logo

FX.co ★ Daily analysis of major pairs for October 23, 2014

Daily analysis of major pairs for October 23, 2014

EUR/USD: This currency trading instrument has become bearish again as a result of the sudden stamina in the USD. From the resistance line at 1.2850, the price has gone lower towards the resistance line at 1.2650. That shows a fall of almost 200 pips. Even the resistance line at 1.2650 has been breached to the downside. The Williams’ % Range period 20 has gone into the oversold territory, and the EMA 11 has crossed the EMA 56 to the downside, while the price is below them. There is now a confirmed bearish bias in the market, plus there is a clear possibility that the price may reach the support line at 1.2600.

Daily analysis of major pairs for October 23, 2014

USD/CHF: The strength in the USD has come back again, and it is strong enough to drive a pair like the USD/CHF upwards, resulting in a Bullish Confirmation Pattern in the chart. Short trades on this pair are no longer logical, for the price may reach the resistance level at 0.9600 this week. 

Daily analysis of major pairs for October 23, 2014

GBP/USD:  The Cable is also weak, just like its EUR/USD counterpart. The drop has been significant enough to make the RSI period 14 go below the level 50, giving a partial indication to go short. Should the price go below the accumulation territory at 1.6000, a short trade would become logical.

Daily analysis of major pairs for October 23, 2014

USD/JPY: This market has been trying hard to maintain its effort against the bears. However, there is a need for the price to go above supply level at 107.50 before it could be said that the outlook in the market is bullish.

Daily analysis of major pairs for October 23, 2014

EUR/JPY:  The EUR/JPY remains bearish; as it has turned out that the recent rally in the market is a short-selling opportunity. The price could reach the demand zone at 134.50.  

Daily analysis of major pairs for October 23, 2014
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Open trading account