Daily analysis of major pairs for September 7, 2015

The Cable plunged by 260 pips last week, closing below the distribution territory at 1.5200. The accumulation territory at 1.5100 could be tested this week, unless the bulls push the price upwards above the distribution territories at 1.5300. This means that we would see some bullish effort this week.

EUR/USD: For the most of the last week, this market consolidated to the downside. There could be a breakout this week (most probably in favor of the bulls). Thus, the resistance lines at 1.1300 and 1.1400 could be reached. On the other hand, there are support lines at 1.1050 and 1.1000.

USD/CHF: This currency trading instrument went upwards by 150 pips last week, going into the resistance level at 0.9750. This resistance level has become a big barrier that must be overcome for the bullish journey to continue, though slowly and steadily. There are some hindrances to the bullish expectation: a measure of stamina in the EUR/USD could cause the USD/CHF to get corrected lower, plus any measure of stamina in the CHF could half further rally on the USDCHF.

GBP/USD: The Cable plunged by 260 pips last week, closing below the distribution territory at 1.5200. The accumulation territory at 1.5100 could be tested this week, unless the bulls push the price upwards above the distribution territories at 1.5300. This means that we would see some bullish effort this week.

USD/JPY: This currency trading instrument traded south last week, giving way to a more vivid Bearish Confirmation Pattern in the market. There is a possibility that the demand levels at 118.00 and 117.50 could be tested this week; though a serious weakness in the Yen could cause the USD to be strengthened against the Yen.

EUR/JPY: The EUR/JPY cross dived by 350 pips, causing a directionally bearish bias on the market. There could be some attempts to test the demand zones at 132.00 and 131.50 – albeit there could also be a bullish breakout any day. This is the outlook for the week.

What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Mary Ann Callahan

• 

  Tom Frew

• 

  John Cadogan

• 

  Faraday Research