EUR/USD: The
drop of the USD/CHF has been able to propel the EUR/USD to the upside, for the
two currency trading instruments are negatively correlated to each other. A
newly formed Bullish Confirmation Pattern has been able to support the current
bullish bias. In this market, bearish corrections may be treated as good opportunities
to buy long.
USD/CHF: This currency trading
instrument has already plummeted by 170 pips this week. Price dropped into the
support level at 0.9700, where bulls have been battling bears. It is most likely
that bulls would lose out, as price would go on towards another resistance
levels at 0.9650 and 0.9600 today or tomorrow.
GBP/USD: There is now a bullish
signal on the Cable, especially in the 4-hour chart. The EMA 11 has crossed the
EMA 56 to the upside, while the RSI period 14 is above the level 50. Price is
supposed to continue trending further north from here. Some fundamental figures
are expected today and they could have some impact on the market.
USD/JPY: There is now a
Bearish Confirmation Pattern in the USD/JPY 4-hour chart. Price has come down
by 190 pips this week, almost testing the demand level at 103.00. Further
bearish movement is possible and the demand levels at 102.50 and 102.00 could
be tested.
EUR/JPY: The
situation in the cross looks dicey right now. The RSI period 14 is below the
level 50, showing a bearish signal; but the EMA 11 is yet to cross the EMA 56
to the downside. Moreover, the market itself appears to be in a kind of
short-term correction in the context of a short-term uptrend. It is better to
wait to see what would happen in the market.
The material has been provided by InstaForex Company – www.instaforex.com
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