Daily analysis of USD/CHF for April 16, 2018
USD/CHF
There is some form of bullishness on the USD/CHF.
Since the support level at 0.9200 was breached on February 16, price has moved
upwards by 440 pips, closing above the support level at 0.9600 on Friday. This
week is supposed to be bullish, because USD will likely gain some stamina
against certain currencies like EUR, CHF, AUD and NZD (with the exception of
GBP). The first object of attack this week is the resistance level at 0.9650.
There is a Bullish Confirmation Pattern in the
market and price is expected to go upwards, as the EUR/USD goes southwards. The
support levels at 0.9500 and 0.9450 would try to impede any southward attempts.
Daily analysis of USD/JPY for April 16, 2018
USD/JPY
The USD/JPY is bearish in the long-term, and bullish
in the short-term. There is a weak short-term bullishness owing to the fact
that price made some effort to go upwards last week, gaining only 80 pips.
Price managed to briefly breach the supply level at 107.50, but it could not
close above it on Friday (it closed below it).
However, price would be able to go above the supply
level at 107.50; even reaching other supply levels at 108.50, 109.00 and
109.50. This is owing to the Bullish Confirmation Pattern in the market.
Daily analysis of EUR/JPY for April 16, 2018
EUR/JPY
The EUR/JPY is bearish in the long-term, and now bullish in the
short-term. It has gained roughly 250 pips this month, and it can gain another
250 pips before the end of the month. That is something that can bring about a
long-term bullish outlook on the market as it goes through the supply zones at
133.00, 133.50 and 134.00, even exceeding those supply zones as price goes
further and further northwards.
There is a Bullish Confirmation Pattern in the market, which would become
more and more serious as price goes northwards. Short trades are not
recommended here.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
