Daily analysis of major pairs for March 10, 2018
Daily analysis of USD/CHF for March 10, 2018
USD/CHF
There was a commendable bullish effort in this market. The USD/CHF is bullish in the near-term. However, it is neutral in the medium-term and bearish in the long-term. Now, in the short-term, price moved sideways from Monday to Wednesday and then rose on Thursday, becoming bullish. From the support level at 0.9350, price rose above the support level at 0.9500, closing above it on Friday.
There is a short-term Bullish Confirmation Pattern in the market. There could be further upwards movement, but it will not last long because a considerable amount of pullback is expected this week, owing to a bullish outlook on CHF, which may cause other CHF pairs to go.
Daily analysis of USD/JPY for March 10, 2018
USD/JPY
This is a weak market that cannot go seriously upwards. The outlook on the USD/JPY pair remains bearish, but some bullish effort was made last week. For instance, price rose from the demand level at 105.50, to test the supply level at 107.00. This kind of price action can only threaten the extant bearish bias when price gains additional 150 pips, from here.
There is a slight Bearish Confirmation Pattern in the market, which would become stronger as the market goes further downwards. There are demand levels at 106.50, 106.00 and 105.50. Likewise, there are supply levels at 107.00, 107.50 and 108.00.
Daily analysis of EUR/JPY for March 10, 2018
EUR/JPY
The situation surrounding this cross is quite intriguing. Price moved sideways on March 5, rose upwards later that day and on March 6, but then consolidated throughout last week. The consolidation can continue this week, but a rise in momentum is also expected. When a breakout occurs, it will most likely be in favor of the bear, because the outlook on JPY pairs is bearish for this week.
There is a Bearish Confirmation Pattern in the market, and it would become clearer as price goes further downwards, owing to a bearish outlook on JPY pairs. Therefore, initial targets may be put at the demand zones of 131.00, 130.50 and 130.00.
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InstaForex Companies Group
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