Daily analysis of major pairs for September 28, 2015

The Cable fell 400 pips last week, testing the accumulation territory at 1.5150. There is a clean Bearish Confirmation Pattern in the market and the price could still continue its downwards journey by at least, 200 pips this week. The accumulation territories at 1.5100 and 1.5000 are potential targets for the bears.

EUR/USD: This is a bear market, in which the bulls are making relentless effort to push the price upwards. The bulls would not be deemed as being successful until the resistance line at 1.1300 is overcome. Until then, this is a bear market.

USD/CHF: The USD/CHF trended upwards in a directional mode last week, going above the resistance level at 0.9800 briefly before closing below it on Friday. There is a possibility that the resistance level might be tried and breached to the upside again. Only a serious stamina in the EUR/USD could send the USD/CHF plunging southwards.

GBP/USD: The Cable fell 400 pips last week, testing the accumulation territory at 1.5150. There is a clean Bearish Confirmation Pattern in the market and the price could still continue its downwards journey by at least, 200 pips this week. The accumulation territories at 1.5100 and 1.5000 are potential targets for the bears.

USD/JPY: This is a strong equilibrium market in which there is no clear uptrend or downtrend. It is better for swing and position traders to stay away from the market until there is a reliable breakout from the strong equilibrium phase; and this would require at least, a movement of 200 pips upwards or downwards. Right now, the market is OK for scalpers and intraday traders.

EUR/JPY: The outlook on the EUR/JPY is bearish – though the bulls are making a serious attempt to push it upwards. The EUR/JPY first trended downwards last week, and then it bounced upwards. As long as the price is under the supply zone at 136.00, the outlook is bearish. So one might not go long until the supply zone is breached to the upside.

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