Daily analysis of USD/CHF for March 5, 2018
USD/CHF
This currency trading instrument is bearish in the
long-term, neutral in the short-term, and it is quite choppy at the present.
The bearishness in the market has been in place since early November 2017; plus
last week was rough. Price rose from the support level at 0.9350, went above the
resistance level at 0.9450, only to drop towards the support level at 0.9350
again.
There is a Bearish Confirmation Pattern in the
market. A breach of the support levels at 0.9350, 0.9300 and finally, 0.9250,
would bring about a bearish outlook on the market. A movement to the upside
would save the extant bullish bias.
Daily analysis of USD/JPY for March 5, 2018
USD/JPY
The USD/JPY moved sideways from Monday to Thursday,
and then began to come downwards (to place more emphasis on the bearishness of
the market). Price has gone below the supply levels at 106.50, and 106.00; and
it may test the demand levels at 105.50, breaching it to the downside as another
demand level at 105.00 targeted.
There is currently a Bearish Confirmation Pattern in
the 4-hour chart, which pinpoints further southwards movement. On the other
hand, a strong reversal could occur, which would result in a threat to the
current bearish bias.
Daily analysis of EUR/JPY for March 5, 2018
EUR/JPY
This cross pair is a weak market. It is interesting
to see the market being engaged in a long, protracted bearish movement. Since
the beginning of February, at least, 700 pups have been shed. In the past few
weeks, short-term rallies have been invariably followed by further southwards
movements.
There is currently a Bearish Confirmation Pattern in
the market. Price would continue moving downwards towards the demand zones at
130.00, 129.50 and 129.00. Nonetheless, a strong rally is in the offing, as the
outlook on EUR pairs is bullish for this week.
.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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