FX.co ★ Daily analysis of major pairs for October 13, 2017

EUR/USD: This is a bull market in the near-term. The price has been going upwards this week, and so, the shallow bearish correction that was seen last week was a good opportunity to buy long when things are on sale, and in the context of an uptrend. Price could continue going upwards towards the resistance lines at 1.1850, 1.1900 and 1.1950 within the next few trading days.

USD/CHF: The pair is in a precarious bearish bias. The price has not gone significantly lower this week, but it is expected that it would continue to do so (especially as the EUR/USD goes further north). The next targets would be the support levels at 0.9700, 0.9650 and 0.9600 which ought to be reached within the next few trading days.

GBP/USD: In spite of the large pullback that was witnessed on Thursday, there is now a Bullish Confirmation Pattern in the Cable 4-hour chart. The EMA 11 has just crossed the EMA 56, and the RSI period 14 is above the level 50. The market could go upwards from here, especially as long as GBP is strong in its own right. The distribution territories at 1.3300, 1.3350 and 1.3400 could be reached eventually.

USD/JPY: A bearish signal has finally been generated on the USD/JPY. Price has come down by 110 pips this week, almost testing the demand level at 112.00. There is a possibility of further bearish movements, which would push price lower towards the demand levels at 111.50 and 111.00.

EUR/JPY: This cross went upwards this week – only to pull back yesterday. There is a faint bullish bias on the market, which would become particularly strong when the price goes upwards by at least, 100 pips from here. A movement below the EMA 56 would threaten the faint bullish bias.