InstaForex - Analytics

InstaForex

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Daily analysis of major pairs for August 11, 2015

EUR/USD: This pair traded upwards on Monday, creating a 'buy' signal in the market. The price is currently above the support line at 1.1000, and it could reach the resistance line at 1.1100. The bullish outlook would be logical as long as the USD is weak.

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USD/CHF: It is intriguing to see that both USD/CHF and EUR/USD are trying to go upwards at the same time. According to their nature, the two pairs ought to go in opposite directions. Therefore, the USD/CHF pair could move south today, in case the EUR/USD pair continues to go further north.

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GBP/USD: The GBP/USD pair went upwards by over 100 pips on Monday, testing the distribution territory at 1.5600. In case the distribution territory is overcome, the next target would be the distribution territory at 1.5700. On the other hand, there are accumulation territories at 1.5550 and 1.5500.

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USD/JPY: It is still sensible to consider this currency trading instrument is on the bull market, though there was no much movement on Monday. The price action in the market reveals that bulls are going on pushing the price further north.

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EUR/JPY: Just like EUR/USD, EUR/JPY cross also moved upward on Monday. This movement of 120 pips was strong enough to lead to a strong Bullish Confirmation Pattern in the market. The price may attain the supply zone at 137.50 (and later, another supply zone at 138.00). There cannot be a threat to the bullish bias as long as the price stays above the demand zone at 136.00.

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