Daily analysis of major pairs for September 22, 2016

EUR/USD: Here,
bulls made some attempt on September 21, 2016, to effect a rally in this
market. But the rally was insignificant in the face of the current bearish
bias. The EMA 11 is below the EMA 56, while the Williams’ % Range period 20 is
often not far from the oversold area. In this context, whenever the Williams %
Range goes upwards, just as it is currently doing, it would be a transitory
rally in the context of a downtrend.


USD/CHF: There is a threat to
the current bullish bias in the short term, as far as USD/CHF is concerned.
Bears are making efforts to push price south, but bulls are trying not to let
this happen easily. Since some fundamental figures are due
today, it is OK to expect a moderate to strong movement.


GBP/USD: Any rallies that occur
on the Cable would be temporary, since the bias is bearish. Unless price goes
above the distribution territory at 1.3350, long trades are not recommended. The
indicators on the 4-hour chart all point to bearishness in the market. This is
a weak market.


USD/JPY: As it was mentioned in
the last forecast, the USD/JPY pair broke downwards yesterday, moving below the
supply level at 100.50. The bias has become bearish, and the demand levels are seen at
100.00, 99.50, and 99.00. Some fundamental figures are expected today and they
may have an impact on the market.


EUR/JPY: This is a bear market –
just like most other JPY pairs. The EMA 11 is below the EMA 56, and the RSI
period 14 is below the level 50. Since there is an ongoing Bearish Confirmation
Pattern in the market, the demand zones at 112.00, and 111.50 could be tested
any moment this week.