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Sunday, December 18, 2016

Daily analysis of major pairs for December 19, 2016

The USD/CHF went seriously upwards last week, testing the resistance level at 1.0300 before retracing a little. The outlook on the market remains bullish for the week, as USD is supposed to continue gathering stamina. The targets for this week are located at the resistance levels of 1.0300, 1.0305 and 1.0400.

EUR/USD: The pair went seriously downwards last week, testing the support line at 1.0400 briefly before engaging in a shallow bullish correction. The outlook on the market remains bearish for the week, as EUR is supposed to continue being weak. The targets for this week are located at the support lines at 1.0400, 1.0350 and 1.0300.




USD/CHF: The USD/CHF went seriously upwards last week, testing the resistance level at 1.0300 before retracing a little. The outlook on the market remains bullish for the week, as USD is supposed to continue gathering stamina. The targets for this week are located at the resistance levels of 1.0300, 1.0305 and 1.0400.

GBP/USD: The Cable consolidated from Monday to Wednesday, when it plummeted heavily, to test the accumulation territory at 1.2400. That accumulation territory is bound to be tested again, and breached to the downside, as the outlook on GBP pairs remains bearish for the rest of this year. Long trades are not recommended right now, because price is expected to continue going further downwards.

USD/JPY: This is a significant bull market. There are clean Bullish Confirmation Patterns on 4-hour and daily charts. The market would pause, trend upwards. Pause again, and then upwards again – in its journey towards the north. Short trades are not advisable in this market.

EUR/JPY: This currency cross is also a bull market; just like the USD/JPY. Since the Yen is very weak, it would be logical to conclude that price would continue to go upwards (though EUR is weak in itself). The targets for this week are located at the supply zones at 118.50, 119.00 and 119.50. There is a Bullish Confirmation Pattern in the market. 

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group



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