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Sunday, July 17, 2016

Daily analysis of major pairs for July 18, 2016

The EUR/JPY cross went upwards by 700 pips last week, reaching the supply zone at 118.00. Price got corrected by 220 pips on Friday, although that has not violated the Bullish Confirmation Pattern in the 4-hour chart. Price could go upwards from here, but that does not rule out the possibility of bearish threats.

EUR/USD: This currency trading instrument went flat throughout last week, without going above the resistance line at 1.1200, nor going below the support line at 1.1000. A breakout is imminent this week, which would most probably be in favor of bulls. This means that the resistance line at 1.1200 could be broken to the upside this week.



USD/CHF: This pair is still making effort to trend upwards, though it came under a serious challenge on Wednesday and Thursday. Bulls need to prevent the price from moving below the support level at 0.9700 – an event that could cause a “sell” signal to form in the market. There are other two challenges to his pair this week: USD could become weak and CHF could amass some stamina. All these threats could result in a “sell” signal this week. 

GBP/USD: This pair moved upwards by 550 pips last week, just like other GBP pairs (GBP/NZD moved upwards by 1100 pips, while GBP/JPY moved upwards by 1300 pips, all in last week). Further bullish movement is expected this week, which could result in a bullish signal in case price goes upwards by another 500 pips. However, it would take a long time before the bias on daily and weekly charts become bullish.

USD/JPY: Contrary to expectation at the beginning of last week, USD/JPY, just like other JPY pairs, moved upwards significantly. USD/JPY moved upwards 560 pips last week, getting corrected lower on Friday. This week, price would either move above the supply level at 106.00, or go below the demand level at 103.00.

EUR/JPY: The EUR/JPY cross went upwards by 700 pips last week, reaching the supply zone at 118.00. Price got corrected by 220 pips on Friday, although that has not violated the Bullish Confirmation Pattern in the 4-hour chart. Price could go upwards from here, but that does not rule out the possibility of bearish threats.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

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1 comment:

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