EUR/USD: The
EUR/USD pair underwent bearish activity last week. Bulls made an attempt
to push up the market on Thursday and Friday, but bears prevented that from
happening as they halted further an upward movement, thus saving the current
bearish signal. Unless price goes above the resistance line at 0.9850, the
bearish signal would be intact.
USD/CHF: The USD/CHF pair underwent bullish activity last week. Bears made an attempt to push the
market down on Thursday and Friday, but bulls prevented that from happening as they
halted further downside movement, thus saving the current bullish bias. Unless
price goes below the support level at 0.9650, the bullish bias would be intact.
GBP/USD: The Cable went sideways
from Monday to Wednesday and started going upwards on Thursday and Friday. This
was an upwards movement of 280 pips, and price has already tested the
distribution territory at 1.3350. The bias on the market is bullish in the
near-term and bearish in the long term. Other GBP pairs are also bullish (while
EUR/GBP is bearish), and therefore, high volatility is expected this week.
USD/JPY: The USD/JPY cross has
continued the bullish journey it started on August 26, 2016. Since then, price
has gone upwards 400 pips, now around the supply level at 104.00, which was
tested last week and could be retested this week. This bias on this pair, as
well as other JPY pairs, is bullish. Until there is a noteworthy change in the
market, long trades would be logical.
EUR/JPY: The protracted
equilibrium phase that occurred on this cross ended on August 26, 2016. Since
then, price has gone upwards by 300 pips, now testing the supply zone at
116.00. Once price goes above that supply zone, the next target for bulls are
at the supply zones at 116.50 and 117.00.
The material has been provided by InstaForex Company – www.instaforex.com
The post Daily analysis of major pairs for September 5, 2016 appeared first on forex-analytics.press.