Daily analysis of USD/CHF for March 10, 2018
USD/CHF
There was a commendable bullish effort in this
market. The USD/CHF is bullish in the near-term. However, it is neutral in the
medium-term and bearish in the long-term. Now, in the short-term, price moved
sideways from Monday to Wednesday and then rose on Thursday, becoming bullish.
From the support level at 0.9350, price rose above the support level at 0.9500,
closing above it on Friday.
There is a short-term Bullish Confirmation Pattern
in the market. There could be further upwards movement, but it will not last
long because a considerable amount of pullback is expected this week, owing to
a bullish outlook on CHF, which may cause other CHF pairs to go.
Daily analysis of USD/JPY for March 10, 2018
USD/JPY
This is a weak market that cannot go seriously
upwards. The outlook on the USD/JPY pair remains bearish, but some bullish
effort was made last week. For instance, price rose from the demand level at
105.50, to test the supply level at 107.00. This kind of price action can only
threaten the extant bearish bias when price gains additional 150 pips, from
here.
There is a slight Bearish Confirmation Pattern in
the market, which would become stronger as the market goes further downwards. There
are demand levels at 106.50, 106.00 and 105.50. Likewise, there are supply
levels at 107.00, 107.50 and 108.00.
Daily analysis of EUR/JPY for March 10, 2018
EUR/JPY
The situation surrounding this cross is quite intriguing. Price moved
sideways on March 5, rose upwards later that day and on March 6, but then
consolidated throughout last week. The
consolidation can continue this week, but a rise in momentum is also expected.
When a breakout occurs, it will most likely be in favor of the bear, because
the outlook on JPY pairs is bearish for this week.
There is a Bearish Confirmation Pattern in the market, and it would
become clearer as price goes further downwards, owing to a bearish outlook on
JPY pairs. Therefore, initial targets may be put at the demand zones of 131.00,
130.50 and 130.00
Performed by Azeez Mustapha,
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InstaForex Companies Group
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