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Daily analysis of major pairs for April 8, 2018

Posted In: Forex Trading   Posted On: 2018/04/09 06:10 AM    Posted By: ituglobal




Daily analysis of USD/CHF for April 8, 2018

 

 

USD/CHF

The pair remains bullish in the short-term (and its fate is largely subject to whatever happens to EURUSD). Price went upwards last week, almost reaching the resistance level at 0.9650, and then getting corrected lower. The short-term bullishness will be rendered ineffectual only when price goes below the support level at 0.9500.

 

 

On the other hand, a movement above the resistance level at 0.9700 will result in a stronger bullish bias on the market. There is a Bullish Confirmation Pattern in the 4-hour chart, and thus, price is expected to go further upwards, irrespective of temporary pullbacks along the way.

 

 

Daily analysis of USD/JPY for April 8, 2018

 

USD/JPY

The USD/JPY is bearish in the long-term, and bullish in the short-term. In the short-term, price gained 180 pips from the low of last week, reaching the supply level at 107.50. Then there was a slight bearish correction in the market, which would eventually turn out to be an opportunity to buy long at better prices. A rally is very likely this week, which would push price upwards by 200 pips.

 

This movement would be strong enough to override the long-term bearishness in the market. There is a Bullish Confirmation Pattern in the 4-hour chart, and thus, price is expected to go further upwards, reaching other supply levels at 107.50 and 108.00.

 

 

Daily analysis of EUR/JPY for April 8, 2018

 

EUR/JPY

This cross is bearish in the long-term, and rather neutral in the short-term. Another reality is that the market condition is currently choppy, but that might come to an end when a rally occurs in the market. There is a strong likelihood of a rally here, owing to a bullish expectation on JPY pairs for this week.

 

 

The supply zones at 131.50, 132.00 and 132.50 could be reached when a bullish movement begins. There is now a Bullish Confirmation Pattern in the market, and that would become more important as price goes further northwards.

 

 

Performed by Azeez Mustapha,

Analytical expert

www.instaforex.com    

InstaForex Companies Group

 

                                                                                                                    

Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html 

 

 

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