24.10.201705:58 Forex Analysis & Reviews: Daily analysis of major pairs for October 24, 2017

EUR/USD: The EUR/USD did not move significantly on Monday. However, a movement that is directional is expected this week, which would either take price above the resistance line at 1.1850 or below the support line at 1.1700. Until one of the two boundaries are breached, the bias on the market would be neutral.

USD/CHF: On October 23, this pair moved briefly above the resistance level at 0.9850 and then moved below it. This week, the resistance levels at 0.9900 and 0.9950 would be aimed. Two factors would me this possible: 1) an expected stamina in USD. 2) an expected fall in the EUR/USD.

GBP/USD: The Cable consolidated yesterday, and the price is currently moving against the extant bearish signal. The movement would be seen as a rally in the context of an uptrend until the distribution territory at 1.3300 is breached to the upside. Normally, a movement to the downside is anticipated from here.

USD/JPY: The USD/JPY opened with a minor gap-up this week, rammed into the supply level at 114.00 and then got corrected lower. The bias on the market is bullish, and therefore, the price is expected to rise from here, testing the supply level at 114.00 again, breaching it to the upside, and going further northwards.

EUR/JPY: What happened on the EUR/JPY is quite similar to what happened on USD/JPY. The market opened with a gap-up, touching the supply zone at 134.00 and then fell by 70 pips. Nonetheless, that was not enough to override the current bullish bias. Therefore, the drop in the market would be an opportunity to enter at a better price.