FX.co ★ Daily analysis of major pairs for September 18, 2014

EUR/USD: This is a bear market and our target for the week has already been exceeded. The price is now trading below the resistance line at 1.2850, and with more weakness in the pair, the price could reach the support level line at 1.2800. There is an immediate resistance line at 1.2900; which could act as an impediment to bullish attempts.

USD/CHF: The USD/CHF has continued its bullish journey – now trading above the support level at 0.9400. The next target for the bulls is at the resistance level at 0.9450.  In addition, serious fundamental figures are expected today and they would have great impact on the markets.

GBP/USD:  The Cable is weak and the movement above the price territory at 1.6300 has proven to be a false breakout, for the price has moved below that price territory again. With more southward movement, all the bullish effort that has been going on for several days could be rendered useless, especially when the price tests the accumulation territory at 1.6100, which is the target for the week.

USD/JPY:  This remains a strong market and the price has continued going bullish, breaking one supply level after the other. In this month alone, the market has gone skyward by more than 440 pips. It is now very much likely that the market would reach the supply level at 190.00.

EUR/JPY:  This currency trading instrument has been able to maintain its bullish outlook since the Bullish Confirmation Pattern in the chart started last week. Following the consolidation in the chart, the price has broken further upwards, testing the supply zone at 139.00. There is a need for more bullish stamina before the price could close above that supply zone.