Daily analysis of USD/CHF for June 4, 2018
USD/CHF
The USD/CHF trended downwards in the first few days
of last week, and then started a bullish correction on May 30. Price went
upwards by 200 pips in the context of a downtrend, but the movement was not
significant enough to override the extant bearishness in the market (except the
resistance line at 1.1800 is exceeded).
There is a Bearish Confirmation Pattern in the
market, and that is supposed to hold for some time. The outlook for EUR pair is
strongly bearish for this week and for this month, and so bulls should be
careful.
Daily analysis of USD/JPY for June 4, 2018
USD/JPY
The market is bullish in the long –term, but bearish
in the short-term. Since March 26, a long-term bullish journey started, but
short-term bearish effort was also started on May 21. The short-term
bearishness is still in place and it is supposed to override the long-term
bullish bias on the market.
The long-term bullishness would soon be rendered
invalid. This is because there is a very strong bearish outlook on JPY pairs
this month, and so, USDJPY would eventually become like other JPY pairs, which
are already bearish.
Daily analysis of EUR/JPY for June 4, 2018
EUR/JPY
There is a Bearish Confirmation Pattern on this
cross, as a result of a vivid weakness that began in the market in April 16.
Price has shed roughly 700 pips since then. Last week, the bearish journey
continued as price rammed into the demand zone at 125.00, and then bounced
upwards (300 pips), without being able to form a confirmed bullish bias.
This week, a bearish reversal is expected, because
of the weakness in EUR and owing to the bearish outlook on JPY pairs. The
bearish reversal would enable sellers to enter short at some sensible prices.
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InstaForex Companies Group
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