Daily analysis of major pairs for April 20, 2017

EUR/USD: There is already a “buy”
signal on this market. Price went upwards this week, and it is now above the
support line at 1.0700. The next targets for bulls are located at the
resistance lines at 1.0750, 1.0800, and 1.0850.

USD/CHF: The USD/CHF pair has
dropped southwards this week. The EMA 11 is below the EMA 56, and the Williams’
% Range period 20 is not far from the oversold region. Price is currently
consolidating, but it would drop further. It is below the resistance level at
1.0000 and going towards the support level at 0.9950.

GBP/USD: Following the massive
rally that was seen this week, the Cable has been caught in a shallow
retracement. The retracement is bearish, and it would turn out to be an opportunity
to buy long at better prices in a context of a huge uptrend. Some fundamental
figures are expected today and they may have impact on the market.

USD/JPY: In the short term, the
USD/JPY pair is quite choppy. There is a huge Bearish Confirmation Pattern on the
4-hour chart. Since the outlook on JPY pairs is bearish, USD/JPY also could
be seen going further and further southwards, reaching the demand levels at
108.50, 108.00, and 107.50.

EUR/JPY: The EUR/JPY pair has
continued the upwards correction it started at the beginning of this week. Once
price moves above the supply level at 117.50, the bias would turn bullish.
Failure to breach that supply level to the upside would result in further
emphasis on the ongoing dominant bearish outlook.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of major pairs for April 20, 2017