EUR/USD: The
initial targets at 1.0800 and 1.0750 have been breached by this currency
trading instrument. The next targets are located at the support lines of 1.0700
and 1.0650. On the other hand, there are chances that the EUR/USD would rally
this week, especially when the USD/CHF pulls back significantly.
USD/CHF: The USD/CHF has
continued its bullish journey, now above the support level at 0.9950. The great
psychological level at 1.0000 has been tested, and it could be tested again.
Lots of buying pressure would be needed for the psychological level to be
breached to the upside; otherwise a pullback could be witnessed.
GBP/USD: This market was engaged
in a shallow bearish correction on Monday, while the short-term bias remains
bearish. A movement of about 250 pips to the downside would put the short-term
bullish bias in jeopardy and strengthen the long-term bearish bias. What would
happen today or tomorrow would determine the situation on the market.
USD/JPY: The USD/JPY has been
trending upwards strongly. From the low of 101.19, which was reached last
Wednesday, price has gone upwards by 730 pips, forming a strong Bullish
Confirmation Pattern in the market. The supply level at 108.50 is almost
breached to the upside, and it would soon be breached to the upside.
EUR/JPY: This
currency cross managed to go further upwards on November 14, 2016. There is
already a bullish signal in the market; plus price is above the demand zone at
116.00, going towards the supply zones at 116.50 and 117.00. Since the outlook
on JPY pairs is bullish for this week, it is possible that price would end up
staying above those supply zones.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of major pairs for November 15, 2016 appeared first on forex-analytics.press.