once again.

USD/JPY: The USD/JPY made further bearish effort on Monday. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the market, as well as for other JPY pairs. The price is currently trading below the supply level at 101.50, targeting the demand levels at 101.00 and 99.50.

EUR/JPY: Here, bulls are still showing willingness to push the price further southward. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the cross. The price is currently trading below the supply zone at 113.00, targeting the demand zones at 112.50 and 112.00.

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