Daily analysis of major pairs for October 12, 2015

The EUR/JPY performed a clean bullish movement on October 9, 2015. This has led to a bullish bias on the market, which could enable the price to go upwards by at least, 200 pips. The supply zones 137.00 and 138.00 could be tried this week.

EUR/USD: The EUR/USD seems to have ended a few weeks of high volatility with no clear direction, having gone upwards last week. In order to sustain this new bullish direction, the price needs to continue its upwards journey, reaching the resistance lines at 1.1400 and 1.1450. There are support lines at 1.1250 and 1.1200, which may not be tested as long as the bullish direction holds.

USD/CHF: It was once noted that the direction on the USD/CHF would largely be determined by the direction of the EUR/USD itself. Since the later has gone upwards, the former has gone downwards. The former (USD/CHF) has started a bearish movement, which would hold out as long as the latter (EUR/USD) is strong.

GBP/USD: The GBP/USD made a nice bullish movement last week – which resulted in a Bullish Confirmation Pattern in the market. This outlook on GBP pairs is bullish for this week, and we may see a continuation of the current bullish journey, taking the price towards the distribution territories at 1.5400 and 1.5500.

USD/JPY: This market remains in an equilibrium phase, not going above the supply level at 121.00 nor going below the demand level at 119.00. There must be a journey above the supply level or below the demand level before it can be said that the equilibrium phase is over (which is something that will happen this week or next week). When a breakout does occur, it would probably be towards the north, for there is an expectation of bullishness on JPY pairs.

EUR/JPY: The EUR/JPY performed a clean bullish movement on October 9, 2015. This has led to a bullish bias on the market, which could enable the price to go upwards by at least, 200 pips. The supply zones 137.00 and 138.00 could be tried this week.

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