Daily analysis of major pairs for September 19, 2014
September 19, 2014 7:30 am
EUR/USD: The bearish bias on this pair is still valid and rallies have always proffered good short-selling opportunities. The current shallow rally in the market is also seen as another opportunity to go short when the price rallies in the context of a downtrend. As long as the price is below the resistance line at 1.3000, there is a probability that the market may move downwards.
USD/CHF: This market is in a bullish mode and the buyers have always made attempts to drive the price higher in spite of serious challenges from bears. With more strength in the USD, the price may reach the resistance level at 0.9450. More challenges from the bears may cause the price to pull back towards the support level at 0.9300.
GBP/USD: Unlike its EUR/USD counterpart, the Cable has succeeded in shrugging off the bears’ attacks. The EMA 11 is above the EMA 56 (while the price is above both of them). The RSI period 14 is above the level 50. This means a Bullish Confirmation Pattern in the chart. Short trades are no longer logical here.
USD/JPY: The USD/JPY pair has been able to go further northward. The bullish bias is very significant and the price may easily test the supply level at 109.00, breaking it to the upside. However, the market looks very overbought and as a result of this, there may be a serious pullback along the way.
EUR/JPY: The Euro itself is not that strong; it is the great weakness in the Yen that has caused this pair to trend upwards significantly. The market is now very overbought and therefore, a pullback is imminent. While the market can go towards the supply zone at 150.00, the possibility of a pullback may bring it down towards the demand zone at 139.50.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD: The bearish bias on this pair is still valid
and rallies have always proffered good short-selling opportunities. The current
shallow rally in the market is also seen as another opportunity to go short
when the price rallies in the context of a downtrend. As long as the price is
below the resistance line at 1.3000, there is a probability that the market may
move downwards.
USD/CHF: This
market is in a bullish mode and the buyers have always made attempts to drive
the price higher in spite of serious challenges from bears. With more
strength in the USD, the price may reach the resistance level at 0.9450. More
challenges from the bears may cause the price to pull back towards the support
level at 0.9300.
GBP/USD: Unlike its EUR/USD counterpart, the Cable has
succeeded in shrugging off the bears’ attacks. The EMA 11 is above the EMA 56
(while the price is above both of them). The RSI period 14 is above the level
50. This means a Bullish Confirmation Pattern in the chart. Short trades are no
longer logical here.
USD/JPY: The USD/JPY pair has been able to go further
northward. The bullish bias is very significant and the price may easily test
the supply level at 109.00, breaking it to the upside. However, the market
looks very overbought and as a result of this, there may be a serious pullback
along the way.
EUR/JPY: The Euro itself is not that strong; it is the
great weakness in the Yen that has caused this pair to trend upwards
significantly. The market is now very overbought and therefore, a pullback is
imminent. While the market can go towards the supply zone at 150.00, the
possibility of a pullback may bring it down towards the demand zone at 139.50.
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