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Daily analysis of major pairs for March 23, 2017
Posted On 23 Mar 2017
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EUR/USD: This currency trading instrument has been going upwards since the beginning of this week; in continuation of the bullishness that began last week. The price is currently active around the support line at 1.0800. It has tested it several times and it is bent on moving above it, going towards the resistance lines at 1.0850 and 1.0900.
USD/CHF: The USD/CHF has been trending downwards since last week. There is a strong Bearish Confirmation Pattern in the market, and the price has gone downwards by roughly 90 pips this week, testing the support level at 0.9900. Further downward movement is anticipated for the rest of this week. Some fundamental figures are expected and they can have an impact on the market.
GBP/USD: There remains the bullishness on the GBP/USD, though price did nothing significant on Wednesday. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. As long as Greenback is weak, the GBP/USD would be strong (this is a factor behind the bullishness in the market). The distribution territories at 1.2550 and 1.2600 could still be tested this week or next, especially when momentum returns to the market.
USD/JPY: This pair has come down by 150 pips this week, testing the demand level at 111.00. Price has come down by 350 pips since March 15, 2017. There is a strong Bearish Confirmation Pattern in the 4-hour chart, and the price would be going further south, reaching more and more demand levels before there comes a meaningful rally in the market.
EUR/JPY: Just like the USD/JPY, the EUR/JPY is also in a bearish mode, having gone downwards by 130 pips, and it is poised to go further downwards, especially after breaching the demand zone at 120.00. Then, the next targets would be the demand zones at 119.50 and 119.00. However, this does not rule out a possibility of a rally before the end of this month.
The material has been provided by InstaForex Company – www.instaforex.com
