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Daily analysis of major pairs for March 18, 2015

EUR/USD: The EUR/USD is still experiencing a short-term rally in the context of a downtrend. Unless the resistance lines at 1.0700 and 1.0800 are overcome and breached to the upside, the short-term rally would be seen as another opportunity to go short targeting the support lines at 1.0550 and 1.0500.

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USD/CHF: The USD/CHF has been moving sideways since last week, and unlike the EUR/USD which bounced upwards, it has not pulled back this week. The outlook on the market remains bullish. Now, there is a possibility that the market would try the resistance level at 1.0150.

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GBP/USD: This currency trading instrument is also bearish and the shallow stamina could be seen as a chance to look for shorting opportunities with the expectation that the price would dive towards the accumulation territories at 1.4700 and 1.4600. In fact the price has started going down.

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USD/JPY: The USD/JPY has been moving sideways since last week and there would soon be a breakout which would potentially favor the bulls. The rationale behind this expectation is corroborated by the fact that the price is above the EMA 56 while the RSI period 14 is above the level of 50. This upward breakout is expected to happen this week or early next week.

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EUR/JPY: The EUR/JPY is consolidating to the upside and in the context of a downtrend. The Bearish Confirmation Pattern on the chart is still a valid thing and unless the supply zones at 130.00 and 140.00 are overcome, the upside consolidation would bring nice shorting opportunities.

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Uitgevoerd door, Analytische expert
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