FX.co ★ Daily analysis of major pairs for October 30, 2014

EUR/USD: A sudden bearish breakout on the EUR/USD has resulted in a Bearish Confirmation Pattern, overturning the recent bullish outlook. It looks like the price may go downwards from here. This dip started from the resistance line at 1.2750 – the price may eventually touch the support line at 1.2600.

USD/CHF: A sudden bullish breakout on the USD/CHF has resulted in a Bullish Confirmation Pattern, overturning the recent bearish outlook. It looks like the price may go upwards from here. This rally started from the support level at 0.9450 – the price may eventually touch the resistance level at 0.9600. More fundamental figures are expected today and they would have impact on this pair and other majors.

GBP/USD:  The sudden dive in the market has made this currency trading instrument go bearish. From the distribution territory at 1.6150, the price reached the accumulation territory at 1.6000. This is a downward movement of about 150 pips, and it is possible that the price may even break the aforementioned accumulation territory to the downside, reaching another accumulation territory at 1.5950.

USD/JPY: At last, this market was able to break upwards significantly, reaching the supply level at 108.50, and breaking it to the upside. The next target to be reached is the supply level at 109.50, which is the target for this week or next week.

EUR/JPY:  In spite of the volatility on it, this cross remains a bull market. The EMA 11 is above the EMA 56 and the price is above them. The RSI period 14 is above the level 50. This means the market may continue going further upwards.