Posted In: Forex Trading Posted On: 2018/04/16 07:09 AM Posted By: ituglobal
Daily analysis of major pairs for April 16, 2018 USD/CHF
There is some form of bullishness on the USD/CHF. Since the support level at 0.9200 was breached on February 16, price has moved upwards by 440 pips, closing above the support level at 0.9600 on Friday. This week is supposed to be bullish, because USD will likely gain some stamina against certain currencies like EUR, CHF, AUD and NZD (with the exception of GBP). The first object of attack this week is the resistance level at 0.9650.
There is a Bullish Confirmation Pattern in the market and price is expected to go upwards, as the EUR/USD goes southwards. The support levels at 0.9500 and 0.9450 would try to impede any southward attempts.
Daily analysis of USD/JPY for April 16, 2018
The USD/JPY is bearish in the long-term, and bullish in the short-term. There is a weak short-term bullishness owing to the fact that price made some effort to go upwards last week, gaining only 80 pips. Price managed to briefly breach the supply level at 107.50, but it could not close above it on Friday (it closed below it).
However, price would be able to go above the supply level at 107.50; even reaching other supply levels at 108.50, 109.00 and 109.50. This is owing to the Bullish Confirmation Pattern in the market.
Daily analysis of EUR/JPY for April 16, 2018
The EUR/JPY is bearish in the long-term, and now bullish in the short-term. It has gained roughly 250 pips this month, and it can gain another 250 pips before the end of the month. That is something that can bring about a long-term bullish outlook on the market as it goes through the supply zones at 133.00, 133.50 and 134.00, even exceeding those supply zones as price goes further and further northwards.
There is a Bullish Confirmation Pattern in the market, which would become more and more serious as price goes northwards. Short trades are not recommended here.
Performed by Azeez Mustapha,
InstaForex Companies Group
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html
Start your journey to permanent success: http://www.tallinex.com/open-account?i=128521