04.10.201703:15 Forex Analysis & Reviews: Daily analysis of major pairs for October 4, 2017

EUR/USD: The EUR/USD has become a bear market in the short-term. There was a slight upwards bounce on Tuesday, but the price would still go southwards, targeting the support lines at 1.1750, 1.1700 and 1.1650 within the next few trading days.

USD/CHF: This currency trading instrument showed some bearishness yesterday – in a context of an uptrend. There would be limited bullish movements on this pair until after next week when it would be clear that USD is gaining stamina, which would lead to further bullish movement in the market.

GBP/USD: The GBP/USD is already in a bearish mode. There is a Bearish Confirmation Pattern in the 4-hour chart, for the price has gone down by around 280 pips since the beginning of last week. There was a slight consolidation yesterday, but a rise in momentum is expected anytime, leading to further southwards movement.

USD/JPY: This currency trading instrument traded lower yesterday and that has become a threat to the recent bullish bias on the market. The RSI period 14 has already crossed the level 50 to the downside, and once the EMA 11 crosses the EMA 56 to the downside, the bias on the market would turn bearish.

EUR/JPY: The EUR/JPY has been consolidating this week, with no clear direction. Further consolidation would lead to a neutral bias on the market. For the neutral bias to be over, the price would need to go above the supply zone at 124.00 or go below the demand zone at 131.00, creating a directional movement.