Sunday, September 20, 2015

Daily analysis of major pairs for September 21, 2015

The USD/JPY moved sideways throughout the last week, without any significant movement to the upside or to the downside. There would be a serious breakout any day this week, which would most probably favor the bears. There is a demand level at 119.00 and there is a support level at 121.50.

EUR/USD:  This pair is still bullish on outlook, though threatened. The price managed to test the resistance line at 1.1450, before being corrected to the downside. The downside movement has not been strong enough to render the current bullish outlook invalid, unless the support line at 1.1200 is breached to the downside.

USD/CHF: The USD/CHF remains a bear market, though there is a challenge to the bearishness in the market. As long as the resistance level at 0.9800 is not broken to the upside, the bearishness would be a rational thing. The market is expected to continue moving downwards this week; coupled with the fact that the resistance level at 0.9800 is a formidable challenge to the bulls.  

GBP/USD:  This pair went upwards by 300 pips last week, rising from the accumulation territory at 1.5350, and reaching the distribution territory at 1.5650. From that distribution territory, the price has eased by 110 pips. There would be strong volatility in the market this week, for the price would perform a series of upswings and downswings.

USD/JPY:  This pair moved slightly south on Thursday, but it cannot be said that the current equilibrium phase is over, for this might be a false breakout. Only a movement below the demand level at 119.00 would show that the trend has really become bearish. There is a supply level at 122.00.

EUR/JPY: This cross is highly volatile with serious struggles between the bulls and the bears. The determinant of this week’s movement on the cross is the situation on the EUR and the JPY – a stronger JPY would cause the cross to tumble and a stronger EUR could cause it to skyrocket. The outlook on JPY pairs remains bearish, and therefore, the cross has a high probability of trending downwards. 

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

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1 comment:

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