InstaForex - Analytics

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    Daily analysis of major pairs for November 23, 2015

    EUR/USD: There was no directional movement in the EUR/USD last week as the market simply went up and down in an unreliable manner closing at 1.0645 on Friday. There is a possibility that the price would continue south and the price is expected to rise sharply. This week would witness the possibilities.

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    USD/CHF: This pair trudged upwards slowly and gradually last week testing the resistance level at 1.0200 without being able to go above it. For the bullish bias to continue to hold out, the resistance level ought to be broken to the upside this week (while the price stays above it).

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    GBP/USD: This currency trading instrument went upwards by about 150 pips last week, going briefly above the distribution territory of 1.5300 before going below it. This created a bogus bullish signal as bears came in and pushed the price back to the level it by the end of the week. A movement below the accumulation territory at 1.5150 would reinforce the existing bearish outlook, while the movement above the distribution territory of 1.5400 would mean a complete end to an existing bearish outlook.

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    USD/JPY: The USD/JPY pair did not make any significant directional movement last week. It just went up and down in a shallow manner though the bullish bias remains valid. This week, there is a probability that the pair can continue moving upwards owing to an anticipated loss of stamina in the yen.

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    EUR/JPY: The EUR/JPY cross closed below the supply level of 131.00 in solidarity with an ongoing bearish outlook in the market. Although this cross would find it difficult to go upwards as long as the euro is very weak, unless the yen shows more serious weakness versus the euro. There is also a possibility that JPY pairs can still rally in November.

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