Nigerian Best Forum . NBF

SOCIETY, BUSINESS and ECONOMY => BUSINESS and ECONOMY => STOCK and FOREX EXCHANGE => Topic started by: Instaforex Analyst on April 03, 2018, 05:24:16 AM

Title: Daily analysis of major pairs for April 3, 2018
Post by: Instaforex Analyst on April 03, 2018, 05:24:16 AM
Daily analysis of USD/CHF for April 3, 2018

This trading instrument did not make any significant movement yesterday. The resistance level at 0.9550 is under siege and it is almost broken to the upside. As the EUR/USD is weakened further, the USD/CHF will go northwards, targeting the resistance levels at 0.9600 and 0.9650. A very strong buying pressure is needed to reach the resistance level at 0.9650.

The market will go upward when volatility arises. A rise in the market is expected this week, which would also be fueled by weakness in the EURUSD. The resistance levels at 0.9550, 0.9600 and 0.9650 could be reached before the end of the week.

Daily analysis of USD/JPY for April 3, 2018

This pair made a slight bearish movement on April 2. There is still a weak Bullish Confirmation Pattern in the market, at least on a short-term basis.  Further bearish movement would result in a confirmation of the recent bearish bias, while a movement to the upside will bring about a bullish bias on the market.

This month, there will be great volatility on JPY pairs, which would most probably favor bears. The supply level at 107.00 has thus become a major barrier for any bullish effort, as price goes downwards towards the demand levels at 106.00, 105.50 and 105.00. 

Daily analysis of EUR/JPY for April 3, 2018

The EUR/JPY is bearish in the long-term, and rather neutral in the short-term. Price pulled back on Monday, and that could harbinger a rise in volatility. However, the demand zone at 130.00, which has been tested already, could be tested and get breached to the downside.

There is a higher probability that price will go southwards (in agreement with the long-term outlook) when a breakout does occur. There is still a Bearish Confirmation Pattern in the market, and that would become more important as price goes further downwards, reaching the demand zones at 129.50 and 129.00 today.

Performed by Azeez Mustapha,
Analytical expert (   
InstaForex Companies Group