InstaForex - Analytics

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Daily analysis of major pairs for November 9, 2015

EUR/USD: The EUR/USD pair went down by 300 pips last week in conjunction with the bearish outlook for the market. There are resistance lines at 1.0850 and 1.0900, which should resist any serious bullish attempts as the price endeavors to go further south. There are also support lines at 1.0650 and 1.0600. These are the potential targets for bears this week.

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USD/CHF: Last week, this pair achieved a predictable feat - the USD reaching parity with the CHF. The price went above the great psychological levels at 1.0000 and 1.0050, closing above the latter on Friday. In the face of the ongoing strength in the Greenback, the pair would continue its upwards journey this week, possibly reaching the resistance levels at 1.0100 and 1.0150.

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GBP/USD: Among the majors, the Cable was the strongest moving last week. The movement was so strong that the price fell by 400 pips, testing the accumulation territory at 1.5050. The outlook for this market remains bearish and it is possible that the accumulation territories at 1.5000 and 1.4950 would be attained this week.

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USD/JPY: The price on this currency trading instrument moved upwards slowly and steadily last week, and then jumped further upwards on November 6, 2015. Price closed at 123.17 on that day on a strong bullish note. The bullish journey would continue this week (and this month), owing to a positive outlook for most JPY pairs.

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EUR/JPY: The EUR/JPY pair remains in a bearish mode, though the journey southward was not significant last week. As long as the Euro is strong, the EUR/JPY pair would continue trending downwards. The only occurrence that can reverse this expectation is the occurrence that enables the Yen to be suddenly weaker than the Euro.

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