23.09.201601:12 Forex Analysis & Reviews: Daily analysis of major pairs for September 23, 2016

EUR/USD: Bulls are trying to push up the EUR/USD market, but with very limited success. Price must go above the resistance line at 1.1300 before there could be a clean bullish signal in the market. Otherwise, the current rally attempt would end up being another chance to go short.

USD/CHF: There is a Bearish Confirmation Pattern in the USD/CHF market. The EMA 11 is below the EMA 56, while the Williams' % Range period 20 is often around the oversold territory. The rational thing to do now is to look for short-selling opportunities, especially when price bounces of some resistance lines like 0.9700 and 0.9750.

GBP/USD: The outlook on the cable is bearish, although price endeavored to rally on September 22, 2016. This rally might be taken as an opportunity to go short at better prices, unless the distribution territory at 1.3350 is eventually breached to the upside, and this is something that would require very strong buying pressure.

USD/JPY: This is a bear market in the short term. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further bearish movement is expected, which would enable price to test the demand levels at 100.50 and 100.00. The demand level at 100.50 was recently tried and it would be retried soon.

EUR/JPY: This cross is a bear market in the short-term. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further bearish movement is expected, which would enable price to test the demand zones at 112.50 and 112.00. The demand level at 112.50 was recently tried and it would be retried soon.