FX.co ★ Daily analysis of major pairs for March 28, 2014

EUR/USD: The EUR/USD remains a bear market. The price has nothing to do now but to go further southward, especially when the selling pressure in the market increases, there is a possibility that the price may reach the support line at 1.3700 today or next week.

USD/CHF: This is a bull market, and our target at 0.8900 is still valid. This target may be reached today or next week. However, the fact that the Williams’ % Range is in an overbought situation means that there could be some bearish corrections along the way. The bearish corrections are expected to be short-lived, being contained at the support level of 0.8800. 

GBP/USD:  From under the accumulation territory at 1.6600, the Cable trended upwards by over 140 pips. Trading above the accumulation territory at 1.6600, the Cable has turned bullish, and this currency trading instrument is expected to reach the distribution territory at 1.6700. Yes, there has been a bullish signal since the EMA 11 crossed the EMA 56 to the upside and the RSI period 14 crossed the level 50 to the upside.

USD/JPY:  This market has largely been a sideways market this week, though the price action in the chart still suggests that it could trend further downwards when there comes another renewed bearish momentum in the market.

EUR/JPY: The observation of other JPY pairs (except the USDJPY) shows that they are going upwards. The inability of the EUR to go upwards against the JPY is due to the fact that the former is weak. Short trades are currently recommended.