Daily analysis of major pairs for September 7, 2015

The Cable plunged by 260 pips last week, closing below the distribution territory at 1.5200. The accumulation territory at 1.5100 could be tested this week, unless the bulls push the price upwards above the distribution territories at 1.5300. This means that we would see some bullish effort this week.

EUR/USD: For the most of the last week, this market consolidated to the downside. There could be a breakout this week (most probably in favor of the bulls). Thus, the resistance lines at 1.1300 and 1.1400 could be reached. On the other hand, there are support lines at 1.1050 and 1.1000.

USD/CHF: This currency trading instrument went upwards by 150 pips last week, going into the resistance level at 0.9750. This resistance level has become a big barrier that must be overcome for the bullish journey to continue, though slowly and steadily. There are some hindrances to the bullish expectation: a measure of stamina in the EUR/USD could cause the USD/CHF to get corrected lower, plus any measure of stamina in the CHF could half further rally on the USDCHF.

GBP/USD: The Cable plunged by 260 pips last week, closing below the distribution territory at 1.5200. The accumulation territory at 1.5100 could be tested this week, unless the bulls push the price upwards above the distribution territories at 1.5300. This means that we would see some bullish effort this week.

USD/JPY: This currency trading instrument traded south last week, giving way to a more vivid Bearish Confirmation Pattern in the market. There is a possibility that the demand levels at 118.00 and 117.50 could be tested this week; though a serious weakness in the Yen could cause the USD to be strengthened against the Yen.

EUR/JPY: The EUR/JPY cross dived by 350 pips, causing a directionally bearish bias on the market. There could be some attempts to test the demand zones at 132.00 and 131.50 – albeit there could also be a bullish breakout any day. This is the outlook for the week.

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