EUR/USD: There
seems to be a novel bullish signal on the EUR/USD, owing to what happened in
the market on Monday. Price actions reveals willingness to push price further
upwards, targeting the resistance lines at 1.1000, 1.1050 and 1.1100. This
could lead to a Bullish Confirmation Pattern in the 4-hour chart.
USD/CHF: This currency trading
instrument shows a slight weakness on October 31, which almost resulted a
bearish signal. However, the outlook for this week is bearish, and the
resistance levels at 0.9950 and 1.0000 could be tested. It may not be easy for
bulls to push price above the resistance level at 1.0000 because it is an
important psychological level.
GBP/USD: The Cable has been
consolidating for about two weeks – an even that has resulted in a neutral bias
in the short-term. The long-term outlook on the market remains bearish and when
momentum rises, it would most likely favor the bears. Strong volatility would
be witnessed on GBP pairs this week, and some of them would be weaker in most
cases.
USD/JPY: Bulls are still able to
uphold the Bullish Confirmation Pattern that is being seen on this pair. The outlook
on JPY pairs (the USD/JPY included) is bullish for this week, and therefore, a
price movement towards the supply levels at 105.50, 106.00 and 106.00 could be
witnessed this week.
EUR/JPY: This
is a bull market in the short-term. The bullishness started last week, and it
remains intact. The supply zones that are being watched are located at 115.50
and 116.00. The demand zones at 114.00 and 113.50 would impede attempts to push
price significantly southwards.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of major pairs for November 1, 2016 appeared first on forex-analytics.press.