FX.co ★ Daily analysis of major pairs for September 30, 2016

EUR/USD: Contrary to what the USD/CHF is doing, the EUR/USD has remained flat throughout this week. This flat movement would continue until price goes out of balance. There must be a break above the resistance line at 1.1300 or below the support line at 1.1150, before there would be an end to the current flat market phase.

USD/CHF: This currency trading instrument experienced a large pullback yesterday, corroborating the ongoing Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is almost in the oversold territory. This shows a strong bearishness in the market, and price could drop further.

GBP/USD: The GBP/USD has continued to showcase the possibility of further southwards movement. The bias on both 4-hour and daily charts is bearish. The next target for bears are located at the accumulation territories of 1.2950, 1.2900 and 1.2850 this week or next week.

USD/JPY: This pair made a serious bullish effort yesterday, but bears came in to push price lower. In the near-term, there are uncertainties in the market, and price has been hesitant for so long. It is better to stay away from this market until there is a breakout, which may take price upwards or downwards by at least, 200 pips.

EUR/JPY: The situation on this cross is quite similar to that of the USD/JPY. This market made a serious bullish effort yesterday, but bears came in to push price lower. It is better to stay away from this market until there is a breakout, which may take price upwards or downwards by at least, 200 pips.