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Sunday, September 21, 2014

Daily analysis of major pairs for September 22, 2014

The EUR/USD pair is still trending downwards. On Friday, September 19, 2014, the price closed at 1.2829, on a bearish note. It is possible that the price would test the support line at 1.2800 very soon.  

EUR/USD:  The EUR/USD pair is still trending downwards. On Friday, September 19, 2014, the price closed at 1.2829, on a bearish note. It is possible that the price would test the support line at 1.2800 very soon.  This week, there is also the risk of a significant rally in a case of a sudden weakness in the USD.


USD/CHF: This pair is still trending upwards, significantly on a bullish note. The price is now trading above the support level at 0.9400 and with more stamina in the market, the price could reach the resistance level at 0.9450. Meanwhile, the risk of pullback may cause the price to test the support level at 0.9300.

GBP/USD:  This currency trading instrument generated a bullish signal last week, but a sudden weakness in the market has caused the price to drop, testing the accumulation territory at 1.6300. The market ought to rally from here so that the bullish outlook would continue to remain valid; otherwise the bullish outlook would become useless as the market trades below the accumulation territory at 1.6250.

USD/JPY:  The USD/JPY has been in one of its strongest rallies in recent times. The market is currently going above the demand level at 108.50, making attempts to test the support level at 109.00. Nevertheless, there is a great risk of a serious pullback, which may take the price towards the demand levels at 108.00.

EUR/JPY:  This cross is also strong in the long-term, but weak in the near-term. The price ought to go upwards from here; otherwise a movement below the demand zone at 139.00 would pose a large threat to the extant bullish scenario. 

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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