Daily analysis of major pairs for October 13, 2014

EUR/USD: On this pair, the bulls made genuine attempts
to drive the market northwards, but they were eventually overpowered by the
bears. On Friday, October 10, 2014, the price closed at 1.2628; on a bearish
note. There is a possibility that the price may even test the support line at
1.2550.

USD/CHF: What can
happen on the USD/CHF is simply a negatively correlated movement when compared
to the EUR/USD. In spite of the pullback that occurred in the market, the price
was able to shrug off the bearish pulls, closing on a bullish note. There is
still a Bullish Confirmation Pattern in the chart, which could see the price
testing the resistance level at 0.9700. This resistance level is one of the
ultimate levels targeted by the bulls.

GBP/USD:  In spite of the bullish attempt that happened
on it last week, the Cable is still in a bearish mode. The price is now below
the distribution territory at 1.6100, going towards the accumulation territory
at 1.6000. The price might touch the accumulation territory before there could
be a potential upwards bounce in the market.

USD/JPY: The
Bearish Confirmation Pattern on the USD/JPY is still intact.  The price is now trading below the supply
level at 108.00, going towards the demand level at 107.00. That is the next
target for the bears, and the target could be reached before the price turns
upwards.

EUR/JPY:  This is a bear market which could be threatened
by a sudden weakness in the Yen. The market could continue going south as long
as the Yen is strong, but should the Yen show any sign of weakness, there could
be a rally in the market.   

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