12.09.201612:28 Forex Analysis & Reviews: Daily analysis of major pairs for September 12, 2016

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EUR/USD: The EUR/USD price moved upwards 150 pips, testing the resistance line at 1.1300 before getting corrected downwards on Thursday and Friday. It is expected that price would continue going upwards this week, therefore making the pullback of Friday a good opportunity to go long at better prices. The outlook on EUR is bullish, so you might want to watch other EUR pairs (some of which has already started moving upwards).

USD/CHF: There are interesting factors which would contribute to a bearish movement of this currency trading instrument this week. The EUR/USD pair would go upwards, which would cause USD/CHF to trend downwards. USD itself would be weak and CHF would gather some stamina (please watch CHF pairs). This week, bears would target the support levels at 0.9700 and 0.9650.

GBP/USD: The bias on the Cable is bearish in the long term. Some effort was made last week to push market upwards, but bears came in to push it downwards, as it closed at 1.3266 on Friday. A movement below the accumulation territory at 1.3100 would result in stronger Bearish Confirmation Pattern on the chart. A movement above the distribution territory at 1.3450 would result in a bullish bias in the near term.

USD/JPY: The USD/JPY pair dropped by 260 pips from Monday to Wednesday and then started going upward from Thursday and closing above the demand level at 102.50 on Friday. The bias on the pair, as well as other JPY pairs, is bullish for this week. Thus price could reach the supply levels at 103.50 and 104.00 this week. The supply level at 103.00 was already tested last week and it could be tested this week.

EUR/JPY: This currency trading instrument went down 200 pips from Monday till Wednesday and started going upward from that day – an action which resulted in a bullish signal on the 4-hour chart. Price is supposed to continue going upwards this week, targeting the supply zones at 116.00 and 116.50. EUR would be strong and JPY would be weak.

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