FX.co ★ Daily analysis of major pairs for October 29, 2014

EUR/USD: The bullish attempts on the EUR/USD are yielding results, because the resistance level at 1.2750 has been tested. The support level at 1.2700 should aid the bullish effort, and should this prove to be possible, the price may break the resistance level at 1.2750 to the upside.

USD/CHF: The perpetual weakness in this currency trading instrument, which started last week, has made the instrument gone bearish. The EMAs 11 is below the EMA 56 and the price is below them. The Williams’ % Range period 20 is now in the oversold territory. It is currently not logical to seek long trades here.

GBP/USD:  The Cable has been making effort to trend higher; something that has already resulted in a Bullish Confirmation Pattern. Only time would tell whether the Bullish Confirmation Pattern would last long, and for it to last long, the price must stay above the accumulation territory at 1.6100.

USD/JPY: This is also a strong pair – though the upward movement is slower than expected. However, the upwards movement may continue till the supply level at 109.00 is tested. The demand levels at 107.50 and 107.00 should act as effective hindrances against bears’ attempts to drag the price downwards.

EUR/JPY:  The weakness in the JPY has enabled most JPY pairs to go upwards. For example, the EUR/JPY has trended upwards from the demand zone at 137.00, breaking another demand zone at 137.50 to the upside. The bullish trend may continue for the rest of the week, but the possibilities of transitory pullbacks cannot be ruled out.