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Daily analysis of major pairs for January 2, 2018

Posted In: Forex Trading   Posted On: 2018/01/01 02:28 AM    Posted By: ituglobal




The USD/JPY went sideways during last Monday and Tuesday, and then began to drop on Wednesday, until the market closed on Friday. There is a Bearish Confirmation Pattern in the 4-hour chart (though the outlook on the market is neutral), which would become strong as price moves further southwards this week.

 

EUR/USD:  The EUR/USD rose upwards last week, almost barely closing above the support line at 1.2000. Price may be able to move further upwards this week, reaching resistance lines at 1.2050 and 1.2100. However, the outlook on EUR pairs is bearish for this week, and for this month. Thus, a bearish movement can begin anytime.

 

USD/CHF: The USD/CHF dipped by 120 pips last week, closing below the resistance level at 0.9750. Other support levels at 0.9700 and 0.9650 could be tested this week, and they could possibly be exceeded this month because CHF itself would gain some stamina, which may allow other major pairs to go downwards versus it.

 

GBP/USD:  This is a short-term bullish market. This pair, which was mostly moving sideways in December, managed to start a bullish movement last week. A close above the accumulation territory at 1.3500 means the sideways phase is temporarily over. The bullish bias would hold out only as long as price is able to stay above the accumulation territory at 1.3450. There would be strong movements on this pair, as well as other GBP pairs, in January, and most of the movements would be bearish.

 

USD/JPY: The USD/JPY went sideways during last Monday and Tuesday, and then began to drop on Wednesday, until the market closed on Friday. There is a Bearish Confirmation Pattern in the 4-hour chart (though the outlook on the market is neutral), which would become strong as price moves further southwards this week.

 

EUR/JPY:  This cross managed to go upwards last week, testing the supply zone at 135.50 and closing below it on December 29, 2017. One factor responsible for this is the stamina in EUR itself and further gain of about 100 pips is probable this week. However, there is also risk of a large pullback because the outlook on most JPY pairs is bearish for the week.

 

Performed by Azeez Mustapha,

Analytical expert

www.instaforex.com    

InstaForex Companies Group

 

                                                                                                                    

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