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Sunday, September 18, 2016

Daily analysis of major pairs for September 19, 2016

The GBP/USD trended downwards slowly last week, and later dropped like a stone on Friday, September 16, 2016. The bias is bearish in the short-term and the long-term. Price is thus expected to continue moving downwards this week, reaching the accumulation territories at 1.2950 and 1.2900. GBP pairs, except the EURGBP, have also been going downwards.


EUR/USD: Had this pair moved sideways from September 12 to 16, the bias on it would have turned neutral. However, the market dropped 85 pips on Friday, closing at 1.1153. This has resulted in a bearish signal. As long as the resistance line at 1.1300 is not breached to the upside, the bearish signal would be valid.


USD/CHF: This currency trading instrument consolidated from Monday till Thursday and then trended upwards on Friday. The upwards movement was not significant enough to put an end to the ongoing neutral outlook. Once price goes above the resistance level at 0.9850, there would be a bullish signal, which would even become stronger as soon as the resistance level at 0.9900 is breached to the upside.

GBP/USD: The GBP/USD trended downwards slowly last week, and later dropped like a stone on Friday, September 16, 2016. The bias is bearish in the short-term and the long-term. Price is thus expected to continue moving downwards this week, reaching the accumulation territories at 1.2950 and 1.2900. GBP pairs, except the EURGBP, have also been going downwards.

USD/JPY: This pair simply consolidated throughout last week, not going below the demand level at 101.50 nor above the supply level at 103.50. The bias is neutral, but momentum is expected to rise this week, which would most probably take price towards the demand levels at 101.50 and 101.00 this week.

EUR/JPY: This cross pair trended downwards on Monday, and went upwards on Tuesday, only to top at 116.08 on Wednesday and began to trend downwards till Friday (a movement of 200 pips southward). There is a Bearish Confirmation Pattern in the market and the demand zones at 114.00, 113.50 and 113.00 would be tested this week. The outlook on other JPY pairs are also bearish.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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