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Sunday, November 26, 2017

Daily analysis of major pairs for November 27, 2017

The USD/JPY pair is bearish. Price went downwards by 100 pips last week, closing on a bearish note. There is a Bearish Confirmation Pattern in the market, and it is possible that the demand level at 111.00 would be tested again. However, a rally is expected before the end of this week.

EUR/USD:  This currency trading instrument went sideways on Monday and Tuesday and then began moving upwards until the end of the week. A minimum of 210 pips have been gained, as price closed above the support line at 1.1900, going towards the resistance line at 1.1950. The resistance line would even be exceeded.



USD/CHF: The USD/CHF was forced to go downwards last week, owing to the buying pressure in the EUR/USD. Price went downwards to test the support level at 0.9800. This week, further downwards movement is possible, especially as long as the EUR/USD experiences buying pressure. Therefore, the support levels at 0.9750 and 0.9700 could be reached.

GBP/USD:  The GBP/USD sent upwards gradually last week, until there is a bullish bias on the market. The market can continue going upwards, reaching the distribution territories 1.3350 and 1.3400. On the other hand, the market can begin to go downwards somewhere in December, for the outlook on GBP pair is strong bearish for that month.

USD/JPY: The USD/JPY pair is bearish. Price went downwards by 100 pips last week, closing on a bearish note. There is a Bearish Confirmation Pattern in the market, and it is possible that the demand level at 111.00 would be tested again. However, a rally is expected before the end of this week.

EUR/JPY: This cross is bullish in the short-term, but neutral in the long-term. After testing the demand zone at 131.50, the market went upwards by 170 pips, closing above the demand zone at 133.00. Since the outlook on JPY pair is bullish for this week (and owing to the stamina in EUR itself), it is expected that price would continue going upwards.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

                                                                                                                    


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