InstaForex - Analytics


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Daily analysis of major pairs for November 4, 2015

EUR/USD: On the EUR/USD chart, there is still a bearish confirmation pattern. It means that the market is expected to continue going further and further downwards, especially as long as the US dollar is strong, which is the outlook for the greenback in November 2015. Only exponential weakness in the greenback can reverse the trend.


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USD/CHF: This pair remains bullish, now attempting to recover the slight loss it saw last week. The EMA 11 is above the EMA 56 and the Williams' Range period 20 has just sauntered into the overbought region. This shows an ongoing buying pressure in the market, which may help the price move further upwards.


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GBP/USD: The GBP/USD made a bullish attempt on Tuesday, but bears pushed the price back below the distribution territory to 1.5450. There is still a bullish signal in the market, which would be sensible as long as the accumulation territory at 1.5300 is not breached to the downside.


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USD/JPY: The USD/JPY is making some bullish effort, though there has not been anything significant this week yet. The price is now above the demand level at 121.00, looking to reach the supply level at 121.50. The ultimate target for this week is located at the supply level of 122.00.


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EUR/JPY: This cross made a faint bullish effort on Tuesday in the context of a downtrend. The cross would be weak as long as the EUR is weak. For this cross to rally, the yen would need to be weaker than the euro, which is not true at the moment.


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