10.10.201705:30 Forex Analysis & Reviews: Daily analysis of major pairs for October 10, 2017

EUR/USD: On Monday, the EUR/USD went upwards in the context of a downtrend. Unless price goes above the resistance line at 1.1850 (which would require a strong buying pressure), the upwards movement would create a good opportunity to go short at a better price. The support lines at 1.1750 and 1.1700 could thus be tested again.

USD/CHF: The USD/CHF, on October 9, has moved further sideways, while the bias remains bullish. This pair has been bullish for the past few weeks, but the further sideways movement could result in a neutral bias. So in order for a neutral bias not to form, there is a need for a directional movement.

GBP/USD: The GBP/USD went upwards yesterday in a context of a downtrend. Price could test the distribution territories at 1.3200 and 1.3250, but it would turn southwards to reach the accumulation territories at 1.3100 and 1.3050, which has been previously tested.

USD/JPY: There is an ongoing equilibrium phase in the market. A movement above the supply level at 114.00 would affirm the long-term bullish bias, while a movement below the demand level at 111.00 would result in bearish bias. One of these two conditions would be met this week since it is expected that momentum would soon go out of balance.

EUR/JPY: This cross is bullish in the long-term, and now, neutral in the short-term. Price did practically nothing yesterday, but a closer look at the market reveals that bulls are subtly gaining upper hands, and they may push price upwards this week, as it goes towards the supply zone at 133.00, 133.50 and 134.00.