Daily analysis of major pairs for October 26, 2015
October 26, 2015 6:50 am
EUR/USD: The EUR/USD pair is in a strong bearish mode now having fallen by 350 pips last week. The bias is bearish, and the price is supposed to go further south this week. But the price needs to break the psychological support line at 1.1000 to the downside. While this might look like a hard job for bears, it is attainable.
USD/CHF: A movement in the USD/CHF is largely dictated by movements in EUR/USD. Therefore strength was transferred indirectly by weakness in the latter. From the support level of 0.9500, the price moved by 300 pips upwards. Now it is very close to the resistance level of 0.9800. In case the price goes above that resistance level (which is very much likely), the next target for bulls would be another resistance level at 0.9900.
GBP/USD: The cable was unable to make any meaningful rally last week because bulls met a stubborn impediment at the distribution territory of 1.5500. In fact, the price simply went down last week resulting a “sell” signal in the market. The price needs to go further down, so that the “sell” signal could be valid. The cable might be under selling pressure as long as the EUR/USD pair is weak enough. They are both positively correlated.
USD/JPY: The USD/JPY pair nicely trended upwards last week ending the recent protracted equilibrium phase in the market. Since October 15, 2015, the price has moved upwards by roughly 350 pips almost reaching the supply level of 121.50. This week, we anticipate a further northward movement, which may enable the price to reach the resistance levels of 122.00 and 122.50.
EUR/JPY: Due to sudden weakness in the EUR, the EUR/JPY cross rapidly fell in the last few days previouse week. There is now a Bearish Confirmation Pattern in the market, which would most probably continue as long as the EUR is weak. The only factor that can reverse this is a situation is which the YEN becomes weaker than the EUR.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD: The EUR/USD pair is in a strong bearish mode now having fallen by 350 pips last week. The bias is bearish, and the price is
supposed to go further south this week. But the price needs to break the
psychological support line at 1.1000 to the downside. While this might look
like a hard job for bears, it is attainable.
USD/CHF: A movement in the USD/CHF is largely dictated by movements in EUR/USD. Therefore strength was transferred indirectly by weakness in the latter. From the support level of 0.9500, the price moved by 300 pips upwards. Now it is very close to the resistance level of 0.9800. In case
the price goes above that resistance level (which is very much likely), the next
target for bulls would be another resistance level at 0.9900.
GBP/USD: The cable was unable to make any meaningful
rally last week because bulls met a stubborn impediment at the distribution
territory of 1.5500. In fact, the price simply went down last week resulting a “sell” signal in the market. The price needs to go further down, so that the
“sell” signal could be valid. The cable might be under selling pressure as long
as the EUR/USD pair is weak enough. They are both positively correlated.
USD/JPY: The USD/JPY pair nicely trended upwards last week ending the recent protracted equilibrium phase in the market. Since October 15, 2015, the price has moved upwards by roughly 350 pips almost reaching the supply level of 121.50. This week, we anticipate a further northward movement, which may enable the price to reach the resistance levels of 122.00 and 122.50.
EUR/JPY: Due to sudden
weakness in the EUR, the EUR/JPY cross rapidly fell in the last few days previouse week. There is now a Bearish Confirmation Pattern in the market, which
would most probably continue as long as the EUR is weak. The only factor that
can reverse this is a situation is which the YEN becomes weaker than the EUR.
The material has been provided by InstaForex Company – www.instaforex.com
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