FX.co ★ Daily analysis of major pairs for September 2, 2014

EUR/USD: In a slow and a steady manner, the EUR/USD pair has been able to continue its decline, gradually breaking one support line after the other. There is a Bearish Confirmation Pattern in the chart. The price now is below the resistance line at 1.3150, and it may end up testing the support line at 1.3100.

USD/CHF: This currency trading instrument has been able to breach the support level at 0.9200 to the upside. The price has closed above that level. Currently, it is poised to move further upwards. However, this may be in a slow and steady manner.

GBP/USD: The GBP/USD pair has been consolidating seriously lately. The GBP is strong on its own, but it is still weaker than the USD; hence, the see the current price action. The volatility may prompt the price to test the accumulation territory at 1.6550. The same volatility may also cause the price to reach the distribution territory at 1.6650.

USD/JPY: It is not a surprise that the USD/JPY pair has been able to continue its bullish journey. Even, a weak currency like the EUR is now up against the JPY, the latter is very weak right now. The USD/JPY pair has been able to go above the demand level at 104.50. The next target is at the supply level of 105.00.

EUR/JPY: Really, the JPY is now so weak that, even a weak currency like the EUR can go up against it. That is the case which made this cross jumped upwards considerably. The jump up is significant enough to overcome the recent bearish outlook. The price is now trading above the demand zone at 137.50, and it should go further upwards, reaching the supply zone at 138.00. There is now a bullish signal in the market.