InstaForex - Analytics

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Daily analysis of major pairs for November 3, 2015

EUR/USD: There was no directional movement on the EUR/USD pair on Monday. So, it can be said that the price simply consolidated in the context of a downtrend. There would soon be a serious directional movement in the market, which would happen today or tomorrow. The EUR/USD pair is expected to follow a further downward bias, especially in the face of the expected stamina in the Greenback.

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USD/CHF: This pair tested the resistance level at 0.9950, and later got corrected downwards in the context of an uptrend. Nevertheless, the overall bias remains bullish. Unless the price goes below the support level at 0.9750 (which would require a serious selling pressure), the bias would remain bullish. The resistance level at 0.9950 could thus be tested again in case the buying pressure resumes in earnest.

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GBP/USD: The GBP/USD pair made a bullish attempt on Monday, but bears came in and pushed the price back below the distribution territory at 1.5450. There is now a bullish signal in the market, which would be sensible as long as the accumulation territory at 1.5300 is not breached to the downside.

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USD/JPY: Although the current outlook for this pair is bullish, the price has not made any serious directional movement so far. What can be seen on the chart is the alternating movements between bulls and bears: The price needs to continue moving upwards. Otherwise, the market could enter another equilibrium phase.

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EUR/JPY: This cross made a faint bullish effort on Monday - all in the context of a downtrend. The cross would be weak as long as the EUR is weak. For this cross to rally, the JPY would need to be weaker than the EUR, which is not the situation at the moment.

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