27.10.201510:52 Forex Analysis & Reviews: Daily analysis of major pairs for October 27, 2015

EUR/USD: This market, which plunged massively last week, is still in a bearish mode. A Bearish Confirmation Pattern is valid and it cannot be rendered ineffectual unless the price rises above the resistance line of 1.1200. Right now, any attempts to rally in the market could be seen as good opportunities to go short.

USD/CHF: This pair remains in a strong bullish mode, without any signs of retracement. This week's targets is seen at the resistance levels of 0.9850 and 0.9900, remain valid. Although, strong continual buying pressure is needed for the resistance level to be attained, the outlook is upbeat here.

GBP/USD: This currency trading instrument still has the recent "sell" signal on it, though the price is yet to make a directional movement. There are accumulation territories around 1.5300 and 1.5250; plus there are distribution territories at 1.5400 and 1.5450. The price is expected to go above the distribution territories or below the accumulation territories this week.

USD/JPY: The USD/JPY pair, which traded strongly northwards last week, corrected lower this week. The price came down by 110 pips, but the bias is still bullish. The bullish bias would remain valid as long as the demand level of 119.50 is not breached to the downside.

EUR/JPY: This cross has continued its modarate bearish journey. The bearish bias is supposed to continue, owing to the current weakness in the EUR and the stamina in the JPY. For this bias to be reversed, the EUR would need to become stronger than the JPY, which might not be possible this week.