FX.co ★ Daily analysis of major pairs for November 4, 2014

EUR/USD: This currency trading instrument is still weak in spite of the recent equilibrium phase. It is expected that the weakness in the price would continue when the support line at 1.2450 has been broken to the downside. After that, the next target would be the support line at 1.2400.

USD/CHF: This market still aims the resistance level at 0.9700, which is the next target for the bulls. When the resistance level is breached to the upside, the next target would be the resistance level at 0.9750.

GBP/USD:  Here, the barrier to the bears’ interest is the accumulation territory at 1.5950. For the price to continue going further downwards, the accumulation territory ought to be breached to the downside (something that can still happen as long as the USD is able to maintain its stamina).

USD/JPY: The USD/JPY has continued to trend upwards, reaching the supply level at 114.00. That supply level is now under siege and with continuous strength in the Greenback, it would be breached to the upside. Should this prove to be true, the next target for the bulls would be the supply level at 115.00.

EUR/JPY:  This is also a bull market, going in the way of most JPY pairs. This cross has moved upwards by another 200 pips in this week – a strong bullish movement in the early part of the week. The price has the potential to go further upwards as long as the Yen is weak. Therefore, the next target is at the supply zone at 143.00.