23.10.201511:36 Forex Analysis & Reviews: Daily analysis of major pairs for October 23, 2015

EUR/USD: After a period of tight consolidating, which took place for the first few trading days of the week, this currency trading instrument broke downwards, plunging nicely by 270 pips before the current shallow bounce upwards. The outlook for the market is bearish, and this could potentially continue next week.

USD/CHF: This pair has moved by 200 pips upwards this week ending the recent bearish outlook. As it was rightly forecasted, any weakness in EUR/USD would enable this pair to skyrocket and this is exactly what is happening. The resistance level at 0.9750 is about to be attained as it could be breached to the upside.

GBP/USD: The bullish bias on the cable is under jeopardy, for the price has been corrected downwards. The price still performing a kind of consolidation. When a breakout does occur, it is more likely that it would be headed to the upside since the outlook for the GBP/USD pair is bullish (which might probably hold true for the rest of the month). If the cable move below the accumulation territory of 1.5300, the bullish outlook would be useless.

USD/JPY: This cross now has a Bullish Confirmation Pattern on it. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price, which started moving northward last week, has continued moving northwards this week. It is almost testing the supply level at 121.00. It could simply be an opportunity to go long again.

EUR/JPY: The EUR/JPY (and most other EUR pairs) has gone bearish. This cross first made some bullish attempt from Monday till Wednesday, moving above the supply zone of 136.00. Since then, the price has plunged by at least 260 pips, testing the demand zone of 135.50. There is now a bearish signal in the market, and the price could go further south.