FX.co ★ Daily analysis of major pairs for September 3, 2014

EUR/USD: Surprisingly, the EUR/USD pair did not go downwards like its GBP/USD counterpart. After all, when the former was trending downwards, the latter was adamant. But the bias on the EUR/USD is bearish and it may eventually yield to gravity and move towards the support line at 1.3100.

USD/CHF: So far this week, this market has been going upwards. It was able to breach the price level at 0.9200 before retracing downwards a little. There is a support level at 0.9150, which would act as an impediment to any further bearish retracement. Meanwhile, it is expected that the price would go further upwards, testing the resistance level at 0.9200 again.

GBP/USD: The Forex markets are now trending strongly. For example, the Cable has been caught in a bearish continuation movement. The price fell by roughly 140 pips yesterday, going below the distribution territory at 1.6500. The next target would be the accumulation at 1.6450.

USD/JPY: The Bullish Confirmation Pattern in this market is now particularly strong. The price is trading above the demand level at 105.00: it may go upwards towards the supply level at 105.50. Our target for this week has been reached, but the market has the potential to go further upwards towards the aforementioned supply level.

EUR/JPY: The weakness in the JPY (which is very weak right now), has caused this cross to form a ‘buy’ signal since yesterday. The price has now crossed the EMAs 56 and 11 to the upside, while the RSI period 14 has crossed the level 50 to the upside. The market has tested the supply level at 138.00, and it may breach it to the upside.