empty
 
 
17.08.2016 03:42 AM
Daily analysis of major pairs for August 17, 2016

EUR/USD: The EUR/USD has moved upwards by 170 pips this week, testing the resistance line at 1.1300. There is a Bullish Confirmation Pattern in the chart, and further upward movement is possible, as price goes above the resistance line at 1.1300, targeting another resistance lines at 1.1350 and 1.1400.

This image is no longer relevant

USD/CHF: The USD/CHF has moved downwards by 150 pips this week, testing the support level at 0.9600. There is a Bearish Confirmation Pattern in the chart, and further downward movement is possible, as price goes below the support level at 0.9600, targeting another support levels at 0.9550 and 0.9500.

This image is no longer relevant

GBP/USD: This pair rallied 150 pips yesterday, without being able to pose any threat to the extant bearish outlook. Price would need to move upwards by at least, 300 pips, before there can be a Bullish Confirmation Pattern in the 4-hour chart. Otherwise, the event of yesterday would simply be another opportunity to go short at a better price.

This image is no longer relevant

USD/JPY: This is a bear market in the short term. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. All bulls' effort in the market is expected to be scuttled. Then bears might be able to push price towards the demand levels at 99.50 and 99.00; though that would require strong selling pressure.

This image is no longer relevant

EUR/JPY: It can be said that the EUR/JPY consolidated yesterday, in the context of a downtrend. Price is expected to move further downwards this week, reaching the demand zones at 112.50 and 112.00; especially as EUR is expected to be weakened further today or tomorrow.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback