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Monday, October 10, 2016

Daily analysis of major pairs for October 10, 2016

As it was anticipated, The Cable dropped sharply by 880 pips last week, reaching a low of 1.2031. The market then rally by 420 pips, to close at 1.2434 on Friday. The outlook on the market is bullish this week, which is also true of other GBP pairs. This means further rally is expected, but that would not be significant enough to override the extant the major bearish bias.


EUR/USD: This is a trendless market. Price went briefly below the support line at 1.1150 and then got to the resistance line at 1.1200, closing at that price on October 7, 2016. This equilibrium phase might end very soon, but it would require price to go above the resistance line at 1.1300 or below the support line at 1.1050.

USD/CHF: This currency trading instrument went upwards on Monday and Tuesday, dived on Wednesday and went up on Thursday. Then price got corrected lower again on Friday. This trading instrument could go further upwards this week, but that upward movement would be limited by the resistance level at 0.9900. There is also a risk of a downside movement.

GBP/USD: As it was anticipated, The Cable dropped sharply by 880 pips last week, reaching a low of 1.2031. The market then rally by 420 pips, to close at 1.2434 on Friday. The outlook on the market is bullish this week, which is also true of other GBP pairs. This means further rally is expected, but that would not be significant enough to override the extant the major bearish bias.

USD/JPY: This pair moved upwards by 280 pips last week, testing the supply level at 104.00, before getting corrected by over 100 pips, and closing below the supply level at 103.00. There is a Bullish Confirmation Pattern in the chart and further upwards movement is expected this week, which would make the current bearish correction a good opportunity to buy at lower prices when things are on sale, and in the context of an uptrend.

EUR/JPY: The EUR/JPY cross pair is also bullish, with a movement quite similar to that of the USD/JPY, the outlook on the market is now bearish, and price is supposed to go upwards again, and thus end the present correction. The outlook on JPY pairs is bullish for this week, and the EUR/JPY cross could be seen going upwards again, as bulls target the supply zones at 103.50, 104.00 and 104.50.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



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