07.11.201711:46 Forex Analysis & Reviews: Daily analysis of major pairs for November 7, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD: The EUR/USD pair is moving downwards gradually, while the overall bias on the market is bearish. Price is now below the resistance line at 1.1600, going towards the support line at 1.1550. USD is supposed to be strong this week, and that is what would put some bearish pressure on the EUR/USD pair.

USD/CHF: The USD/CHF pair did not move seriously on Monday, but it was able to maintain its bullishness. The targets for this week are located at the resistance levels of 1.0050, 1.0100, and 1.0150. The resistance level at 1.0150 would require a very strong buying pressure to be breached to the upside.

GBP/USD: The Cable is a kind of maniacal market right now, with large upswings and downswings. The short-term bias on the market is neither clearly bearish nor clearly bullish. A directional bias is expected to form soon, after price goes perpetually in one direction. Until then, one would do well to stay out of the market.

USD/JPY: A bullish signal has been generated on the USD/JPY pairs. Price is currently making bullish effort; and having gone above the demand level at 114.00, it is targeting the supply level at 114.500. Another target for the week is the supply level at 115.00.

EUR/JPY: There is a Bearish Confirmation Pattern on this cross, and rallies ought to be construed as opportunities to sell short. The demand zone at 132.00 has been tested and it would be tested again (it would be breached to the downside as price goes further south). Owing to a bearish outlook on EUR pairs this week, the market is supposed to go further southwards.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.