FX.co ★ Daily analysis of major pairs for September 24, 2014

EUR/USD:  In spite of the consolidating movement in this market, the dominant bearish bias remains valid. The resistance line at 1.2950 is an immediate barrier to bullish attempts. With more weakness, the pair can eventually reach the support line at 1.2800.

USD/CHF: This is a bull market, though the price has rather been consolidating. The bullish target at the resistance level of 0.9450 is still our target, but it would take increased effort from the bulls before price can reach that target. The support level at 0.9350 is an immediate barrier to any short-term rallies along the way.

GBP/USD:  Now trading above the accumulation territory at 1.6300, the Cable is currently making for the distribution territory at 1.6450.  The price is above the EMAs 11 and 56 and the RSI period 14 is above the level 50. There is already a Bullish Confirmation Pattern in the chart, and the probability of the price going further upwards is high.

USD/JPY:  This is a bull market, but it still looks overbought, making the risk of a large pullback very high. This pair may test the supply level at 109.50, but it is unlikely that it would go above that level. Meanwhile, any serious pullback may cause the price to test the demand levels at 108.00 and 107.50 successively.

EUR/JPY:  The EUR/JPY cross has not also moved significantly this week (though the movement last week was significant). Since testing the supply zone at 141.00, this currency trading instrument has pulled back towards the south, and it is possible that the market may pull back further to the south.