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Daily analysis of major pairs for August 31, 2015

EUR/USD: The last two weeks were characterized by this year's strongest movements in the EUR/USD this year. The price skyrocketed From the support line at 1.1050 and hit the resistance level of 1.1700 (within a few days). From that peak, the price has been corrected by over 520 pips. This correction was enough to result in a bearish signal in the market, which means that the support line at 1.1100 might be easily tested this week.


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USD/CHF: In the last two weeks, USD/CHF performed its second strongest movement in the year (apart from the incident that happened on CHF pairs on January 15, 2015). From the resistance level at 0.9750, the price fell by 500 pips before being corrected upwards by 350 pips. This significant correction has violated the recent bearish outlook - resulting in a buy signal in the market. A movement above the resistance level at 0.9700 would particularly result in a Bullish Confirmation Pattern in the market.


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GBP/USD: The adamant bulls gave up their persistent struggle last week as the Cable yielded to gravity. Since the price managed to test the distribution territory at 1.5800, the price has nosedived by 450 pips, testing the accumulation territory at 1.5350. The market could go further south in this week, as it is trading on a bearish bias now.


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USD/JPY: The last two weeks were characterized by the strongest movement in this year on the USD/JPY. From the supply level at 124.50, price dipped by 800 pips, going briefly below the demand level at 116.50. The price has gone upwards by 500 pips since then, and a further northward movement of 100 pips this week would result in a bullish outlook.


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EUR/JPY: Because the yen is strong at the moment, the euro has fallen against it - just as the euro is now being corrected lower against the USD. This is a volatile market in which bears are proving stronger. Last week, the price plummeted by 350 pips, testing the demand zone around 135.50. The demand zone has been tested several times and it might be breached to the downside this week with ongoing strength in the yen.


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