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Sunday, June 12, 2016

Daily analysis of major pairs for June 13, 2016

The EUR/USD has become neutral in the short-term. May 2016 was mostly bearish, and the bullish breakout that was witnessed on June 3 overturned that bearish bias. However, bulls were unable to push the price further north last week, for the bullish movement was halted at the resistance line of 1.1400, which was followed by a 150-pip bearish correction. For the bias to turn completely bearish, the price must go below the support line at 1.1150. Otherwise we shall witness a rally that could restore the recent bullish outlook.

EUR/USD: The EUR/USD has become neutral in the short-term. May 2016 was mostly bearish, and the bullish breakout that was witnessed on June 3 overturned that bearish bias. However, bulls were unable to push the price further north last week, for the bullish movement was halted at the resistance line of 1.1400, which was followed by a 150-pip bearish correction. For the bias to turn completely bearish, the price must go below the support line at 1.1150. Otherwise we shall witness a rally that could restore the recent bullish outlook.



USD/CHF: The USD/CHF is in a bearish mode. The price dropped by 180 pips last week, going briefly below the support level at 0.9600, before closing above it. There is a Bearish Confirmation Pattern in the chart, and the price is expected to continue moving lower and lower, reaching the support levels at 0.9600, 0.9550 and 0.9500. 

GBP/USD: From Monday to Tuesday, The Cable went upwards by 250 pips, testing the distribution territory at 1.4700, before nose-diving by 400 pips in the last 3 trading days of the week. It was mentioned that serious volatility would be witnessed on GBP pairs this month – the catalyst being Brexit/Bremain issues. There would be great trading opportunities here.

USD/JPY: This pair simply went flat last week. The bullish effort that was made on Monday was not significant enough to cause any threat to the bears. The outlook on JPY pair is bearish for this week: and the USD/JPY is no exception. Therefore, the bears might target the demand levels at 106.00 and 105.50.

EUR/JPY: The bullish effort that was seen on June 6 and 7 was merely an opportunity to go long in the context of a downtrend. The price started coming down after that, testing the demand zone at 120.00. The demand zone could be retested again – it could even be broken to the downside.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

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