Daily analysis of major pairs for November 13, 2017
The USD/JPY pair is bullish in the long-term, but bearish in the short-term. Price may make some attempts to go upwards this week, owing to a bullish outlook on USD. There are demand levels at 113.00 and 112.50. On the other hand, there are supply levels at 114.00 and 114.50.
EUR/USD: The bias on the EUR/USD is bearish, but price has been making some faint bullish effort (especially on Friday). The outlook on the market is bullish for this week (and so it is for some EUR pairs), and therefore, price may go upwards to form a Bullish Confirmation Pattern in the 4-hour chart.
USD/CHF: The USD/CHF is bullish in the long-term, but bearish in the short-term. Further bearish movement is expected this week, but it may not be significant because USD would maintain some stamina. The support levels at 0.9900, 0.9850 and 0.9800 would be tested before the end of the week.
GBP/USD: The outlook on the GBP/USD is currently neutral. A directional bias is expected this week, when price either goes above the distribution territory at 1.3300, or it goes below the accumulation territory at 1.3050 (either of these would require a strong buying or selling pressure). The most likely direction on the GBP/USD is to the upside; whereas GBP may rally against some other currencies like AUD and NZD.
USD/JPY: This pair is bullish in the long-term, but bearish in the short-term. Price may make some attempts to go upwards this week, owing to a bullish outlook on USD. There are demand levels at 113.00 and 112.50. On the other hand, there are supply levels at 114.00 and 114.50.
EUR/JPY: This cross is neutral both in the long-term and the short-term. There is an expectation of a strong directional bias this week, which would most probably be in favor of bulls. Price may rise from the current area in the chart, to reach the supply zones at 132.50 (which was tested on Friday), 133.00 and 134.50.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html
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