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Sunday, June 11, 2017

Daily analysis of major pairs for June 12, 2017

As it was anticipated, GBP pairs underwent major pullbacks on June 9, while The EURGBP shot skywards. That was what put an end to the short-term neutrality on the GBP/USD, which lost 300 pips initially. The outlook on GBP pairs remains bearish for this week, and further southwards movement is expected as the accumulation territories at 1.2700, 1.2650 and 1.2600 are tested.  

EUR/USD: This pair remains bullish, but the bullish momentum is getting weaker and weaker. The outlook on EUR pairs is bearish this week, and more bearish movement may be witnessed, which would put an end to the current bullish, but that would be when the support lines at 1.1050 and 1.1000 are breached to the downside.



USD/CHF: This currency trading instrument went sideways on Monday and Tuesday and then went upwards on Wednesday, Thursday and Friday, but that was not significant enough. This week, USD could become weak versus other currencies CHF, AUD and NZD, which means price would go down towards the support levels at 0.9650 and 0.9600. The only factor that can help the USD/CHF upwards is when the EUR/USD experiences a major pullback

GBP/USD: As it was anticipated, GBP pairs underwent major pullbacks on June 9, while The EURGBP shot skywards. That was what put an end to the short-term neutrality on the GBP/USD, which lost 300 pips initially. The outlook on GBP pairs remains bearish for this week, and further southwards movement is expected as the accumulation territories at 1.2700, 1.2650 and 1.2600 are tested. 

USD/JPY: This pair went bearish from Monday to Tuesday, and then went bullish from Wednesday to Friday. Nonetheless, that was not significant enough to cause a bullish bias on the market, for the dominant bias remains bearish. The outlook on the market for this week is strongly bearish, and so it is for other JPY pairs. Bears would target the demand levels at 109.50, 109.00 and 108.50.

EUR/JPY: This cross pair dropped 150 pips last week, testing the demand zone at 123.00. The market then remained volatile for the rest of the week. This week, the market would go southwards (as it is also expected on other JPY pairs), reaching the demand zones at 123.00, 122.50 and 122.00. That would eventually lead to a clean Bearish Confirmation Pattern in the market.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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