Daily analysis of major pairs for January 16, 2017
January 16, 2017 6:56 am
EUR/USD: The EUR/USD pair went upwards seriously last week, resulting in a Bullish Confirmation Pattern in the market. Price topped at 1.0684, and it could still go further than that. Although the market is quite choppy, further upward movement is anticipated and the resistance lines at 0.0700, 0.0750, and 0.0800 would be tested this week.
USD/CHF: The USD/CHF pair went downwards seriously last week, resulting in a Bearish Confirmation Pattern in the market. Price hit the low of 1.0042, and it could still go further than that. Although the market is quite choppy, further downwards movement is anticipated and the support level 1.0000 could tested this week. It could also be breached to the downside, but that would require a massive selling pressure.
GBP/USD: This pair attempted to make some bullish movement last week – an effort that was rejected at the distribution territory at 1.2300. This shows that rallies in this market should be approached with caution and would be better taken as opportunities to sell short at better prices. The reason is because the major outlook on the market remains bearish.
USD/JPY: The USD/JPY pair is now in a bearish mode. Price moved downwards significantly last week, reaching the demand level at 114.00. Although there is an upwards bounce in the market, the demand level would be tested again, very soon. The market is expected to continue going downwards this week.
EUR/JPY: The EUR/JPY pair is now in a clear bearish trend. Price has gone down by 230 pips last week, and the upwards bounce that is currently unfolding is shallow. A further bearish movement is anticipated, which may take price towards the demand zones at 121.00, 120.50, and 120.00.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/USD: The EUR/USD
pair went upwards seriously last week, resulting in a Bullish Confirmation Pattern
in the market. Price topped at 1.0684, and it could still go further than
that. Although the market is quite
choppy, further upward movement is anticipated and the resistance lines at
0.0700, 0.0750, and 0.0800 would be tested this week.
USD/CHF: The USD/CHF pair went downwards seriously last week, resulting in a Bearish Confirmation Pattern
in the market. Price hit the low of 1.0042, and it could still go further than that. Although the market is quite choppy, further
downwards movement is anticipated and the support level 1.0000 could tested
this week. It could also be breached to the downside, but that would require a
massive selling pressure.
GBP/USD: This pair attempted to make some bullish
movement last week – an effort that was rejected at the distribution territory
at 1.2300. This shows that rallies in this market should be approached with
caution and would be better taken as opportunities to sell short at better
prices. The reason is because the major outlook on the market remains bearish.
USD/JPY: The USD/JPY pair is
now in a bearish mode. Price moved downwards significantly last week, reaching
the demand level at 114.00. Although there is an upwards bounce in the market,
the demand level would be tested again, very soon. The market is expected to
continue going downwards this week.
EUR/JPY: The EUR/JPY pair is
now in a clear bearish trend. Price has gone down by 230 pips last week, and
the upwards bounce that is currently unfolding is shallow. A further bearish
movement is anticipated, which may take price towards the demand zones at
121.00, 120.50, and 120.00.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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