InstaForex - Analytics

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    Daily analysis of major pairs for March 10, 2016 2016-03-10

    EUR/USD: There is still a shallow correction in this market. The price is expected to rise again, going towards the resistance line at 1.1050 and breaching it to the upside, while the price travels further north. A movement below the support line of 1.0900 would render this expectation invalid.

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    USD/CHF: The USD/CHF pair continues to consolidate between the support level of 0.9900 and the resistance level of 1.0000, which is an important level. This consolidation has been going on for a few weeks, but a strong breakout is imminent, and that may happen today or tomorrow. Right now, the USD and the CHF have the same stamina.

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    GBP/USD: This currency trading instrument has consolidated so far this week. However, the bias remains bullish: the EMA 11 is above the EMA 56 and the RSI period 14 is not below the level of 50. The price is likely to go upwards when a breakout does occur. Some fundamental figures are expected today and they could have a significant impact on the market.

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    USD/JPY: After consolidating for a few weeks, the USD/JPY pair generated a sell signal on Tuesday, forming a clean Bearish Confirmation Pattern in the chart. Nevertheless, the sell signal is in jeopardy owing to the upwards bounce that happened yesterday, which pushed the price up by 150 pips. In case the price goes above the supply level of 114.50, the recent sell signal would be invalid. If the price trends lower and lower, the recent sell signal would be reinforced.

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    EUR/JPY: The present consolidation posed a threat to the current bullish outlook on the EUR/JPY pair, for the outlook on the market could turn neutral in case it moves sideways for a few more trading days. The current bullish outlook is so vulnerable that any movement below the demand zone at 123.50 would easily render it useless. Therefore, price movements, which we see today or tomorrow, would determine the fate of this cross.

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