Forex Analysis and News for Major Currency pairs December, Week 2
This Analysis is brought to you by PROFIFOREX
Here is the market outlook for this week:
EURUSD
Price Trend: Bearish
At the beginning of last week, there was an increase of 300 pips in the EURUSD. This increase brought the pair up hitting 1.0850 - which is a resistance line. After this, the direction turned around with a strong decline in prices. By the end of the week, the EURUSD had lost the initial gains it recorded at the beginning of the week. With the decline extending further; pushing the pair down to the support line located at 1.0550. For the next four days, the possibility is high that the pair would keep falling, with a weakening EUR and strengthening USD.
EURJPY
Dominant bias: Bullish
At the moment, the bullish confirmation pattern in this pair is very clear. Of late, prices had gone up and down but all the same the trend is yet to change from an uptrend. Across this week, prices may reach 122.00, 122.50, even as far as 123.00 (all these being supply zones). The main factor supporting the increase in this pair is the yen that is losing strength. Unless the yen gets stronger, the euro which is actually weak will yet be recording gains against the yen; thus maintaining the uptrend.
GBPUSD
Price Trend: Bearish
On Monday and Tuesday last week, there were gains in the GBPUSD with the pair pushing up to reach the distribution territory located at 1.2750. The pair made commendable attempts to remain above this point but eventually recorded little success; falling below it. This really affected the chances of the pair pulling up. Across the next four days, we expect the GBPUSD to suffer further decline possibly breaking through a couple of accumulation territories. The trend however for most GBP pairs this week is a downtrend.
USDJPY
Price Trend: Bullish
There was a continuation in the consolidation in this pair from Monday to Tuesday last week. But by Thursday, we were already seeing an increase in the pair. The USDJPY so far has recorded an increase of over 1380 pips since the very distinct low the pair had dropped to 9th of last month. The trend continues to be an uptrend as such prices may reach the supply levels located at 115.50, 116.00 and 116.50 across the next four days.
USDCHF
Price Trend: Bullish
For the first three days of last week, there was sideways movement in the USDCHF. But from Thursday, the pair started to record gains strengthening the uptrend. The push brought up prices testing 1.0200, which is a notable resistance level, only to eventually close below it. Across the next four days however, the USDCHF could push up to 1.0250 even rising farther into 1.0300 (both being resistance levels). The possibility is strong that the CHF may push up against a number of its rivals, even attempting to rise against the US dollar.
This Analysis is brought to you by PROFIFOREX
Here is the market outlook for this week:
EURUSD
Price Trend: Bearish
At the beginning of last week, there was an increase of 300 pips in the EURUSD. This increase brought the pair up hitting 1.0850 - which is a resistance line. After this, the direction turned around with a strong decline in prices. By the end of the week, the EURUSD had lost the initial gains it recorded at the beginning of the week. With the decline extending further; pushing the pair down to the support line located at 1.0550. For the next four days, the possibility is high that the pair would keep falling, with a weakening EUR and strengthening USD.
EURJPY
Dominant bias: Bullish
At the moment, the bullish confirmation pattern in this pair is very clear. Of late, prices had gone up and down but all the same the trend is yet to change from an uptrend. Across this week, prices may reach 122.00, 122.50, even as far as 123.00 (all these being supply zones). The main factor supporting the increase in this pair is the yen that is losing strength. Unless the yen gets stronger, the euro which is actually weak will yet be recording gains against the yen; thus maintaining the uptrend.
GBPUSD
Price Trend: Bearish
On Monday and Tuesday last week, there were gains in the GBPUSD with the pair pushing up to reach the distribution territory located at 1.2750. The pair made commendable attempts to remain above this point but eventually recorded little success; falling below it. This really affected the chances of the pair pulling up. Across the next four days, we expect the GBPUSD to suffer further decline possibly breaking through a couple of accumulation territories. The trend however for most GBP pairs this week is a downtrend.
USDJPY
Price Trend: Bullish
There was a continuation in the consolidation in this pair from Monday to Tuesday last week. But by Thursday, we were already seeing an increase in the pair. The USDJPY so far has recorded an increase of over 1380 pips since the very distinct low the pair had dropped to 9th of last month. The trend continues to be an uptrend as such prices may reach the supply levels located at 115.50, 116.00 and 116.50 across the next four days.
USDCHF
Price Trend: Bullish
For the first three days of last week, there was sideways movement in the USDCHF. But from Thursday, the pair started to record gains strengthening the uptrend. The push brought up prices testing 1.0200, which is a notable resistance level, only to eventually close below it. Across the next four days however, the USDCHF could push up to 1.0250 even rising farther into 1.0300 (both being resistance levels). The possibility is strong that the CHF may push up against a number of its rivals, even attempting to rise against the US dollar.
Forex Analysis and News for Major Currency pairs
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