Daily analysis of major pairs for September 18, 2017

Share On Facebook

The USD/JPY went bearish in the first week of this month and then went bullish last week. The market is bearish in the long-term and bullish in the short-term. This week, price could go further upwards by another 100 pips, but further bullish movement would be rejected, owing to a bearish expectation on JPY pairs for this week.

EUR/USD: There is short-term neutrality on the EUR/USD – although the long-term bias on the market is bullish. The short-term neutrality on the market would end as price goes upwards by about 150 pips or goes downwards by about 150 pips from here.

USD/CHF: This pair is bearish in the long-term and neutral in the short-term. For a directional movement to start, price would either need to go below the supply line at 0.9500 (staying below it); or price would go above the resistance level at 0.9700, causing a bullish signal to be generated. A movement below the support level at 0.9500 would strengthen the overall bearish outlook, while movements between the support line at 0.9500 and the resistance line at 0.9700, would perpetuate the ongoing neutrality in the market.

GBP/USD: This currency trading instrument has gone upwards seriously, gaining about 680 pips within two weeks (the movement last week was the strongest). There is a huge Bullish Confirmation Pattern in the market, which portends further bullish movement. This week, the distribution territories at 1.3600, 1.3650 and 1.3700 could be seen. There could be pauses and transitory bearish corrections along the way.

USD/JPY: The USD/JPY went bearish in the first week of this month and then went bullish last week. The market is bearish in the long-term and bullish in the short-term. This week, price could go further upwards by another 100 pips, but further bullish movement would be rejected, owing to a bearish expectation on JPY pairs for this week.

EUR/JPY: The EUR/JPY went upwards from the demand zone at 130.00 to test the supply zone at 133.00 (a gain of 300 pips). The supply zones at 132.50, 133.00 and 133.50 would be reached this week before there is a turn in the market, which would harbinger a southwards movement, which would result in a bearish bias. On Friday, price closed below the supply zone at 132.50, after testing the supply zone at 133.00.

 

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: V: D:20191214 20:37:41