Daily analysis of major pairs for September 20, 2017

EUR/USD: A bullish signal has just been generated on the EUR/USD pair. Price made some bullish attempt and it is now above the support line at 1.2000, going towards the resistance line at 1.2050 (which is the first target). The second target is the resistance line at 1.2100.


USD/CHF: This pair is still consolidating. For a directional movement to start, price would either need to go below the supply line at 0.9500 (staying below it); or price would go above the resistance level at 0.9700, causing a bullish signal to be generated. A movement below the support level at 0.9500 would strengthen the overall bearish outlook.


GBP/USD: Although it has consolidated so far this week, there is still a Bullish Confirmation Pattern in the GBP/USD 4-hour chart. When a breakout does occur, it would be in favor of bulls as price is expected to go towards the distribution territories at 1.3550, 1.3600, and 1.3650, which would all be reached before the end of the week.


USD/JPY: There has been a slight bearish correction on this currency trading instrument, and that could be the beginning of the expected bearishness in the market (which could happen before the end of this week). The EMA 11 is above the EMA 56 and the RSI period remains above the level 50. This situation would change once price nosedives by 200 pips, swiftly or little by little.


EUR/JPY: This currency trading instrument went upwards by another 160 pips this week, and further upwards movement is possible. However, price is expected to be corrected soon downwards before the end of the week; something that would be somewhat difficult to achieve as long EUR has some stamina in it.


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