Daily Analysis of Major Pairs for March 29, 2016
EUR/USD: This pair moved sideways on Monday, just like its USD/CHF rival. A movement below the support line at 1.1050 would easily render the recent bullish outlook invalid. It is expected that the EUR/USD pair would trend further south this week, so as most other EUR pairs.
USD/CHF: This pair moved sideways yesterday, and it has not assumed any directional movement this week. When a breakout occurs, it will take the price either above the resistance level of 0.9800 or below the supply level of 0.9700. A breakout above the resistance level of 0.9800 is most likely.
GBP/USD: The Cable moved upwards by over 150 pips on Monday – only to get corrected lower. Right now, there is a serious threat of invalidation to the current bearish outlook on the market. A further northward movement of 200 pips would result in a clean Bullish Confirmation Pattern in the chart; whereas a movement below the accumulation territory at 1.4150 would reinforce the recent bearish indication on the market.
USD/JPY: The perpetual bullish effort on the USD/JPY pair has already resulted in a "buy" signal, which remains valid. The EMA 11 is above the EMA 56; and the RSI period 14 is above the 50 level . Based on an upbeat outlook on the JPY pairs, the USD/JPY should be seen trading further upwards today and tomorrow.
EUR/JPY: As it was expected, the EUR/JPY pair trended upwards on Monday (March 28, 2016). The price moved upwards by 80 pips, now above the demand zone at 127.00. The next target for the bulls are located at the supply zones at 127.50 and 128.00. However, this does not rule out any possibilities of pullbacks along the way.
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