InstaForex - Analytics

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    Daily analysis of major pairs for October 20, 2015

    EUR/USD: This pair did not perform any significant movement yesterday (just like most popular pairs). However, there could be some serious movement today or tomorrow, which would most probably be in favor of bulls because the outlook for the pair is currently bullish.

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    USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF pair; plus the pair would remain under selling pressure as long as the EUR/USD pair is in a bullish mode. So, it is logical to conclude that the movement in the USD/CHF would be largely determined by whatever happens to EUR/USD.

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    GBP/USD: The GBP/USD pair was unable to break above the distribution territory of 1.5500 last week - something that needs to be achieved this week. An uptrend could continue. The uptrend would be rational as long as the accumulation territory of 1.5200 is not broken to the downside. This means that any noticed pullbacks in the market could be taken as an opportunity to go long.

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    USD/JPY: This currency trading instrument is still at the neutral territory. The price must either go above the supply level of 121.00 or go below the demand level at 118.00. Until now, swing and position traders might prefere to stay away from the market.

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    EUR/JPY: The EUR/JPY cross did not move that much on Monday, but some movements are expected this week. A movement below the demand zone of 134.50 would result in a bearish outlook (though it is expected that the demand zone would defend the extant bullish outlook). Any movement above the supply zone of 136.00 would reinforce an existing bullish outlook, which might mean that last week's pullback was a nice opportunity to go long.

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