Monday, April 23, 2018

Daily analysis of major pairs for April 23, 2018

Daily analysis of USD/CHF for April 23, 2018


This pair has been going upwards. The Bullish Confirmation Pattern in this market was partly brought about by the anticipated stamina in Greenback. Since testing the support level at 0.9200 on February 16, price has gained 550 pips (gaining 220 pips in this month alone), closing around the resistance level at 0.9750 on Friday.

This is a bull market and it is good for long trades. Price should continue going further upwards as EURUSD is pushed further southwards. The resistance levels at 0.9800 and 0.9850 are the targets for this week.

Daily analysis of USD/JPY for April 23, 2018

The USD/JPY is bearish in the long-term, and bullish in the short-term. After price rammed into the demand level at 105.00 on March 23, it has gone upwards by 280 pips since then. Price closed above the demand level at 107.50 on Friday and it may even reach the supply levels at 108.00 and 108.50 this week….

Before the anticipated reversal occurs, price could go upwards a little bit. The reversal may be strong enough to take price towards the demand level at 107.50. Yes, there is a Bearish Confirmation Pattern in the market.

Daily analysis of EUR/JPY for April 23, 2018

The EUR/JPY is bullish in the near-term, but the bullishness in the market is very weak. Price did almost nothing last week, save some consolidating movement throughout the week. The consolidation may continue this week, but a breakout is imminent, which would most probably favor bears.

Thus, the demand zones at 132.00, 131.50 and 131.00 could be reached, which may effectively challenge the recent bullishness in the market. It is expected that further southward movement would play itself out this week, because the outlook on JPY pairs is somewhat bearish for the week.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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