Daily analysis of major pairs for November 21, 2016
The USD/CHF managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in USD may send the pair plunging below the psychological level at 1.0000.
EUR/USD: This pair trended south by 270 pips last week. Since November 9, 2016, it has come down by 700 pips. Further downwards movement is possible this week, provided that USD does not showcase any signs of strength.
USD/CHF: The USD/CHF managed to climb above the great psychological level at 1.0000 last week, and testing the resistance level at 1.0100. Price may be able to target the resistance level at 1.0200 this week, but any signs of weakness in USD may send the pair plunging below the psychological level at 1.0000.
GBP/USD: This pair moved downwards throughout last week, losing another 230 pips. The bias has become bearish in the short and long terms. And the accumulation territories at 1.2250, 1.2200 and 1.2150 might be reached this week. This market is currently not ideal for long trades. Rather, rallies should be seen as opportunities to go short.
USD/JPY: The USD/JPY went upwards by over 400 pips last week. Since November 9, price has gone upwards from the low of that day. There is a huge Bullish Confirmation Pattern in the market, and further northwards journey is anticipated. Just as it was forecasted and true of last week, the outlook on JPY pairs remains bullish for this week. The trending movement on the USD/JPY is the strongest in recent months.
EUR/JPY: This cross also managed to go upwards last week, largely owing to the weakness of Yen. The supply zone at 117.50 has been tested and it would be breached to the upside this week, as bulls target the supply zones at 118.00 and 118.50. Because of the weakness in Yen, even weak currencies like GBP and EUR were able to rally versus it. In case a currency was strong in its own right, just like the case of USD, we would witness a very strong bullish movement, as we have already done.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Super Trading Strategies: http://www.advfnbooks.com/books/supertradingstrategies/index.html
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