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Sunday, December 24, 2017

Daily analysis of major pairs for December 25, 2017

The USD/CHF did not make any significant movement last week, neither is it expected to make any significant movement this week (because volatility would thin out). Price is thus expected to oscillate between the resistance level at 0.9950 and support level at 0.9800 within the next several trading days. However, a breakout will occur early January.

EUR/USD:  This pair went upwards last week, from the support line at 1.1750, towards the resistance line at 1.1900. That was a movement of about 150 pips. However, price began to retrace downwards from Thursday, but it has not gone low enough to jeopardize the current bullish bias.

USD/CHF: The USD/CHF did not make any significant movement last week, neither is it expected to make any significant movement this week (because volatility would thin out). Price is thus expected to oscillate between the resistance levels at 0.9950 and support level at 0.9800 within the next several trading days. However, a breakout will occur early January.

GBP/USD: The GBP/USD did not make any significant movement last week, neither is it expected to make any significant movement this week (because volatility would thin out). Price is thus expected to oscillate between the accumulation territory at 1.3250 and the distribution territory at 1.3500 within the next several trading days. However, a breakout will occur early January.




USD/JPY:  This market rallied massively last week, just like its EUR/JPY counterpart. The pair gained 150 pips last week, testing the supply zone at 113.50, and then closing below it on Friday. The bullishness in the market could be sustained until the end of this year (although it is unlikely that a strong movement would be witnessed).

EUR/JPY: This market rallied massively last week, gaining 240 pips, moving briefly above the supply level at 134.50 and then closing below it on Friday. The bullishness in the market could be sustained until the end of this year.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

                                                                                                                    


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