InstaForex - Analytics

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Daily analysis of major pairs for June 17, 2015

EUR/USD: The EUR/USD has consolidated so far this week, all in the context of an uptrend. On this kind of market, a breakout to the upside or to the downside is very much likely, with a breakout to the upside having a higher possibility of happening.

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USD/CHF: This pair continues to be volatile as the struggle between bulls and bears continue. As it was mentioned last week, the support level at 0.9250 should be breached to the downside. So, an existing bearish bias would be made stronger. Otherwise, there would be a risk of a significant upward movement.

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GBP/USD: This pair has moved upwards by at least 110 pips this week. Since the price rose from the accumulation territory at 1.5200, it has moved upward by over 450 pips. The Bullish Confirmation Pattern is very strong in the chart, and thus, the bullish outlook would be rational as long as the price is able to stay above the accumulation territory at 1.5500.

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USD/JPY: In spite of the consolidation that started last week, the USD/JPY still generate sell signals. The price is below the EMA 56 and the RSI period 14 is below the level of 30. When a breakout does occur in this market, it is likely to be forwarded to the downside.

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EUR/JPY: the price has been moving sideways since last week until now. A breakout is expected very soon, either above the supply zone around 140.00 (which would signify a northward journey) or below the demand zone at 138.00 (which would signify a southward journey). To sum it up, whatever happens to the EUR would determine what would occur here.

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