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Sunday, November 23, 2014

Daily analysis of major pairs for November 24, 2014

The sudden weakness on the EUR/USD on Friday has resulted in a very strong bearish bias. The pair may be weak for the rest of this month, as the EUR continues to be battered. The price closed below the resistance line at 1.2400, and the next target may be the support line at 1.2350.     

EUR/USD: The sudden weakness on the EUR/USD on Friday has resulted in a very strong bearish bias. The pair may be weak for the rest of this month, as the EUR continues to be battered. The price closed below the resistance line at 1.2400, and the next target may be the support line at 1.2350.   


USD/CHF: The sudden strength on the USD/CHF on Friday has resulted in a very strong bullish bias. The pair may be strong for the rest of this month, as the USD continues to be uplifted. The price closed above the support level at 0.9650, and the next target may be the resistance level at 0.9750.     

GBP/USD:  Generally, the bias on the Cable is bearish. It is very much likely that the price would hit the accumulation territory at 1.5600, but it is unlikely that the price would break that territory to the downside. After the price tests that accumulation territory, there could be a rally in the market.

USD/JPY: This currency trading instrument trended strongly last week, but there is now a mild pullback in the context of an uptrend. This proffers a good opportunity to buy, for the bullish bias may still continue till December 2014.

EUR/JPY:  This market trended strongly last week, but after testing the supply zone at 149.00, there was a significant correction – a downward move of close to 300 pips from that supply zone. The downward move was augmented by the weakness in the EUR itself. One needs to note that the overall outlook is still upwards and the price may trend upwards from here.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



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