EUR/USD: This pair is bullish
– and there is a bullish outlook on the market this week. This is also true of
EUR pairs, for they are expected to go upwards this (in most cases). Price
would reach the resistance lines at 1.2050, 1.3000 and 1.3050 (which is the ultimate
target for the week).
USD/CHF: The USD/CHF pair trended downward last week,
went briefly below the support level at 0.9450 and then closed above it on
Friday. Further bearish movement is anticipated this week, and price would test
the support levels at 0.9450, 0.9400, and 0.9350. As long as EUR/USD is
weak, a meaningful rally on USD/CHF cannot be expected.
GBP/USD: This pair gained a minimum of 270 pips
last week, rising in the beginning of the week and testing the distribution
territory at 1.3200. That distribution territory has been tested a few times
and it would eventually be breached to the upside, as price targets another
distribution territories at 1.3250, 1.3300, and 1.3350.
USD/JPY: The USD/JPY pair dropped about 250 pips last
week, having dropped about 660 pips since July 11, 2017. There is a huge
Bearish Confirmation Pattern in the market, which points to more southwards
movement. However, the outlook on JPY pairs is bullish this week, which means
that, while further southwards movement is possible, the market would reverse
and rally before the end of the week.
EUR/JPY: This currency trading instrument has
become essentially neutral – for there was no directional movement in the
market last week. This week, price is expected to go either above the supply
zone at 131.00 (staying above it) or to go below the demand zone at 129.50,
(staying below it). Except one of these conditions are met, the market cannot
be said to be trending in the short term.
The material has been provided by InstaForex Company – www.instaforex.com
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