Daily Analysis of Major Pairs for March 17, 2016
EUR/USD: The EUR/USD pair broke upwards on Wednesday, ending the short-term consolidation phase in the market. The price is now above the support line at 1.1200, going towards other resistance lines at 1.1250 and 1.1300. Some fundamental figures are expected today and they could have an impact on the market.
USD/CHF: The USD/CHF pair broke downwards yesterday, ending the gradual bullish effort we saw at the beginning of this week. There was a warning that the bullish effort could end up being just a rally in the context of a downtrend, and that is exactly what happened. The price broke down by 150 pips yesterday, now targeting the support level at 0.9700.
GBP/USD: What happened on the GBP/USD chart on Wednesday has become a threat to the bearish effort we saw at the beginning of the week. The price moved upwards by 200 pips on Wednesday, almost going above the accumulation territory at 1.4250. A movement above the distribution territory at 1.4300 could result in a clean Bullish Confirmation Pattern onthe chart.
USD/JPY: This pair broke south on March 16, 2016: The EMA 11 is slightly below the EMA 56 while the RSI period 14 is slightly below the level 50. This should be a "sell" signal, but the wild choppy condition of the market is not over yet. So what could be a "sell" signal is better avoided until a directional bias is perceived.
EUR/JPY: This cross pair moved upwards on Wednesday, now above the demand zone at 126.00. There is a clear bullish signal here because the EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The price might now target the supply zones at 127.00 and 127.50. After all, the outlook on JPY pairs is bright.
The material has been provided by InstaForex Company - www.instaforex.com
