Posted In: Forex Trading Posted On: 2018/06/11 07:39 AM Posted By: ituglobal
Daily analysis of USD/CHF for June 11, 2018
This is a weak market, for the USD/CHF has been caught in a slow and gradual bearish movement since May 10 (over 230 pips). It is possible that the market would continue going further downwards (albeit slowly), especially when EURUSD gains a lot of stamina. This is because the EUR/USD and the USD/CHF are negatively correlated.
There is a Bearish Confirmation Pattern in the market. The support levels at 0.9800 (which has previously been tested), 0.9750 and 0.9700, would be reached soon, and that might bring about a strong Bearish Confirmation Pattern in the market.
Daily analysis of USD/JPY for June 11, 2018
The USD/JPY is bullish in the long-term, but neutral in the short-term. In the last two weeks, price has generally oscillated between the demand level at 108.50 and the supply level at 110.50. As long as price continues to oscillate between those demand and supply levels, the short-term bias would be neutral.
Mixed signals will be witnessed on certain JPY pairs this week (and thus the USD/JPY). A break above the supply level at 110.50 will result in confirmation of the existing long-term bullish outlook while a break below the demand level at 108.50 will result in a clean bearish outlook.
Daily analysis of EUR/JPY for June 11, 2018
The bias on this currency trading instrument has just turned bullish. Since May 30, price has rallied by 500 pips, reaching the supply zone at 130.00, before the current bearish correction (which happened on June 8). A sideways movement throughout this week will bring about a neutral bias on the market.
A test of the demand zone at 127.50 will threaten the new bullish bias on the market; while a movement towards the supply zones at 129.50, 130.00 and 130.50 will strengthen it. There will be a measure of volatility in the market this week.
Performed by Azeez Mustapha,
InstaForex Companies Group
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html