EUR/USD: The
EUR/USD pair has become neutral in the short and long terms. The market did nothing
significant last week (plus on Monday), save testing the resistance line at
1.1250 and the support line at 1.1150. A rise in momentum would force the
market to go above that resistance line or below the support line, which may
happen this week.
USD/CHF: This pair is making
some bullish attempt, which has triggered a new “buy” signal in the market.
Although price may not trend upwards significantly, the resistance levels at
0.9750 could be tested and breached to the upside. A strong buying pressure is
needed for the resistance level at 0.9800 to be reached.
GBP/USD: Following the
volatility contraction that was seen on the Cable last week, price trended
downwards yesterday in tune with the dominant bearish bias. Price went
down by 100 pips yesterday and it could go further south today. Any rallies
here would be transitory in nature and would bring good opportunities to sell
short.
USD/JPY: By all indication, it
is logical to seek long trades in USD/JPY right now. Price has been making some
slow and steady bullish attempt, and this has resulted in a Bullish
Confirmation Pattern on the 4-hour chart, which reveals that bulls are still
willing to push price further upwards.
EUR/JPY: The
situation around this cross pair is similar to that of USD/JPY. Price has
been making some slow and steady bullish attempts, and this has resulted in a
Bullish Confirmation Pattern on the 4-hour chart, which reveals that bulls are
still willing to push price further upwards.
The material has been provided by InstaForex Company – www.instaforex.com
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