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Sunday, April 29, 2018

Daily analysis of major pairs for April 30, 2018


Daily analysis of USD/CHF for April 30, 2018


USD/CHF
This pair went upwards last week (gaining 150 pips). Over 300 pips have gained in the last two weeks, and this is just the beginning, because the northwards journey would continue as a result of the stamina in USD. The resistance level at 0.9900 has been tested and it would be tested again, and get breached to the upside.


There is a Bullish Confirmation Pattern in the chart, which portends further bullish movement in favor of buyers. That is when price would target additional resistance levels at 0.9950, and ultimately 1.0000.

Daily analysis of USD/JPY for April 30, 2018

USD/JPY

The USD/JPY is a bullish market. Price started rallying last month, and it rallied considerably last week. The bias on the market has thus turned completely bullish as price neared the supply level at 109.50, and it is now close to the demand level at 109.00…  However, price may not be able to go protractedly upwards again, because there is a very strong bearish outlook on JPY pairs for this week, and for May 2018.

 Long positions should be liquidated because bulls will suffer seriously in May. Further downwards movement would result in a Bearish Confirmation Pattern in the market.



Daily analysis of EUR/JPY for April 30, 2018

EUR/JPY           
The EUR/JPY did not made any strong directional movement last week. Price made a weak bullish effort on Monday and Tuesday, consolidated on Wednesday and then got a bearish correction on Thursday and Friday. Although the ongoing bias is bullish, bulls are obviously getting weaker and weaker, showcasing their lack of interest in pushing price upwards.

The recent bearish correction may eventually turn out to be something significant. A large movement is expected on EURJPY in May, and it would mostly favor bears. Should that occur, things would turn vividly bearish.


Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

                                                                                                                    


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