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Sunday, December 11, 2016

Daily analysis of major pairs for December 12, 2016

 The USD/JPY consolidated last week, and then began to trend upwards on Friday. There is a Bullish Confirmation Pattern in the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00 and 116.50.

EUR/USD: There is a clean “sell” signal on this pair. Price generally moved downwards last week, closing below the resistance line at 1.0600, and nearly reaching the support line at 1.0550. This week, price could reach the support lines at 1.0550, 1.0500 and 1.0450, for the outlook on the market is bearish. In fact, there is a possibility that EUR may reach parity with USD in a foreseeable future.




USD/CHF: There is a bullish signal on the USD/CHF. In spite of tight volatility and bears’ machinations last week, bulls were able to push the market up a bit. Price is now above the support level at 1.0150, targeting the resistance levels at 1.0200 and 1.0250. CHF is bound to gather some stamina this week, it may not affect the USD/CHF, unless the stamina is too much.

GBP/USD: The Cable pulled back most of the last week, closing at 1.2576 on Friday. This has become a threat to the recent bullish bias on the market; plus a movement below the accumulation territory at 1.2500 would result in the end of the bullish bias. For the bullish bias not to be overruled, price needs to stay above that accumulation territory.

USD/JPY: The USD/JPY consolidated last week, and then began to trend upwards on Friday. There is a Bullish Confirmation Pattern in the 4-hour chart, and since the outlook on JPY pairs remains bullish for this week, the USD/JPY would also normally trend further upwards. The targets for this week are located at the supply levels of 115.50, 116.00 and 116.50.

EUR/JPY: The market was quite choppy last week – but the bullish outlook on it remains intact. This week, further upwards movement is expected as price would likely reach the supply zones at 122.00, 122.50 and 123.00. As long as the demand zones at 120.00 and 119.50 are not breached to the downside, the bullish outlook would remain rational.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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