Daily analysis of major pairs for March 14, 2017
The GBP/USD made some faint bullish effort on Monday – in the context of a downtrend. Unless price moves upwards by at least, 300 pips, there may not be a threat against the trend. Price is expected to drop further from here, testing the accumulation territories at 1.2200 and 1.2150 again.
EUR/USD: The EUR/USD tested the resistance line at 1.0700 yesterday, and then pulled back a bit. There is still a bullish bias on the market, which could potentially make the shallow pullback to turn out to be another opportunity to buy long when things are temporarily on sale, and in the context of a downtrend.
USD/CHF: The GBP/USD continues to drop further – albeit gradually. Price has dropped almost 80 pips since testing the resistance level at 1.0150. For bears, there are easy targets, located at the support levels at 1.0050 and 1.0000. As long as the EUR/USD goes upwards, the USD/CHF would go downwards.
GBP/USD: The GBP/USD made some faint bullish effort on Monday – in the context of a downtrend. Unless price moves upwards by at least, 300 pips, there cannot be a threat against the trend. Price is expected to drop further from here, testing the accumulation territories at 1.2200 and 1.2150 again.
USD/JPY: This week, this pair could go upwards, but this effort could be scuttled by the expected weakness in USD. There are supply levels at 116.00, 115.50 and 115.00. There are also demand levels at 114.50, 114.00 and 113.50.
EUR/JPY: This currency cross is in a bullish mode. The slight pullback that was witnessed yesterday was not a significant thing. While the demand zones at 122.00 and 121.50 could be tested this week, price is generally expected to trend upwards, reaching the supply zones at 122.50, 123.00 and 123.50.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Super Trading Strategies: http://www.advfnbooks.com/books/supertradingstrategies/index.html
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