08.10.201501:30 Forex Analysis & Reviews: Daily analysis of major pairs for October 8, 2015

EUR/USD: The direction in the EUR/USD is not being strongly performed, and unless there is a strong directional performance, the market would enter a consolidation phase. The most probable expected direction is bullish, but this does not mean bears cannot make any attempt to push the price south.

USD/CHF: A strong bullish engulfing candlestick that was formed in the chart on Wednesday became the threat to the bearish outlook for this pair. Should the price move upwards by additional 100 pips, the bearish outlook would be over. Nonetheless, the bearish outlook is currently valid. The EMA 11 is still below the EMA 56 and the Williams % Range period 20 is simply reflecting the current price action.

GBP/USD: The GBP/USD is headed strongly upwards this week. From the accumulation territory at 1.5150, the price has gone upwards, crossing the accumulation territory at 1.5300. This led to a clear Bullish Confirmation Pattern in the 4-hour chart. In addition, some fundamental figures are expected today,and they could have a significant impact on the market.

USD/JPY: The outlook for this currency trading instrument remains unchanged until the condition mentioned here is fulfilled. Owing to the ongoing struggle between bull and bear, the currency trading instrument has become quite choppy because there is no a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before the consolidation phase in the market is over.

EUR/JPY: The recent "buy" signal that was generated on the EUR/JPY chart has not been sustained by the price action that took place on Wednesday. The price tested the supply zone at 135.50, but further bullish effort was halted as the pressure eased a little. Today or tomorrow would reveal the next direction in the market, because the situation is dicey right now.