Author Topic: Daily analysis of major pairs for May 9, 2017  (Read 245 times)

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Daily analysis of major pairs for May 9, 2017
« on: May 09, 2017, 04:55:04 AM »
The USD/CHF went upwards on Monday ? in the contest of a downtrend. Price is now close to the resistance level at 1.0000, which is an important level. A movement above that resistance level would threaten the existing bearish bias, while a movement above another resistance level at 1.0100 would result in a bullish outlook.

EUR/USD: The EUR/USD moved south on Monday, while the bias on the market remains bullish. A movement below the support lines at 1.0850, 1.0800 and 1.0750 would result in a bearish signal, while a rally from this point would serve to strengthen the existing bullish bias.

USD/CHF: The USD/CHF went upwards on Monday ? in the contest of a downtrend. Price is now close to the resistance level at 1.0000, which is an important level. A movement above that resistance level would threaten the existing bearish bias, while a movement above another resistance level at 1.0100 would result in a bullish outlook. It has been forecasted that the USD would gain some strength this week, and this has started happening sooner. 

GBP/USD: The Cable consolidated on May 8, 2017. There is a huge Bullish Confirmation Pattern in the 4-hour chart, and further bullish movement is possible this week, which would take price towards the distribution territories at 1.3000, 1.3050 and 1.3100. The outlook on the market remains bullish for the week.

USD/JPY: The USD/JPY went upwards yesterday, now above the demand level at 113.00. Price is now targeting the supply level at 113.50, and it may reach another supply level at 114.00. Further bullish effort may be witnessed before a major pullback overrides the medium-term bearishness in the market.

EUR/JPY: This cross pair is in a bullish mode. Price went upwards last week, and there is a possibility that price would go further north this week. There would be some pullbacks along the way, which are expected to be transitory. Only a pullback of about 300 pips could threaten the current bullish outlook.

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Daily analysis of major pairs for May 9, 2017
« on: May 09, 2017, 04:55:04 AM »

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