Daily analysis of major pairs for April 23, 2018

Daily analysis of USD/CHF for April 23, 2018

USD/CHF

This pair has been going upwards. The Bullish Confirmation Pattern in this market was partly brought about by the anticipated stamina in Greenback. Since testing the support level at 0.9200 on February 16, price has gained 550 pips (gaining 220 pips in this month alone), closing around the resistance level at 0.9750 on Friday.

This is a bull market and it is good for long trades. Price should continue going further upwards as EURUSD is pushed further southwards. The resistance levels at 0.9800 and 0.9850 are the targets for this week.

Daily analysis of USD/JPY for April 23, 2018

USD/JPY
The USD/JPY is bearish in the long-term, and bullish in the short-term. After price rammed into the demand level at 105.00 on March 23, it has gone upwards by 280 pips since then. Price closed above the demand level at 107.50 on Friday and it may even reach the supply levels at 108.00 and 108.50 this week….

Before the anticipated reversal occurs, price could go upwards a little bit. The reversal may be strong enough to take price towards the demand level at 107.50. Yes, there is a Bearish Confirmation Pattern in the market.

Daily analysis of EUR/JPY for April 23, 2018

EUR/JPY
The EUR/JPY is bullish in the near-term, but the bullishness in the market is very weak. Price did almost nothing last week, save some consolidating movement throughout the week. The consolidation may continue this week, but a breakout is imminent, which would most probably favor bears.

Thus, the demand zones at 132.00, 131.50 and 131.00 could be reached, which may effectively challenge the recent bullishness in the market. It is expected that further southward movement would play itself out this week, because the outlook on JPY pairs is somewhat bearish for the week.

Trading realities: http://www.advfnbooks.com/books/unlockpotential/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.

• 

  Anthony Wintle

• 

  Kiana Danial

• 

  Ella Mason

• 

  Lee Wild