InstaForex - Analytics

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Daily analysis of major pairs for November 2, 2015

EUR/USD: This pair tested the support line at 1.0900, and later bounced upwards in the context of a downtrend. Nevertheless, the overall bias remains bearish. Unless the price goes above the resistance line at 1.1150 (which would require a serious buying pressure), the bias would remain bearish. Thus, the support line at 1.0900 could be tested again in case the selling pressure resumes in earnest. The outlook for the USD is bullish for the month of November 2015.

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USD/CHF: This pair tested the resistance level at 0.9950, and later got corrected downwards in the context of an uptrend. Nevertheless, the overall bias remains bullish. Unless the price goes below the support level at 0.9750 (which would require a serious selling pressure), the bias would remain bullish. Thus, the resistance level at 0.9950 could be tested again in case the buying pressure resumes in earnest.

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GBP/USD: After testing the accumulation territory at 1.5250, the Cable spiked upwards last week. However, the overall bias remains bearish and it cannot be rendered invalid unless the distribution territory at 1.5500 is overcome. Until it happens, any rallies could be considered to be mere long squeezes (transitory rallies).

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USD/JPY: Although the current outlook for this pair is bullish, the price has not made any serious directional movement so far. What can be seen in the chart is the alternating movements between bulls and bears. The price needs to continue moving upwards, otherwise, the market could enter another equilibrium phase.

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EUR/JPY: This cross first went south last week and it then moved upwards in the context of a downtrend. Normally, the cross would be weak as long as the EUR is weak, but this can be reversed in case the JPY becomes weaker than the EUR. Except in certain cases, the JPY pairs could rally significantly this month.

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