06.09.201707:23 Forex Analysis & Reviews: Daily analysis of major pairs for September 6, 2017

EUR/USD: This pair continues to go sideways and the bias on the market could become neutral in case the situation continues as it is (unless the price goes below the support lines at 1.1750). It is possible that when momentum returns to the market, it would most probably favor the current bullish signal, and thus, the resistance lines at 1.1950 and 1.2000 could be reached.

USD/CHF: This currency trading instrument has been consolidating for about 5 weeks – hence a neutral outlook on the market. There is going to be a rise in momentum before the end of this week or next, which would result in a Bullish Confirmation Pattern (when price gains about 150 pips), or it would result in a Bearish Confirmation Pattern (when price loses about 150 pips).

GBP/USD: A bullish signal has been generated on the Cable as it goes upwards by 120 pips this week, leading to a Bullish Confirmation Pattern in the market. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. Further bullish movement is anticipated as price goes upwards by another 150 pips.

USD/JPY: A clean bearish signal has been generated on the USD/JPY. Price has been trending downwards since the beginning of this week, following a minor gap-down in the market. The next targets are located at the support levels of 108.00, 107.50 and 107.00. The support level at 108.00 has been previously testes and would be tested again.

EUR/JPY: Just like the USD/JPY has done, the EUR/JPY has also generated a bearish signal. Price has gone downwards by more than 100 pips this week, and it is now below the distribution territory at 129.50, and the next targets would be the accumulation territories at 129.00, 128.50 and 128.00.