Posted In: Forex Trading Posted On: 2018/06/04 10:29 AM Posted By: ituglobal
Daily analysis of USD/CHF for June 4, 2018
The USD/CHF trended downwards in the first few days of last week, and then started a bullish correction on May 30. Price went upwards by 200 pips in the context of a downtrend, but the movement was not significant enough to override the extant bearishness in the market (except the resistance line at 1.1800 is exceeded).
There is a Bearish Confirmation Pattern in the market, and that is supposed to hold for some time. The outlook for EUR pair is strongly bearish for this week and for this month, and so bulls should be careful.
Daily analysis of USD/JPY for June 4, 2018
The market is bullish in the long –term, but bearish in the short-term. Since March 26, a long-term bullish journey started, but short-term bearish effort was also started on May 21. The short-term bearishness is still in place and it is supposed to override the long-term bullish bias on the market.
The long-term bullishness would soon be rendered invalid. This is because there is a very strong bearish outlook on JPY pairs this month, and so, USDJPY would eventually become like other JPY pairs, which are already bearish.
Daily analysis of EUR/JPY for June 4, 2018
There is a Bearish Confirmation Pattern on this cross, as a result of a vivid weakness that began in the market in April 16. Price has shed roughly 700 pips since then. Last week, the bearish journey continued as price rammed into the demand zone at 125.00, and then bounced upwards (300 pips), without being able to form a confirmed bullish bias.
This week, a bearish reversal is expected, because of the weakness in EUR and owing to the bearish outlook on JPY pairs. The bearish reversal would enable sellers to enter short at some sensible prices.
Performed by Azeez Mustapha,
InstaForex Companies Group
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html