23.03.201501:18 Forex Analysis & Reviews: Daily analysis of major pairs for March 23, 2015

EUR/USD: All eyes are on the EUR/USD pair, which has proven that EUR is not ready to reach parity with USD soon. On Wednesday, March 18, 2015, the market skyrocketed by over 450 pips, before being corrected lower. The perpetual bullish effort has already resulted in a Bullish Confirmation Pattern in the market, and thus the resistance lines at 0.0900 and 0.1000 may be reached this week.

USD/CHF: Recently and in the foreseeable future, everything happens to the USD/CHF pair is likely to be largely determined by the events affecting the EUR/USD pair, especially in a negatively correlated manner. The resistance levels at 0.9900 and 1.0000 are poised to frustrate the effort of bulls, as the price mulls over the attainment of the support levels at 0.9700 and 0.9600.

GBP/USD: The prices for GBP/USD and EUR/USD are acting in a similar way, for both of them are positively correlated. The recent bearish outlook has been put in jeopardy and it is in a precarious position now. More buying pressure is expected on the cable this week, and the distribution territories around 1.5050 and 1.5150 may eventually be overcome.

USD/JPY: This is a bearish market now, but short trades should be sought with caution. While the demand levels at 119.50 and 119.00 could be tried, there is also a possibility that the price may go upwards towards the supply levels at 121.50 and 122.00.

EUR/JPY: A onperpetual bullish effort has posed a great threat to the extant bearish outlook. A movement above the supply zone at 140.00 would render the bearish outlook completely invalid. This trading instrument may rally this week.