Daily analysis of major pairs for October 16, 2017
The EUR/USD is bullish both in the long-term and the short-term. However, the outlook on this pair is bearish for this week, and so it is for other EUR pairs. Therefore, the shallow bearish correction that was started last Friday could go on to become something significant as price goes towards the support lines at 1.1750 and 1.1700.
EUR/USD: The EUR/USD is bullish both in the long-term and the short-term. However, the outlook on this pair is bearish for this week, and so it is for other EUR pairs. Therefore, the shallow bearish correction that was started on Friday could go on to become something significant as price goes towards the support lines at 1.1750 and 1.1700.
USD/CHF: There is still some bullishness on the USD/CHF. This week, the movement of price would be determined by whatever happens to the EUR/USD. When EUR/USD goes upwards, the USD/CHF would have a limited bullish movement. When the former goes down, the latter would find it easy to go upwards.
GBP/USD: The Cable is now bullish both in the short-term and the long-term. There is a Bullish Confirmation Pattern in the market, which would become more conspicuous as price goes further upwards towards the distribution territories at 1.3300 and 1.3350. There are accumulation territories at 1.3200 and 1.3151, which would try to hinder some bearish attempts.
USD/JPY: This pair is bearish in the short-term, though the bullish bias is not completely over. There is a possibility that price would continue to go southwards this week, moving below the demand levels at 111.50, 111.00 and 110.50. Should this happen, the bullish bias would then be over.
EUR/JPY: This currency trading instrument is bullish in the long-term, while there is a bearish threat in the short-term. Since the outlook on EUR pairs is bearish for this week, it is possible that price would continue to go downwards towards the demand zones at 132.00, 131.50 and 131.00. A northwards movement of 150 pips from here would render this expectation invalid.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html
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