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Sunday, December 4, 2016

Daily analysis of major pairs for December 5, 2016

The GBP/USD ended a two-week consolidation by breaking upwards significantly, just as it was already anticipated. Price went upwards 330 pips, closing above the accumulation territory at 1.2700. GBP would rally versus some majors this week, and as it is rallying versus USD (which is also strong in its own right), further bullish movement is expected.



EUR/USD: This pair consolidate throughout last week, and a closer look reveals some consolidation to the upside. This means there could be some rally this week, which would also be checked by the strength in USD itself. There are resistance lines at 1.0750 and 1.0800. There are also support lines at 1.0550 and 1.0500.

USD/CHF: The USD/CHF has been caught in an equilibrium phase that has lasted for one week. A closer look at the market shows bears are trying hard to push price downwards – an action that could be aided by expected stamina in CHF this week. There are resistance levels at 1.0150 and 1.0200. There are also support levels at 1.0050 and 1.0000.

GBP/USD: The GBP/USD ended a two-week consolidation by breaking upwards significantly, just as it was already anticipated. Price went upwards 330 pips, closing above the accumulation territory at 1.2700. GBP would rally versus some majors this week, and as it is rallying versus USD (which is also strong in its own right), further bullish movement is expected.

USD/JPY: This currency trading instrument went upwards by 300 pips last week. Price reached the supply level at 114.50, but it could not close above it, since price retraced backwards a little on Friday. The outlook on this market is bullish this week, and a resumption of bullish journey could cause the supply level at 114.50 to be eventually overcome as price goes towards the supply levels at 115.00, 115.50 and 116.00.

EUR/JPY: This cross went upwards significantly last week. There is a Bullish Confirmation Pattern in the market, and further bullish movement could happen this week, as EUR itself is supposed to rally versus some major currencies. Price might reach the supply zones of 122.00, 122.50 and 123.00; plus the demand zones at 120.00 and 119.50 should hinder some possible bearish machinations this week.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



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