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Sunday, June 26, 2016

Daily analysis of major pairs for June 27, 2016

On Friday, June 24, 2016, the EU/JPY experienced its strongest bearish movement this year. Price dropped by 1200 pips, reaching the low of 109.57. Price later performed a 450-pip bullish correction, later closing at 113.48 that Friday. The outlook on JPY pairs is bearish, and further movement to the south is expected this week, which would be at least. 300 pips on EUR/JPY.

EUR/USD: Last Friday, this pair underwent its largest single-day pull-down this year, and this has resulted in a Bearish Confirmation Pattern in the chart. Since the outlook on the EUR/USD is bearish this week, further downward movement could be seen, which means the support lines at 1.1050 and 1.0000 would be reached this week. Those support lines were tested last week.



USD/CHF: As it was forecast last Friday, this market, which was previously flat as a result of inertia, was forced upwards by a strong bearish pressure on the EURUSD. Price went upwards by 250 pips, before getting corrected by 100 pips. The movement on this market this week would be largely determined by whatever happens to the EUR/USD. A continuous southward journey on the EUR/USD could result in a sustained rally on the USD/CHF.

GBP/USD: On Friday, June 24, 2016, the GBP/USD experienced its strongest bearish movement in recent years. Price dropped by 1700 pips, reaching the low of 1.3230. Price later performed a 500-pip bullish correction, later closing at 1.3682 that Friday. The outlook on GBP pairs is bearish, and further movement to the south is expected this week, which would be at least. 400 pips on GBP/USD.

USD/JPY: Britain’s decision to leave the EU had bearish effects on JPY pairs, and that was exactly what brought about a bearish momentum on USDJPY, which was consolidating in the context of a downtrend prior to that time. What happened to this market on Friday simply brought more emphasis on the long-term bearish trend, which is also visible on the daily and weekly charts.  The 700-pip decline that was witnessed on Friday would bring about a rally within the next several trading days, because important demand zones had been challenged.

EUR/JPY: On Friday, June 24, 2016, the EU/JPY experienced its strongest bearish movement this year. Price dropped by 1200 pips, reaching the low of 109.57. Price later performed a 450-pip bullish correction, later closing at 113.48 that Friday. The outlook on JPY pairs is bearish, and further movement to the south is expected this week, which would be at least. 300 pips on EUR/JPY.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

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