The EUR/USD was able to
go downwards by more than 100 pips last week. Since October 10, 2016, price has
gone down by over 300 pips. The outlook on the market, as well as other EUR
pairs, is bearish for this week. Therefore, we may witness a slow and steady
bearish movement that would take price towards the support lines at 1.0850 and
1.0800 this week.
EUR/USD: The
EUR/USD was able to go downwards by more than 100 pips last week. Since October
10, 2016, price has gone down by over 300 pips. The outlook on the market, as
well as other EUR pairs, is bearish for this week. Therefore, we may witness a
slow and steady bearish movement that would take price towards the support
lines at 1.0850 and 1.0800 this week.
USD/CHF: From October 12 to
October 20, bulls laid a decisive to the resistance level at 0.9900, and after
much persistent bullish pressure, bears gave way as price went upwards, testing
the resistance level at 0.9950, and the retracing bit. Because USD is strong and
because CHF is expected to drop further this week (allowing other major pairs
to go upwards against it). There may be some bullish movement that would push
USD/CHF above the resistance level at 0.9950 this week.
GBP/USD: This currency trading
instrument went upwards from Monday till Wednesday, and then consolidated till
the end of the week. This is best called a kind of consolidation in the context
of a downtrend. The outlook on GBP pairs is bullish for this week, but the
bullish movement on the GBP/USD might not be significant enough to threaten the
ongoing major bullish bias.
USD/JPY: This market moved sideways throughout last
week, but the bullish bias in it is still visible. This week, momentum would
rise as price resumes its recent bullish journey, targeting the supply levels
at 104.50 and 105.00. The outlook on other JPY pairs is bullish for this week,
and the USD/JPY is no exception.
EUR/JPY: One
major reason why this cross dropped by 170 pips last week was because EUR is
weak. Further weakness in EUR would cause more southward journey, for there is
a clean Bearish Confirmation Pattern in the market. However, we may witness
some rally in case Yen becomes weaker than EUR this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
No comments:
Post a Comment