FX.co ★ Daily analysis of major pairs for March 15, 2017

EUR/USD: Since this pair tested the resistance line at 1.0700, the price has pulled back by 100 pips and now is trading around the support line at 1.0600. The bullish signal has not been completely rendered invalid yet, but the price may go below the support line at 1.0550, which would inevitably lead to a bearish signal in the market.

USD/CHF: The USD/CHF pair is trading below the resistance level at 1.0100. This level will be breached to the upside if EUR/USD goes further south. In case the EUR/USD pair goes upwards, the USD/CHF will be forced to move below the support level at 1.0050. This means that the movement on the USD/CHF would be determined by the movement on the EUR/USD.

GBP/USD: The GBP/USD trended slightly downwards on Tuesday. The overall bias on the market is bearish, though the price may meet some challenge around the accumulation territory at 1.2100, which would require a serious selling pressure to be breached to the downside.

USD/JPY: This week, the pair could go upwards, but this effort may be scuttled by the expected weakness in USD. There are supply levels at 116.00, 115.50 and 115.00. There are also demand levels at 114.50, 114.00 and 113.50.

EUR/JPY: There is a Bullish Confirmation Pattern in this market. The EMA 11 is still above the EMA 56, though the RSI with the period 14 is below the level of 50. The position of the RSI was brought about by the short-term weakness in the market. Further decline would result in a bearish signal while a rally would result in another confirmation of the recent bullish outlook.