InstaForex - Analytics

InstaForex

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Daily analysis of major pairs for November 10, 2015

EUR/USD: The EUR/USD pair moved simply sideways on Monday. 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 bears' potential targets this week.

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USD/CHF: In the face of ongoing strength in the greenback, the USD/CHF pair would continue its upwards journey this week. It could reach the resistance levels of 1.0100 and 1.0150. Therefore, the current shallow pullback should be viewed as an opportunity to go long.

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GBP/USD: In the context of a downtrend, the GBP/USD pair bounced upwards on Monday moving above the accumulation territory at 1.5100. This is seen as a faint bullish attempt and unless the price goes above the distribution territories at 1.5300 and 1.5350, the bullish attempt might be taken as a short-selling opportunity.

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USD/JPY: After topping 123.50, this currency trading instrument got corrected lower though the outlook for the market is bright. In the face of an anticipated bullish movements in most JPY pairs this month (coupled with the strength in the USD), it is logical to conclude that this currency trading instrument would continue its upward journey, going above the supply level of 123.50 again.

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EUR/JPY: The EUR/JPY pair remains moving in a bearish mode, though the journey southward is not significant. 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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