Daily analysis of major pairs for July 17, 2017

Share On Facebook

The EUR/JPY moved downwards last week, in the context of an uptrend. Price first went upwards to test the supply zone at 130.50, before it got corrected by 180 pips. The demand zone at 128.50 has tried to halt further correction, but price may break below it as it goes further southwards, thus invalidating the uptrend.

©

EUR/USD: This pair has been able to maintain its bullishness so far; though price went in a zigzag manner. The pair closed above the support line of 1.1450 on July 14, now targeting the resistance line at 1.1500 (the initial target for the week). As soon as price exceeds the resistance line, it would go upwards to target additional resistance lines.

USD/CHF: This market is neutral in the short-term and bearish in the long-term. The neutrality in the market would continue as long as price does not go above the resistance level at 0.9750; and as long as it does not go below the support level at 0.9550. A movement above the aforementioned resistance level would result in a bullish bias, while a movement below the support level at 0.9550 would strengthen the current bearish bias.

GBP/USD: The GBP/USD moved sideways early last week, and it shot seriously skywards in the last few days of the week. The distribution territory at 1.3100 has been tested and it would soon be breached to the upside, for price can move further upwards by 200 pips this week. The outlook on certain other GBP pairs is also bullish.

USD/JPY: The movement on this currency trading instrument was bearish last week, and that has become a threat to the recent bullish bias. Only an upwards movement from here would save the bullish bias. A movement below the demand level at 111.50 would invalidate the recent bullish bias, creating a clear “sell” signal. That is the expectation for this week.

EUR/JPY: The EUR/JPY moved downwards last week, in the context of an uptrend. Price first went upwards to test the supply zone at 130.50, before it got corrected by 180 pips. The demand zone at 128.50 has tried to halt further correction, but price may break below it as it goes further southwards, thus invalidating the uptrend. It should be borne in mind that the outlook on JPY pairs is bearish for July.

 

Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V: D:20170925 22:31:34