Daily analysis of major pairs for March 20, 2017

The EUR/USD went north last week – just as it was predicted. Although the market went south on Monday and Tuesday, it went northward in the last few days of last week. Price went briefly above the resistance line at 1.0750 and later closed below it on Friday. This week, some vivid correction is expected, for the outlook on EUR is bearish for the week.

EUR/USD: The EUR/USD went north last week – just as it was predicted. Although the market went south on Monday and Tuesday, it went northward in the last few days of last week. Price went briefly above the resistance line at 1.0750 and later closed below it on Friday. This week, some vivid correction is expected, for the outlook on EUR is bearish for the week.

USD/CHF: This pair moved sideways from Monday till Wednesday and then plummeted on Thursday. Price went down by 150 pips, testing the support level at 0.9950. The USD/CHF is supposed to continue going downwards as long as the EUR/USD is going upwards, although things may reverse this week.

GBP/USD: As it was anticipated, the Cable went upwards last week. A factor that was responsible for this is the weakness in USD, for the Cable is weak in its own right. From the accumulation territory at 1.2150, price went upwards by 250 pips, closing at 1.2395, after testing the distribution territory at 1.2400. This week, there could be a reversal in the market, especially when USD shows some strength.

USD/JPY: This currency trading instrument went sideways in the first few days of last week, and then dropped like a stone. What brought about this is the weakness in USD, which brought about the southwards journey in the market. Price went south by 220 pips last week, and further southwards journey is possible. However, there could be a rally before the end of the month, for the outlook on JPY pairs is bullish.

EUR/JPY: This cross pair consolidated to the downside last month. Apart from this, the overall movement was essentially flat. The fact that the cross did not trend upwards last week, reveal some hidden stamina in JPY. This week, more consolidation would bring about a neutral outlook on the market, although it is possible that JPY pairs would rally soon.

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).

Follow @ItuGlobal

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.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Alice Hudson

• 

  Glenmore Investments

• 

  Thierry Laduguie

• 

  Deb Shaw