Daily analysis of major pairs for November 29, 2016
November 29, 2016 9:50 am
EUR/USD: The EUR/USD pair did not move significantly yesterday, and the overall bias in the market is bearish. A rise in momentum would happen this week, which would most probably favor the current bearish bias. The support levels at 1.0550 and 1.0500 could still be reached.
USD/CHF: This trading instrument has not undergone much movement this week. There is a Bullish Confirmation Pattern on the chart, and when the trend resumes, the resistance levels at 1.0200 and 1.0250 would be tested. Bearish corrections along the way would be transitory, and may not take price below the support levels at 1.0050 and 1.0000.
GBP/USD: The GBP/USD pair moved sideways throughout last week, resulting in a neutral bias in the near term. The neutral bias has been going on for about two weeks, while the dominant bias on higher time frames is bearish. A breakout of the sideways movement is expected this week or next, and would most probably favor bears.
USD/JPY: This pair is yet to move significantly this week. The outlook on the market, as well as on other JPY pairs, remains bullish for this week. When price breaks out, it should favor the current bullish outlook. Therefore, the supply levels at 113.00, 113.50 and 114.00 would be tested today or tomorrow.
EUR/JPY: This pair is yet to move significantly this week, but right now, bulls are making effort to push price upwards. The outlook on the market is bullish for this week. The supply zones at 119.50, 120.00 and 120.50, could be tested anytime this week. Any possible pullbacks could be contained at the demand zones at 118.00 and 117.50.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/USD: The
EUR/USD pair did not move significantly yesterday, and the overall bias in the
market is bearish. A rise in momentum would happen this week, which would most
probably favor the current bearish bias. The support levels at 1.0550 and
1.0500 could still be reached.
USD/CHF: This trading instrument has
not undergone much movement this week. There is a Bullish Confirmation Pattern on the chart, and when the trend resumes, the resistance levels at 1.0200 and
1.0250 would be tested. Bearish corrections along the way would be transitory,
and may not take price below the support levels at 1.0050 and 1.0000.
GBP/USD: The GBP/USD pair moved sideways
throughout last week, resulting in a neutral bias in the near term. The neutral
bias has been going on for about two weeks, while the dominant bias on higher
time frames is bearish. A breakout of the sideways movement is expected this
week or next, and would most probably favor bears.
USD/JPY: This pair is yet to
move significantly this week. The outlook on the market, as well as on other
JPY pairs, remains bullish for this week. When price breaks out, it should
favor the current bullish outlook. Therefore, the supply levels at 113.00,
113.50 and 114.00 would be tested today or tomorrow.
EUR/JPY: This
pair is yet to move significantly this week, but right now, bulls are making effort
to push price upwards. The outlook on the market is bullish for this week. The
supply zones at 119.50, 120.00 and 120.50, could be tested anytime this week.
Any possible pullbacks could be contained at the demand zones at 118.00 and 117.50.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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