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Sunday, June 18, 2017

Daily analysis of major pairs for June 17, 2017

The GBP/USD is a volatile market, and price did not a make a significant directional bias last week. This has forced the market to enter a neutral bias in the short-term. There would be an end to the neutral bias when the accumulation territory at 1.2600 is breached to the downside, or the distribution territory at 1.2900 is breached to the upside. As long as one of these things does not happen, the bias would remain neutral.

EUR/USD: This pair moved sideways last week – in the context of an uptrend. The outlook on EUR pairs is bearish for this week, and this may make the EUR/USD go southwards, causing a bearish bias to form in the market. Further southwards movement is thus expected.

USD/CHF: Last week, the USD/CHF consolidated in the context of a downtrend, with price making a faint bullish effort in the last few days of the week. The outlook on the market is bullish for this week, and this could put an end to the bearish bias, especially as price goes above the resistance level at 0.9900. Two factors would help realize the bullish outlook: When the EUR/USD drops, the USDCHF would be helped upwards. Then CHF itself could become somewhat weak this week, and that may help USD to the upside.




GBP/USD: The GBP/USD is a volatile market, and price did not a make a significant directional bias last week. This has forced the market to enter a neutral bias in the short-term. There would be an end to the neutral bias when the accumulation territory at 1.2600 is breached to the downside, or the distribution territory at 1.2900 is breached to the upside. As long as one of these things does not happen, the bias would remain neutral.

USD/JPY: This currency trading instrument made attempts to go upwards on Thursday and Friday, but that did not override the bearish outlook on the market. Rally attempts should be disregarded, for that could turn out to be short-selling opportunities, for the outlook on JPY pairs is also bearish for this week.

EUR/JPY: The bias in the EUR/JPY cross remains bullish in spite of the threats to it. The cross closed above the demand zone at 124.00 on Friday, and it may even reach the supply zones at 124.50 and 125.00. However, the market is not expected to trade upwards significantly. Once the market drops below the demand zone at 121.00, the bias on the market would turn bearish. Any gains of stamina on the Yen would cause the market to shoot downwards. 

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group




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