Author Topic: Daily analysis of major pairs for May 29, 2018  (Read 808 times)

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Daily analysis of major pairs for May 29, 2018
« on: May 29, 2018, 03:28:37 AM »
Daily analysis of USD/CHF for May 29, 2018


USD/CHF
This pair did nothing significant on Monday ? except a sideways movement in the context of a short-term downtrend. However, a breakout is supposed to happen today or tomorrow, which would most probably favor bears. There is a Bearish Confirmation Pattern in the market, and the bias is bearish. 


The market can thus reach the support levels at 0.9900 and 0.9850, thereby erasing the long-term bullish outlook on the market?  However, for this to happen, there is a need for a strong bearish pressure.

Daily analysis of USD/JPY for May 29, 2018

USD/JPY
This pair dropped 50 pips pm May 29, testing the demand level at 109.00. The demand level would be tested again and get breached to the downside. There is now a Bearish Confirmation Pattern in the market (4-hour chart). There is a ?sell? signal in the market, which would aid further southwards movement.

The bias on the market is currently bearish (starting last week), and this may affect the long-term bullish bias, as the demand levels at 109.00, 108.50 and 108.00 are aimed, for there is a considerable stamina in Yen.

Daily analysis of EUR/JPY for May 29, 2018

EUR/JPY
What happened to this cross is quite similar to what happened to the USD/JPY, due to the stamina in JPY. Yesterday, price went lower by 150 pips, testing the demand level at 126.50. The demand level may also be breached to the downside as price continues to get weakened lower and lower.

This week, the demand zones at 126.50, 126.00 and 125.50 may be reached. There could be occasional upwards bounces along the way, but price is expected to continue going downwards. There is now a Bearish Confirmation Pattern in the market.

Performed by Azeez Mustapha,
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Daily analysis of major pairs for May 29, 2018
« on: May 29, 2018, 03:28:37 AM »

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