Daily analysis of major pairs for March 24, 2014

The USD/JPY went bullish last week, closing at 102.25. For the bullish outlook not to become invalid this week, the price must stay above the demand level at 102.00.

EUR/USD: This is a bear market. The price fell last week, touching the support line at 1.3750; and from that point, the price bounced upwards by 50 pips, testing the resistance line at 1.3800. It is assumed that the bearish trend would continue, which could take the price below the aforementioned support line.

USD/CHF: This currency trading instrument went bullish last week, testing the resistance level at 0.8850, before getting corrected a little bit lower. The correction would be short-term in nature and it is not expected to go below the support level at 0.8800. The stance for this week is thus bullish.

GBP/USD: The price action on the Cable has resulted in a Bearish Confirmation Pattern and the market is expected to go further south this week. At the present, the market is trading below the distribution territory at 1.6500. While that distribution territory may be challenged seriously by the bulls, the price could end up far below it by the end of this week.

USD/JPY: The USD/JPY went bullish last week, closing at 102.25. For the bullish outlook not to become invalid this week, the price must stay above the demand level at 102.00. As long as the price stays above that demand level, long trades are sensible. But when the price crosses and closes below the demand level at 102.00, it would then be sensible to seek short trades.

EUR/JPY: This bias here is bearish. The price closed at 141.07 on Friday (March 21, 2014). The southward move is not yet significant, but it may become strong this week.

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