FX.co ★ Daily analysis of major pairs for March 9, 2015

EUR/USD: This pair has experienced one of its strongest weaknesses in several weeks. The market broke through one support line after another (the support lines became the resistance lines then). While further southward dip is expected, there is a strong support line at 1.0500, which could act as a check to the bears’ frenzy. Unless the EUR is fated to reach parity with the USD, this pair is not expected to drop below the aforementioned support line.

USD/CHF: Yes, this market would keep going up as long as the EURUSD pair is weak. The price is currently trading above the support level at 0.9850. The next targets for this week are located at the resistance levels of 0.9900 and 0.9950.

GBP/USD: The Cable plummeted by over 350 pips, going below the distribution territory around 1.5050. The accumulation territories at 1.5000 and 1.4950 are now vulnerable to bearish attacks. The outlook for the Cable is bearish this week.

USD/JPY: This currency trading instrument has succeeded in going upwards. The dominance bias on the market is bullish and there is a possibility that it would continue its upward journey. Potential targets for bulls are at the supply levels of 121.50 and 122.00 now.

EUR/JPY: The EUR/JPY pair dropped by over 350 pips last week, resulting in a strong Bearish Confirmation Pattern on the market. The reason for this is the EUR weakness. Unless the EUR gains some stamina, this cross will continue to drop further south, reaching the demand zones around 130.00 and 129.50.