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Sunday, March 19, 2017

Daily analysis of major pairs for March 20, 2017

The EUR/USD went north last week – just as it was predicted. Although the market went south on Monday and Tuesday, it went northward in the last few days of last week. Price went briefly above the resistance line at 1.0750 and later closed below it on Friday. This week, some vivid correction is expected, for the outlook on EUR is bearish for the week.

EUR/USD: The EUR/USD went north last week – just as it was predicted. Although the market went south on Monday and Tuesday, it went northward in the last few days of last week. Price went briefly above the resistance line at 1.0750 and later closed below it on Friday. This week, some vivid correction is expected, for the outlook on EUR is bearish for the week.




USD/CHF: This pair moved sideways from Monday till Wednesday and then plummeted on Thursday. Price went down by 150 pips, testing the support level at 0.9950. The USD/CHF is supposed to continue going downwards as long as the EUR/USD is going upwards, although things may reverse this week.

GBP/USD: As it was anticipated, the Cable went upwards last week. A factor that was responsible for this is the weakness in USD, for the Cable is weak in its own right. From the accumulation territory at 1.2150, price went upwards by 250 pips, closing at 1.2395, after testing the distribution territory at 1.2400. This week, there could be a reversal in the market, especially when USD shows some strength.

USD/JPY:  This currency trading instrument went sideways in the first few days of last week, and then dropped like a stone. What brought about this is the weakness in USD, which brought about the southwards journey in the market. Price went south by 220 pips last week, and further southwards journey is possible. However, there could be a rally before the end of the month, for the outlook on JPY pairs is bullish.

EUR/JPY: This cross pair consolidated to the downside last month. Apart from this, the overall movement was essentially flat. The fact that the cross did not trend upwards last week, reveal some hidden stamina in JPY. This week, more consolidation would bring about a neutral outlook on the market, although it is possible that JPY pairs would rally soon.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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