Daily analysis of USD/CHF for April 24, 2018
The USD/CHF went seriously upwards on Monday. The Bullish Confirmation Pattern in this market was brought about by the strength in Greenback. Since testing the support level at 0.9200 on February 16, price has gained 550 pips (gaining 250 pips in this month alone), and now very close to the resistance level at 0.9800.
The bias on the market is bullish, both in the long-term and the near-term. Further upwards movement is anticipated, which would bring price towards the resistance levels at 0.9800, 0.9850 and 0.9900.
Daily analysis of USD/JPY for April 24, 2018
This currency trading instrument shot skywards on April 23, 2018. The market gained 138 pips that day alone, moving above the demand level at 108.50 and moving closer to the supply level at 109.00. That supply level would be breached to the upside as price goes further skywards.
There is now a Bullish Confirmation Pattern in the market, which is brought about by the recent rally. The short-term bias is bullish, but once price goes above the supply level at 109.50, the long-term bias also would turn bullish. Short trades are not currently recommended, owing to a buying pressure in the market.
Daily analysis of EUR/JPY for April 24, 2018
Unlike its USD/JPY counterpart, this cross pair has not done much this week Price did almost nothing last week, save some consolidating movement throughout the week. The consolidation may continue this week, but a breakout is imminent, which would be directional on nature.
A strong directional movement is expected any moment, which would most probably be in favor of bulls. On the other hand there is another possibility of price going bearish before the end of this week, because the outlook on JPY pairs is somewhat bearish for the week. Swings in the market may thus be short-term or medium-term.
Performed by Azeez Mustapha,
InstaForex Companies Group