Daily analysis of major pairs for June 26, 2017
The EUR/JPY cross has been able to maintain the bullish bias it started on June 15. Price tested the demand zone at 123.50, and then was able to go above the demand zone at 124.50. This has revealed a bullish intent, and price could go further upwards. However, the upwards movement may not be so serious because of a possibility of a smooth bearish run before the end of the week.
EUR/USD: The bias on the EUR/USD has become neutral because price did not do anything significant last week. There was generally a movement between the support line at 1.1100 and the resistance line at 1.1250. There must be a movement above the aforementioned resistance line or below the support line. A movement above the resistance line is the most likely for this week.
USD/CHF: This pair remains essentially a bear market. The bearish signal that started in May 2017 is still in place, and further bearish movement is anticipated, especially when the EUR/USD goes upwards. The targets for this week are located at the support levels at 0.9650 and 0.9600.
GBP/USD: This weak currency trading instrument went downwards in the first few trading days of last week, to test the accumulation territory at 1.2600, before bouncing upwards to close above the accumulation territory at 1.2700 on Friday. That upwards bounce could end up becoming a good opportunity to go short, because the market could turn downwards to test the accumulation territories at 1.2700, 1.2650 and 1.2600 this week (these are the targets, since those accumulation territories were also previously tested last week). The outlook on GBP pairs remains bearish for the week.
USD/JPY: This pair has become neutral, because price could not continue going upwards to sustain the generation of the bullish signal, which took place on June 15. In fact, price simply went sideways last week, preparing to break out upwards or downwards (downwards is more probable, because the outlook on JPY pair remains bearish for this week).
EUR/JPY: The EUR/JPY cross has been able to maintain the bullish bias it started on June 15. Price tested the demand zone at 123.50, and then was able to go above the demand zone at 124.50. This has revealed a bullish intent, and price could go further upwards. However, the upwards movement may not be so serious because of a possibility of a smooth bearish run before the end of the week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html
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