EUR/USD: This pair is currently trading above the support line at 1.2600 – though still in a bearish trend. For the bearish trend to continue, the price needs to cross the support line to the downside again, going towards another support line at 1.2550. On the other hand, any movement above the resistance line at 1.2750 could mean the end of the bearish outlook.
USD/CHF: It could be pointed out that the USD/CHF pair has nowhere to go except in opposition to what the EUR/USD pair is doing. The negative correlation between the two pairs is so strong: the former would rise as the latter falls (and vice versa). The price has failed to test the resistance level at 0.9600, and it is currently retracing downwards. A movement below the support level at 0.9450 could mean the end of the bullish journey.
GBP/USD: The Cables continues to be weak, and the price could potentially go further south. The accumulation territory at 1.6100 is an easy target for bears – it could even be breached to the downside.
USD/JPY: The USD/JPY pair has become weak as a result of the strength in the yen. This is a new ‘sell’ signal in the market, for it is no longer logical to seek long trades here. The price has crossed the EMA 56 to the upside and the RSI period 14 has crossed the level 50 to the downside. There is a Bearish Confirmation Pattern in the chart, and the price could reach the demand level at 107.50.
EUR/JPY: This market is now trading below the supply zone at 137.50, and it may test the demand zone at 137.00 again. The Bearish Confirmation Pattern on the EUR/JPY cross is getting significant. One reason for this is that the yen is now getting stronger.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of major pairs for October 3, 2014 . Thanks for your support.
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