Daily Analysis of Major Pairs for March 24, 2016
EUR/USD: The EUR/USD pair has come down by 100 pips this week – a slow and gradual process. Further downward movement is expected and this might render the recent bullish outlook illogical. The bears would target the support lines at 1.1150 and 1.1100 this week or next week.
USD/CHF: What is happening on this currency trading instrument is best called a rally in the context of an uptrend. The EMA 11 remains above the EMA 56, while the Williams' % Range period 20 is in the oversold region. This could mean that the price would continue moving up and up until the bearish bias is overturned.
GBP/USD: The Cable has been engaged in a clean bearish run, having moved downwards by at least 350 pips this week. The price is now under the distribution territory at 1.4150, poised to reach the accumulation territories at 1.4050 and 1.4000. Some fundamental figures are expected today and they would have impact on the Cable.
USD/JPY: The perpetual bullish movement that is seen on this pair has nearly jeopardized the recent bearish outlook on the market. If not for the slight bearish correction that was seen on Wednesday, there would have been a Bullish Confirmation Pattern in the chart. Nonetheless, the outlook on the USD/JPY pair is bright and further northward journey is possible.
EUR/JPY: Although things are currently flat here, the EUR/JPY pair seems to be ready to go further upwards. The EMA 11 is above the EMA 56 whereas the RSI period 14 is below the 50 level . It is better to stay away from this flat market until the price is ready to go in a directional mode.
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