Daily analysis of GBP/USD for October 01, 2014 Market Analysis Review

On the daily chart, the GBP/USD pair has made a pullback at the resistance level of 1.6235, as this pair is pretty weak below the 200-day moving average, after filling the bullish gap some days ago. Now, the GBP/USD pair performed a rebound near the support level of 1.6146, so probably GBP/USD starts forming a bearish pattern. Keep in mind also that the resistance level of 1.6447 is quite strong.

Daily chart's resistance levels: 1.6235 - 1.6326

Daily chart's support levels: 1.6146 - 1.6046

We can see that in the H1 chart, GBP/USD had a significant fall pinch under the 1.6216 level. So, that the GBP/USD pair is trying to form a lower low pattern. If this pair manages to consolidate above the level of 1.6216, the next target upside would be the resistance level of 1.6252, while the weak still present is maintained in GBP/USD, because the SMA 200 is maintained at the level of 1.6290. The MACD indicator is moving into the positive territory, which could strengthen the bullish bias.

H1 chart's resistance levels: 1.6252 – 1.6216

H1 chart's support levels: 1.6170 – 1.6117

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.6170, take profit is at 1.6117, and stop loss is at 1.6223.

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USDCAD Daily Analysis - October 1, 2014 Forex Analysis

USDCAD's upward movement from 1.0886 extended to as high as 1.1222. Further rise could be expected, and next target would be at 1.1300 area. Support is at 1.1130, only break below this level could signal completion of the uptrend.

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USDCHF Daily Analysis - October 1, 2014 Forex Analysis

USDCHF's upward movement from 0.9300 extended to as high as 0.9596. Support is at 0.9485, as long as this level holds, the uptrend could be expected to continue, and next target would be at 0.9700 area. Only break below 0.9485 support could signal completion of the uptrend.

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USDJPY Daily Analysis - October 1, 2014 Forex Analysis

USDJPY continued its upward movement from 101.50, and the rise extended to as high as 110.08. Further rise could be expected, and next target would be at 112.00 area. Near term support is at 109.10, and the key support is at 108.24, only break below these levels could signal completion of the uptrend.

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AUDUSD Daily Analysis - October 1, 2014 Forex Analysis

AUDUSD continued its downward movement from 0.9401, and the fall extended to as low as 0.8665. Further decline could be expected, and next target would be at 0.8600 area. Resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - October 1, 2014 Forex Analysis

GBPUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.6524. Further decline could be expected, and next target would be at 1.6100 area. Near term resistance is at the trend line, and the key resistance is located at 1.6290, only break above this level could trigger another rise towards 1.6700.

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EURUSD Daily Analysis - October 1, 2014 Forex Analysis

EURUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.2994, the rise from 1.2570 is likely consolidation of the downtrend. Resistance is located at the upper line of trend line, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2400 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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