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Forex Analysis: 21 Apr 2017, 01:14 UTC+00

Daily analysis of major pairs for April 21, 2017

Daily analysis of major pairs for April 21, 2017

EUR/USD: This pair made some bullish effort this week – something that resulted in a bullish signal. The bullish signal remains valid, as the price might go toward the resistance lines at 1.0750, 1.0800 and 1.0850. A movement above the resistance line at 1.0800 would put more emphasis on the bullishness of the pair.

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USD/CHF: There remains a bearish signal on the USD/CHF. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is not far from the oversold territory. As long as the price is below the resistance level at 1.0000, the bearish signal would be valid. Once price moves above the resistance level at 1.0000, the bearish bias would become invalid.

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GBP/USD: Following the massive rally that was seen this week, The Cable has been caught in a sideways movement. There remains a huge Bullish Confirmation Pattern in the 4-hour chart, and when the sideways movement has panned out, there would be a rise in momentum, which would most probably be in favor of bulls.

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USD/JPY: This currency trading instrument is trying to rally in the context of a downtrend. There is a need for price to go upwards by at least 150 pips before the bias can turn bearish. Until that happens, this trading instrument ought to be approached with caution, for there is still a possibility of a bearish movement.

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EUR/JPY: The EUR/JPY has already generated a bullish signal. Price is currently above the demand zone at 117.00, going toward the supply zones at 117.50 and 118.00. The bullish movement is expected to continue within the next several trading days.

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azeez_mustapha
Performed by
analytical expert: Azeez Mustapha
InstaForex Group © 2007-2017
 Published: 21 Apr 2017, 01:14 UTC+00

 
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