EUR/USD: The
EUR/USD pair moved sideways on Wednesday, following the bearish run it performed on
Tuesday, partly owing to the ongoing stamina in the USD. The price has gone below
the resistance line at 1.1200, targeting the support line at 1.1150. Since
there is a Bearish Confirmation Pattern in the market, it is rational to think that
the price could even go below that support line. Some fundamental figures are expected today
and they would have impact on the markets.
USD/CHF: The USD/CHF pair went flat
on Wednesday, though the outlook is bullish. The EMA 11 is above the EMA 56;
whereas the Williams’ % Range period 20 is sloping towards the oversold area.
This is a threat to the existing bullish bias, and bulls need to keep the
price from falling below the support level at 0.9800; otherwise, things could
turn vividly downwards.
GBP/USD: The Cable has moved upwards by 230 pips this week. The price is now above the accumulation territory at 1.4700. As a result of the Bullish Confirmation Pattern on the chart, the Cable is expected to keep on going upwards, reaching the distribution territories at 1.4750 and 1.4800.
USD/JPY: The USD/JPY pair has some near-term bullishness in
it. There is still some degree of willingness in bulls, to push the price
upwards, though there is some resistance from bears. Since the EMA 11 is above
the EMA 56, and the RSI period 14 is also above the level 50, it is rational to
expect an imminent breakout to favor bulls.
EUR/JPY: This
cross has gone slightly downwards this week, but it has been unable to stay
below the demand zone at 122.50. The price should go below the demand zone so
as to support the current bearish signal in the market; otherwise, a possible
rally would trump up the current bearish signal.
The material has been provided by InstaForex Company – www.instaforex.com
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