InstaForex - Analytics

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    Daily analysis of major pairs for March 9, 2016 2016-03-09

    EUR/USD: This pair managed to reach the resistance line of 1.1050, before performing the current shallow correction. The price is expected to rise again, going towards the resistance line of 1.1050 and breaching it to the upside, while the price travels further north. This opinion is tenable because the price action in the chart shows that bulls are still willing to push the price upwards.

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    USD/CHF: This currency trading instrument has been trading largely sideways since last week, not going above the resistance level at 1.0000 and below the support level at 0.9900. There is a bound to be a breakout this week, which would take the price below the aforementioned support level or above the resistance level. Since we expect the EUR/USD pair to continue going upwards, the USD/CHF pair would most probably go downwards.

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    GBP/USD: Bulls have been making commendable efforts in pushing the cable further upwards, although there was nothing spectacular on Tuesday. The price got corrected lower first, but bulls still have their chin in the air. The EMA 11 is above the EMA 56 as the RSI period 14 goes above the level of 50. The best line of action is to continue seeking long trading opportunities on the cable.

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    USD/JPY: After consolidating during a few weeks, the USD/JPY pair generated a sell signal on Tuesday, forming a clear Bearish Confirmation Pattern in the chart. This means that the price could be trending further downwards, targeting the demand levels of 112.00 and 111.50. The demand level at 112.50 has already been tested and it would be breached to the downside soon.

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    EUR/JPY: The present consolidation to the downside has become the threat to the current bullish outlook on the EUR/JPY pair (which is already precarious). The current bullish outlook is so vulnerable that any movement below the demand zone of 123.50 would easily render it useless. Therefore, price movements would determine the fate of this cross today or tomorrow.

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