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24.03.201701:19 Forex Analysis & Reviews: Daily analysis of major pairs for March 24, 2017

Long-term review

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EUR/USD: The EUR/USD consolidated throughout yesterday. Price is currently active around the support line at 1.0800. It has tested it several times and it is bent on moving above it, going toward the resistance lines at 1.0850 and 1.0900.

USD/CHF: This currency trading instrument has gone far below the great psychological level at 1.0000, which would impede any meaningful bullish attempt in the market. Price is currently below the resistance level at 0.9950, and it may test the support level at 0.9900 (which was previously tested this week).

GBP/USD: Yesterday, the Cable was able to go above the accumulation territory at 1.2500, now going toward the distribution territory at 1.2550, which would soon be breached to the upside, provided GBP continues to gain stamina versus USD. Until there is a clear reversal in the market, the outlook on it is bullish.

USD/JPY: The USD/JPY has been trending downwards since March 14, 2017. Price has gone down more than 400 pips since then, and now it is active around the demand level at 111.00. Another demand zone at 110.50 and 110.00 could be tested within the next few trading days before there is a reversal in the market.

EUR/JPY: This is a bear market – with a strong Bearish Confirmation Pattern in the market (4-hour chart). Price has gone downwards by 180 pips this week, having gone downwards by 310 pips since March 13. There is a lot of consolidating activity around the demand zone at 119.50, which would most probably be breached to the downside.

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