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Sunday, September 25, 2016

Daily analysis of major pairs for September 26, 2016

The GBP/USD is bearish in the 4-hour and daily charts. Price declined further last week, in spite of bulls’ opposition, and their footprints can be seen in the chart. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take price towards the accumulation territories at 1.2950 and 1.2900.

EUR/USD: This pair is neutral in the long-term but bullish in the short-term. There is a Bullish Confirmation Pattern in the chart, and price is supposed to test the resistance lines at 1.1250, 1.1300 and 1.1350. However, there is a need for a very strong buying pressure to achieve this objective.



USD/CHF: Though the market is neutral in the long-term and bearish in the short-term. There is a Bearish Confirmation Pattern in the chart, and price is supposed to test the support levels at 0.9700 and 0.9650 this week. However, there is a need for a very strong selling pressure to achieve this aim.

GBP/USD: The GBP/USD is bearish in the 4-hour and daily charts. Price declined further last week, in spite of bulls’ opposition, and their footprints can be seen in the chart. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take price towards the accumulation territories at 1.2950 and 1.2900.

USD/JPY: This trading instrument is a bear market. Price consolidated on Monday and Tuesday, and then came down on Wednesday. It consolidated again towards the market close on Friday. Since the outlook on JPY pairs is bearish for this week, it is expected that the USD/JPY would continue its bearish journey, which would take price towards the demand levels at 100.50 and 100.00.

EUR/JPY: This cross pair also went bearish last week, just as it was prognosticated. Price went briefly below the demand zone at 112.50 and then started making some rally attempts – in the context of a downtrend. Since price is supposed to continue trending downwards this week, the current rally effort could be an opportunity to sell short at better prices. 

Performed by Azeez Mustapha,
Analytical expert

InstaForex Companies Group



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