Daily analysis of major pairs for April 18, 2017

The USD/CHF did nothing yesterday. Price is still consolidating, just as it did last week. The consolidation is supposed to continue this week until there is a breakout, which would either take price above the resistance level at 1.0100 or below the support level at 1.0000. A movement below the support level at 1.0000 would require a strong selling pressure.

EUR/USD: The EUR/USD simply consolidated on April 17, 2017. A breakout to the downside is anticipated this week, which would most probably be in favor of bears. However, this does not rule out possibilities of bullish effort this week.

USD/CHF: The USD/CHF did nothing yesterday. Price is still consolidating, just as it did last week. The consolidation is supposed to continue this week until there is a breakout, which would either take price above the resistance level at 1.0100 or below the support level at 1.0000. A movement below the support level at 1.0000 would require a strong selling pressure.

GBP/USD: The GBP/USD has made further bullish attempt this week, now testing the distribution territory at 1.2600. There is a Bullish Confirmation Pattern in the market, and price may eventually go above that distribution territory, as it targets other distribution territories at 1.2650 and 1.2700, which are the targets for this week.

USD/JPY: This currency trading instrument bounced upwards in the context of a downtrend. The upwards bounce is shallow and it is supposed to be a good opportunity to sell short when price rises briefly in the context of a downtrend. That kind of “selling short” may bring better prices as the demand levels at 108.50 and 108.00 are tested again.

EUR/JPY: What has happened to the EUR/JPY is quite similar to what has happened to the USD/JPY. The market has bounced upwards (nothing significant) in the context of a downtrend, but bears would push the market downwards again, as it goes towards the demand zones at 115.00, 114.50 and 114.00.

Performed by Azeez Mustapha,
Analytical expert
www.instaforex.com
InstaForex Companies Group


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