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Sunday, September 24, 2017

Daily analysis of major pairs for September 25, 2017

The EUR/JPY went upwards last week, before being corrected on Friday. The correction could unfold further, but it may not be significant enough to threaten the extant bullish outlook on the market, which means the bearish correction would end up giving opportunities to buy long at better prices.

EUR/USD: This pair went upwards on September 18 and 19, went downwards on September 20, but it made some bullish attempt again on September 21 and 22. Since there has been no clear victory between bull and bear, the neutrality in the market remains. This week, price would either go above the resistance line at 1.2050 (staying above it); or price would go below the support line at 1.1850 staying below it. That is what would create a directional bias.



USD/CHF: This market is bullish in the short-term. Price consolidated in the first few days of last week, and then rose upwards. Should price go further north this week a clean Bullish Confirmation Pattern would be generated in the market. However, a bearish movement from this point would lead to some neutrality.

GBP/USD: The GBP/USD consolidated throughout last week – albeit in the context of an uptrend. There would be a breakout to the upside this week, which would most probably be in favor of bulls, for the outlook on GBP pairs is bullish for this week. The distribution territories at 1.3550, 1.3600 and 1.3650 would be tested before the end of the month.

USD/JPY: This currency trading instrument went upwards last week and consolidated on Friday. The bias on the market is bullish and further bullish movement is anticipated this week as price goes towards the supply levels at 112.50, 113.00 and 113.50. The outlook on JPY pairs is bullish for the week

EUR/JPY: The EUR/JPY went upwards last week, before being corrected on Friday. The correction could unfold further, but it may not be significant enough to threaten the extant bullish outlook on the market, which means the bearish correction would end up giving opportunities to buy long at better prices.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

                                                                                                                    


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