Daily Analysis of Major Pairs for March 22, 2016
EUR/USD: The bullish outlook on this pair is still valid. The market could continue going upwards but there is a possibility that the bears might come in and push the price downwards. The EUR could be seen weakening versus some majors this week.
USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF. The EMA 11 is below the EMA 56 and the Williams' % Range period 20 is in the oversold region. This week would see next direction in the market, which would most probably favor the bulls, for the EUR/USD (which is negatively correlated to the USD/CHF). The pair might drop this week.
GBP/USD: This currency instrument traded lower on Monday – in the context of an uptrend. The uptrend would not be rendered illogical as long as the price does not go below the accumulation territory at 1.4200. The price might rally from here, attaining the distribution territory at 1.4500, therefore we can see strengthening of the existing Bullish Confirmation Pattern on the chart.
USD/JPY: The USD/JPY pair moved slightly upwards on Monday, reaching the supply level of 112.00. That movement was in the context of a downtrend; but the downtrend would be invalidated as soon as the price goes above the supply level of 113.50. A significant bullish journey required for this condition will be fulfilled. That is a forecast for the week.
EUR/JPY: Here, the market seems to be ready to go further upwards. The EMA 11 is above the EMA 56 whereas the RSI period 14 is above the level 50. It is likely that the market would go above the supply zone at 126.00, starting a clear directional movement, which would happen this week. The movement would most probably favor the bulls, for the outlook on JPY pairs is bullish this week.
The material has been provided by InstaForex Company - www.instaforex.com
