Daily analysis of major pairs for May 28, 2018
Daily analysis of USD/CHF for May 28, 2018
USD/CHF
This USD/CHF is bullish in the long-term, and bearish in the short-term. Last week, price turned southwards, testing the level at 0.9900 several times and eventually closing below it on Friday. One reason why the market became bearish in the short-term is the strength in CHF. CHF still strong, as evident on major CHF pairs.
The market can thus reach the support levels at 0.9850 and 0.9800, thereby erasing the long-term bullish outlook on the market… Short trades are not currently advisable as further bearish movement is a strong possibility.
Daily analysis of USD/JPY for May 28, 2018
USD/JPY
The trend on the USD/JPY is also bearish in the short-term, but bullish in the long-term. From the high of last week, price went downwards by 230 pips, to test the demand level at 109.00, closing above it on May 25.
Further bearish movement is expected this week, and this may affect the long-term bullish bias, as the demand levels at 109.00, 108.50 and 108.00 are aimed, for there is a considerable stamina in Yen. There is now a Bearish Confirmation Pattern in the market (4-hour chart). There is a “sell” signal in the market.
Daily analysis of EUR/JPY for May 28, 2018
EUR/JPY
Here, the downwards movement that happened last week has put an end to the recent sideways movement that was seen in the market. From May 9 to 22, the market consolidated in the context of a downtrend, and at last, there was a breakout in favor of sellers. This has really put more emphasis on the Bearish Confirmation Pattern in the market, coupled with the weakness in EUR.
This week, the demand zones at 127.00, 126.50 and 126.00 may be reached. There could be occasional upwards bounces along the way, but price is expected to continue going downwards. There is now a Bearish Confirmation Pattern in the market.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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