Daily analysis of major pairs for October 15, 2014 2014-10-15 EUR/USD: This currency trading instrument is now in an equilibrium phase: a condition in which neither the bull nor the bear gains upper hands. However, a movement below the support line at 1.2600 could result in a renewed Bearish Confirmation Pattern. 1.png USD/CHF: This market is also moving sideways, with no clear direction. A movement above the resistance level at 0.9600 would mean a continuation of the recent bullish journey, while a movement below the support level at 0.9450 could mean the end of the bearish outlook. 2.png GBP/USD: The Cable is still essentially a bear market. This bearish move has been caused by the apparent weakness in the GBP and the apparent strength in the USD; for the GBP is weak on its own and the USD is strong on its own. The price is now trading far below the EMAs 56 and 11, while the RSI period 14 is below the level 50. Further bearish scenario may let the price test the accumulation territory at 1.5850. The accumulation territory at 1.5900 is currently being challenged. 3.png USD/JPY: This is also a bear market – just like other JPY pairs. The Bearish Confirmation Pattern in the chart remains intact, and the demand level at 107.00 is under serious threats. The demand level at 106.50 may also be able to check further downward movement, but it is only a sudden weakness in the Yen that may cause the market to rally. 4.png EUR/JPY: The EUR/JPY cross has become so weak that it has traded below the supply zone at 136.00. The demand zone at 135.00 has almost been tested and it could be tested again. This demand zone may do a good job in halting further southward movement.
Posted on: Wed, 15 Oct 2014 09:58:37 +0000
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