Daily analysis of major pairs for October 12, 2017

EUR/USD: The EUR/USD has now gone upwards by 130 pips. Price is above the support line at 1.1850; going towards the resistance lines at 1.1900, 1.1950 and 1.2000. These are the ultimate targets for the week, for there is a Bullish Confirmation Pattern in the 4-hour chart.


USD/CHF: From the resistance level at 0.9800, this pair has gone downwards, moving below the resistance level at 0.9750. The Williams' % Range period 20 is in the oversold region, and the EMA 11 is almost crossing the EMA 56 to the downside. This is something that would lead to a Bearish Confirmation Pattern in the market.


GBP/USD: This currency trading instrument has really continued its rally in the context of a downtrend. The RSI period 14 is above the level 50, generating a bullish signal. Once the EMA crosses the EMA 56 to the upside, which would soon happen, there would be a bullish bias on the market. Further upwards movement is expected.


USD/JPY: There is an ongoing equilibrium phase in the market. A movement above the supply level at 114.00 would affirm the long-term bullish bias, while a movement below the demand level at 111.00 would result in bearish bias. Some fundamental figures are expected today and they would have an impact on the market.


EUR/JPY: A bullish signal has been generated on the EUR/JPY. Momentum has risen in the market and it is now in favor of bulls, as price moves upwards by 130 pips, now close to the supply zone at 133.50. Price could also reach other supply levels at 134.00, 134.50 and 135.00.


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