Instaforex Trading Forecasts

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325

The USD/CHF went downwards on August 1 and 2, and then began a bullish journey that lasted till August 5. This happened in the context of a downtrend and it has not invalidated the downtrend, which would hold for some time. When price goes beyond the resistance level at 0.9950, a clean bullish signal would form, though that is unlikely to happen.

EUR/USD: This pair moved north on Monday and Tuesday, and then began to trend downwards from Wednesday till the end of the week. Only a movement above the resistance line at 1.1300 would lead to a “buy” signal, otherwise, this pair would remain a bearish market.

USD/CHF: The USD/CHF went downwards on August 1 and 2, and then began a bullish journey that lasted till August 5. This happened in the context of a downtrend and it has not invalidated the downtrend, which would hold for some time. When price goes beyond the resistance level at 0.9950, a clean bullish signal would form, though that is unlikely to happen.

GBP/USD: On the Cable, the bias is bearish on the 4-hour and the daily chart, with clean Bearish Confirmation Patterns on both time horizons. The outlook for this week remains bearish, though price would eventually meet some recalcitrant accumulation territories at 1.3000 and 1.2950, which would pose some challenges to bears.

USD/JPY: This currency trading instrument moved sideways last week, then went further south, and the consolidated again till Friday. The outlook on the instrument, as well as other JPY pairs, remains strongly bearish. So it would be interesting to watch the demand levels at 101.00, 100.50 and 100.00, which should be breached after much selling pressure.

EUR/JPY: This cross moved south last week – by at least around 200 pips. This slow and steady movement (or fast movement) is expected to continue this week, as bears push price towards the demand zones at 112.50, 112.00 and 111.50. Since there is a Bearish Confirmation Pattern in the market, the demand zones would be likely reached, though there may be a show of strength by bulls along the way.

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326

The outlook on the GBP/USD remains bearish, both in daily and 4-hour charts. In the 4-hour chart, there is a Bearish Confirmation Pattern, which means price is supposed to continue going further south. There are accumulation territories at 1.3000 and 1.2950, which are potential targets for bears this week.

EUR/USD: This pair only moved sideways on Monday, and there is nothing significant so far. Only a movement above the resistance line at 1.1300 would lead to a “buy” signal, otherwise, this pair would remain a bearish market.

USD/CHF: There is a bullish signal on the USD/CHF – as shown by the current Bullish Confirmation Pattern in the chart. Price is currently above the support level at 0.9800, and it may later reach the resistance levels at 0.9850 and 0.9900 (which are the targets for bulls this week). However, it is unlikely that price would go above these resistance levels.

GBP/USD: The outlook on the GBP/USD remains bearish, both in daily and 4-hour charts. In the 4-hour chart, there is a Bearish Confirmation Pattern, which means price is supposed to continue going further south. There are accumulation territories at 1.3000 and 1.2950, which are potential targets for bears this week. Although there are also possibilities of the price going upwards once these accumulation territories are tested.

USD/JPY: This currency trading instrument moved slightly upwards on Monday, in what could well be a rally in the context of a downtrend. The outlook on the instrument, as well as other JPY pairs, remains strongly bearish. So it would be interesting to watch the demand levels at 101.00, 100.50 and 100.00, which should be breached after much selling pressure.

EUR/JPY: What happened in the market on August 8, 2016, could well be termed as a rally in a downtrend, for a bearish journey is expected to continue this week, as bears push price towards the demand zones at 112.50, 112.00 and 111.50. Since there is a Bearish Confirmation Pattern in the market, the demand zones would be likely reached, though there may be a show of strength by bulls along the way.

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327

As it was forecasted last week, the GBP/USD went south by 170 pips, to close below the distribution territory at 1.2950. The outlook on the market, as well as other GBP pairs, is bearish this week, and price could test the accumulation territories at 1.2900, 1.2850 and 1.2800.

EUR/USD: This pair went upwards 130 pips last week, testing the resistance line at 1.1200, and closing below it. Price should continue going upwards: The only impediment along the way is that EUR is expected to become weak this week, causing the EUR/USD to plunge. This expectation may also happen on other EUR pairs. Once price goes below the support line at 1.1050, the outlook on the market would turn bearish.

USD/CHF: This market has gone bearish in the short-term, closing at 0.9743 on August 12, 2016. While price could continue going downwards, there is also a possibility of a rally before the end of the week, particularly when the EUR/USD trends downwards. This means that the USD/CHF would continue going south only as long as the EUR/USD is strong.

GBP/USD: As it was forecasted last week, the GBP/USD went south by 170 pips, to close below the distribution territory at 1.2950. The outlook on the market, as well as other GBP pairs, is bearish this week, and price could test the accumulation territories at 1.2900, 1.2850 and 1.2800.

USD/JPY: As it was expected, bears came out as winners last week, on this pair. Efforts by bulls to effect rallies were scuttled by bears, as they pushed price further south, thus preserving the existing bearish outlook in the market. This week, bears should continue their dominance, as rallies proffer short-selling opportunities.

EUR/JPY: This currency trading instrument consolidated throughout last week – in the context of a downtrend. The Bearish Confirmation Pattern in the market is still a valid thing, and price is expected to move further downwards this week, reaching the demand zones at 112.50 and 112.00; especially as EUR is expected to be weakened further this week.

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328

The GBP/USD has gone further south this week, which means the market has gone down 450 pips since August 4, 2016. There is a strong Bearish Confirmation Pattern in the chart and there is a possibility that price could go further and further south, unless there is a strong fundamental event that favors GBP or comes out very unfavorably for USD.

EUR/USD: There was another bullish attempt on this pair, yesterday. Since there is a bullish signal in the market, it is expected that price would go further upwards, testing the resistance line at 1.1250, though the resistance line at 1.1200 would need to be overcome first.

USD/CHF: There is a sell signal on the USD/CHF, which made another attempt to go south on Monday. As long as the EUR/USD is strong, the USDCHF would be bearish, unless the former drops line a stone (which is a possibility this week or next). This means that the movement of the USD/CHF would be determined by whatever happens to the EUR/USD.

GBP/USD: The GBP/USD has gone further south this week, which means the market has gone down 450 pips since August 4, 2016. There is a strong Bearish Confirmation Pattern in the chart and there is a possibility that price could go further and further south, unless there is a strong fundamental event that favors GBP or comes out very unfavorably for USD.

USD/JPY: There was nothing significant in the market on August 15, 2016. There is currently a bearish outlook on the market and this is expected to continue to hold this week. This week, bears should continue their dominance, as rallies proffer short-selling opportunities.

EUR/JPY: It can be said that the EUR/JPY consolidated yesterday, in the context of a downtrend. Price is expected to move further downwards this week, reaching the demand zones at 112.50 and 112.00; especially as EUR is expected to be weakened further this week.

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329

The USD/CHF plunged into the support level at 0.9550 last week, closing above the support level. There is a Bearish Confirmation Pattern in the chart, and further downwards plunge could happen this week. However, a possible weakness in CHF, coupled with a possible weakness in the EUR/USD, might aid a significant rally in USD/CHF.

EUR/USD: The EUR/USD went upwards by 200 pips last week, and tested the resistance line at 1.1350. There is currently a shallow bearish retracement in the context of an uptrend, but price is supposed to continue going upwards this week, reaching other resistance lines at 1.1350, 1.1400 and 1.1450. A bearish movement could force price to test the support lines at 1.1250 and 1.1200.

USD/CHF: This pair plunged into the support level at 0.9550 last week, closing above the support level. There is a Bearish Confirmation Pattern in the chart, and further downwards plunge could happen this week. However, a possible weakness in CHF, coupled with a possible weakness in the EUR/USD, might aid a significant rally in USD/CHF.

GBP/USD: From Tuesday to Thursday, the Cable went north by 300 pips, reaching the distribution territory at 1.1350. Nevertheless, the upward movement is not serious enough to pose any threat to the dominant bias, which is bearish. This is even corroborated by what happened on Friday – a downwards correction by 130 pips. This week, further downwards pressure is possible because the Cable may be weak. For example, the GBP/CAD should plummet before the end of the week (owing to an expected stamina in CAD); and since GBP/USD is sometimes positively correlated with the GBP/CAD, it may experience a vivid bearish movement.

USD/JPY: It is good to check what is happening on other majors so that one can fathom the situations surrounding a trading instrument of interest. The outlook on JPY pairs is bearish in the long-term. The USD/JPY went sideways last week. It went further downwards on Monday and Tuesday and then consolidated till the end of this week. However, there should be a breakout this week, which might respect the dominant bearish trend or cause a near-term rally, especially when USD is strong.

EUR/JPY: This cross consolidated throughout last week, which was something it also did the week before last week. This has caused the bias to become neutral. The neutral bias would come to an end this week or next, when a breakout occurs, which would most probably favor bears.

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330

The EUR/JPY cross consolidated throughout last week, which was something it also did the week before last week. This has caused the bias to become neutral. The neutral bias would come to an end this week or next, when a breakout occurs, which would most probably favor bears.

EUR/USD: This currency trading instrument made further bullish effort yesterday, leading to a clearer bullish signal in the market. Price is currently above the support line at 1.1300; going towards the resistance line at 1.1350, which was tested yesterday and which was also tested last week, and would be tested again (and get breached to the upside).

USD/CHF: The USD/CHF did not make any significant movement on August 22, 2016. There is a Bearish Confirmation Pattern in the chart, and further downwards plunge could happen this week. However, a possible weakness in CHF, coupled with a possible weakness in the EUR/USD, might aid a significant rally in USD/CHF.

GBP/USD: This went sent upwards 100 pips on Monday, testing the distribution territory at 1.3150. That distribution territory was also tested last week, and it would be breached to the upside this week, because there is a Bullish Confirmation Pattern in the chart. There is a need for at least, 300 pips movement to the upside this week, before there can be any threat to the dominant bearish outlook.

USD/JPY: Since the middle of last week till now, the USD/JPY has moved sideways. A further sideways movement for more several trading days would eventually lead to a neutral bias in the near-term. However, there is going to be a breakout this week or next, which would most possibly favor bears.

EUR/JPY: This cross consolidated throughout last week, which was something it also did the week before last week. This has caused the bias to become neutral. The neutral bias would come to an end this week or next, when a breakout occurs, which would most probably favor bears.

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331

The USD/JPY consolidated from Monday to Friday, and then broke upwards on Friday. Since price has been consolidating for about two weeks, the breakout on Friday is yet to bring about any dominant bias in the short-term. The bias would turn bullish only after price goes above the supply levels at 103.00 and 103.50.

EUR/USD: This currency trading instrument found it difficult to go above the resistance line at 1.1350. Price fell sharply on Friday, causing a formidable threat to the ongoing bullish bias. A movement below the support line at 1.1100 would result in a Bearish Confirmation Pattern in the market. A movement above the resistance line at 1.1350 would strengthen the bullish outlook.

USD/CHF: This pair went upwards 170 pips last week. There are three factors that contributed to this: The USD was strong in its own right on Friday, the CHF was weak against some majors, including the USD, and the EUR/USD plummeted on Friday. As long as these factors are in effect, the USD/CHF would continue going upwards. Otherwise, price would decline.

GBP/USD: The Cable went upwards by 200 pips to test the distribution territory at 1.3250; prior to the bearish retracement that was seen on Friday. The bias on the Cable is bullish in the short-term and bearish in the long-term, and price ought to continue going northward so that the short-term bullish can be sustained. GBP pairs would experience high volatility in September.

USD/JPY: The USD/JPY consolidated from Monday to Friday, and then broke upwards on Friday. Since price has been consolidating for about two weeks, the breakout on Friday is yet to bring about any dominant bias in the short-term. The bias would turn bullish only after price goes above the supply levels at 103.00 and 103.50.

EUR/JPY: This cross has been flat for three weeks; plus the breakout that occurred on August 26, 2016, was not significant enough to bring about any news bias in the short-term. The dominant bias on higher timeframes like daily and weekly charts is bearish, and for the month of September 2016, it is expected that price would be trending lower and lower. The outlook on JPY pairs remains bearish. Therefore, any rally that was seen ought to be taken as an opportunity to sell short.

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332

There is a bullish signal on the USD/CHF, which has come into place since last Friday. Bulls might be able to target the resistance levels at 0.9800, 0.9850 and 0.9900 this week. In this market, any bearish retracements that occur should be taken as opportunities to go long.

EUR/USD: There is a bearish signal on the EUR/USD, which has come into place since last Friday. Bears might be able to target the support lines at 1.1150, 1.1100 and 1.1050 this week. In this market, any short-term rallies that occur should be taken as opportunities to go short.

USD/CHF: There is a bullish signal on the USD/CHF, which has come into place since last Friday. Bulls might be able to target the resistance levels at 0.9800, 0.9850 and 0.9900 this week. In this market, any bearish retracements that occur should be taken as opportunities to go long.

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GBP/USD: Price has gone down since last week, posing a threat to the recent bullish outlook in the market. A movement below the accumulation territory at 1.2950 would result in a Bearish Confirmation Pattern in the market, while a movement above the distribution territory at 1.3300 would strengthen the recent bullish bias.

USD/JPY: This pair has been making bullish attempts since August 26, 2016; an action that has resulted in a “buy” signal in the near-term. While the major bias on daily and weekly charts is bearish, there is a possibility that price might test the supply levels at 102.50, 103.50 and 104.00; even if there is going to be a pullback following that.

EUR/JPY: This cross has been making bullish attempts since the last day of last week; an action that has resulted in a “buy” signal in the near-term. While the major bias on daily and weekly charts is bearish, there is a possibility that price might test the supply zones at 115.0, 115.50 and 116.00; even if there is going to be a pullback following that.

333

The USD/JPY cross has continued the bullish journey it started on August 26, 2016. Since then, price has gone upwards 400 pips, now around the supply level at 104.00, which was tested last week and could be retested this week. This bias on this pair, as well as other JPY pairs, is bullish. Until there is a noteworthy change in the market, long trades would be logical.

EUR/USD: The EUR/USD underwent a measure of bearish activity last week. Bulls made attempt to push up the market on Thursday and Friday, but bears prevented that from happening as they halted further upward movement, thus saving the current bearish signal. Unless price goes above the resistance line at 0.9850, the bearish signal would be intact.

USD/CHF: The USD/CHF underwent a measure of bullish activity last week. Bears made attempt to push down the market on Thursday and Friday, but bulls prevented that from happening as they halted further downside movement, thus saving the current bullish bias. Unless price goes below the support level at 0.9650, the bullish bias would be intact.

GBP/USD: The Cable went sideways from Monday to Wednesday and started going upwards on Thursday and Friday. This was an upwards movement of 280 pips, and price has already tested the distribution territory at 1.3350. The bias on the market is bullish in the near-term and bearish in the long term. Other GBP pairs are also bullish (while EUR/GBP is bearish), and therefore, high volatility is expected this week.

USD/JPY: The USD/JPY cross has continued the bullish journey it started on August 26, 2016. Since then, price has gone upwards 400 pips, now around the supply level at 104.00, which was tested last week and could be retested this week. This bias on this pair, as well as other JPY pairs, is bullish. Until there is a noteworthy change in the market, long trades would be logical.

EUR/JPY: The protracted equilibrium phase that occurred on this cross ended on August 26, 2016. Since then, price has gone upwards by 300 pips, now testing the supply zone at 116.00. Once price goes above that supply zone, the next target for bulls are at the supply zones at 116.50 and 117.00.

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334

The EUR/JPY underwent an 85-pip pullback on Monday, in the context of an uptrend. The pullback could end up being an opportunity to buy at a lower price, for the market could go up upwards from here. As long as price does not go below the demand zone at 113.00, the bullish bias would remain valid.

EUR/USD: The EUR/USD did not undergo much activity yesterday. The bias is bearish and further downwards movement is anticipated this week, which would make price reach the support lines at 1.1100 and 1.1050 this week.

USD/CHF: This pair went flat on August 5, 2016 – while the bias on the market remains bullish. There is a Bullish Confirmation Pattern in the market, and it is expected that when the trend resumes, it would be in favor of bulls. The resistance levels at 0.9850 and 0.9900 could still be tested this week.

GBP/USD: GBP is already strengthened versus other majors (while the EUR/GBP is going downwards). There may be pullbacks along the way, which would be temporary in most cases. This means that further upwards movement is anticipated on the GBP/USD, which might reach the distribution territories at 1.3400 and 1.3450 this week.

USD/JPY: The USD/JPY experienced a minor pullback on Monday. The bias on this pair, as well as other JPY pairs, is bullish. There is a Bullish Confirmation Pattern in the market, and further northward movement is possible. Until there is a noteworthy change in the market, long trades would be logical.

EUR/JPY: The EUR/JPY underwent an 85-pip pullback on Monday, in the context of an uptrend. The pullback could end up being an opportunity to buy at a lower price, for the market could go up upwards from here. As long as price does not go below the demand zone at 113.00, the bullish bias would remain valid.

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335

The USD/JPY dropped by 260 pips from Monday to Wednesday and then started going upward from Thursday and closing above the demand level at 102.50 on Friday. The bias on the pair, as well as other JPY pairs, is bullish for this week. Thus price could reach the supply levels at 103.50 and 104.00 this week. The supply level at 103.00 was already tested last week and it could be rested this week.

EUR/USD: The EUR/USD price moved upwards 150 pips, testing the resistance line at 1.1300 before getting corrected downwards on Thursday and Friday. It is expected that price would continue going upwards this week, therefore making the pullback of Friday a good opportunity to go long at better prices. The outlook on EUR is bullish, so you might want to watch other EUR pairs (some of which has already started moving upwards).

USD/CHF: There are interesting factors which would contribute to a bearish movement of this currency trading instrument this week. The EUR/USD would go upwards, which would cause the USD/CHF to trend downwards. USD itself would be weak and CHF would gather some stamina (please watch CHF pairs). This week, bears would target the support levels at 0.9700 and 0.9650.

GBP/USD: The bias on the Cable is bearish in the long-term. Some effort was made last week, to push market upwards, but bears came in to push it downwards, as it closed at 1.3266 on Friday. A movement below the accumulation territory at 1.3100 would result in stronger Bearish Confirmation Pattern in the chart. A movement above the distribution territory at 1.3450 would result in a bullish bias in the near-term.

USD/JPY: The USD/JPY dropped by 260 pips from Monday to Wednesday and then started going upward from Thursday and closing above the demand level at 102.50 on Friday. The bias on the pair, as well as other JPY pairs, is bullish for this week. Thus price could reach the supply levels at 103.50 and 104.00 this week. The supply level at 103.00 was already tested last week and it could be rested this week.

EUR/JPY: This currency trading instrument went down 200 pips from Monday till Wednesday and started going upward from that day – an action which resulted in a bullish signal in the 4-hour chart. Price is supposed to continue going upwards this week, targeting the supply zones at 116.00 and 116.50. EUR would be strong and JPY would be weak.

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336

The USD/JPY trended a bit lower on Monday, thus creating a short-term bearish signal in the market. Price may test the demand levels at 101.50 and 100.00 this week, going further southwards

EUR/USD: This pair did nothing significant yesterday. It is expected that price would continue going upwards this week, therefore making the pullback of Friday a good opportunity to go long at better prices. The outlook on EUR is bullish, so you might want to watch other EUR pairs (some of which has already started moving upwards).

USD/CHF: The USD/CHF simply consolidated on Monday. The EUR/USD would go upwards this week, which would cause the USD/CHF to trend downwards. USD itself would be weak and CHF would gather some stamina (please watch CHF pairs). This week, bears would target the support levels at 0.9700 and 0.9650.

GBP/USD: The Cable moved sideways on September 12, 2016 – in the context of an uptrend. While the overall outlook is bearish, the near-term trend is bullish. This week, the bulls may target the distribution territories at 1.3350, 1.3400 and 1.3450. As long as price does not go below the accumulation territory at 1.3150, the near-term bullish outlook would be logical.

USD/JPY: The USD/JPY trended a bit lower on Monday, thus creating a short-term bearish signal in the market. Price may test the demand levels at 101.50 and 100.00 this week, going further southwards. The supply level at 103.00 would try to challenge bullish attempts along the way.

EUR/JPY: There is now a Bearish Confirmation Pattern in the EUR/JPY market (especially the 4-hour chart). There are demand zones at 114.00 and 113.50, which might be tested by bears. Further movement towards the south is possible today or tomorrow.

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337

The GBP/USD trended downwards slowly last week, and later dropped like a stone on Friday, September 16, 2016. The bias is bearish in the short-term and the long-term. Price is thus expected to continue moving downwards this week, reaching the accumulation territories at 1.2950 and 1.2900. GBP pairs, except the EURGBP, have also been going downwards.

EUR/USD: Had this pair moved sideways from September 12 to 16, the bias on it would have turned neutral. However, the market dropped 85 pips on Friday, closing at 1.1153. This has resulted in a bearish signal. As long as the resistance line at 1.1300 is not breached to the upside, the bearish signal would be valid.

USD/CHF: This currency trading instrument consolidated from Monday till Thursday and then trended upwards on Friday. The upwards movement was not significant enough to put an end to the ongoing neutral outlook. Once price goes above the resistance level at 0.9850, there would be a bullish signal, which would even become stronger as soon as the resistance level at 0.9900 is breached to the upside.

GBP/USD: The GBP/USD trended downwards slowly last week, and later dropped like a stone on Friday, September 16, 2016. The bias is bearish in the short-term and the long-term. Price is thus expected to continue moving downwards this week, reaching the accumulation territories at 1.2950 and 1.2900. GBP pairs, except the EURGBP, have also been going downwards.

USD/JPY: This pair simply consolidated throughout last week, not going below the demand level at 101.50 nor above the supply level at 103.50. The bias is neutral, but momentum is expected to rise this week, which would most probably take price towards the demand levels at 101.50 and 101.00 this week.

EUR/JPY: This cross pair trended downwards on Monday, and went upwards on Tuesday, only to top at 116.08 on Wednesday and began to trend downwards till Friday (a movement of 200 pips southward). There is a Bearish Confirmation Pattern in the market and the demand zones at 114.00, 113.50 and 113.00 would be tested this week. The outlook on other JPY pairs are also bearish.

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338

This pair simply consolidated throughout last week, not going below the demand level at 101.50 nor above the supply level at 103.50. Price did not go directionally yesterday. The bias is neutral, but momentum is expected to rise this week, which would most probably take price towards the demand levels at 101.50 and 101.00 this week.

EUR/USD: This pair has been coming downwards gradually and it has resulted in a Bearish Confirmation Pattern in the market. Further southward movement is expected today, for bears are in “temporary control” right now. As long as the resistance line at 1.1300 is not breached to the upside, the bearish signal would be valid.

USD/CHF: There is a short-term “buy” signal on the USD/CHF, and price is intent on going above the resistance level at 0.9800. In case this is successful, the next target would be the support level at 0.9850 and 0.9900, which may cause severe opposition from bulls, since that is a strong resistance level.

GBP/USD: Bulls made some attempt to push the Cable upwards yesterday, but that pales into insignificant when compared to the overall bearish trend in the market. The accumulation territories at 1.3000, 1.2950 and 1.2900 could be tested this week. There is a need for a strong fundamental factor before any meaningful rally can occur in the market.

USD/JPY: This pair simply consolidated throughout last week, not going below the demand level at 101.50 nor above the supply level at 103.50. Price did not go directionally yesterday. The bias is neutral, but momentum is expected to rise this week, which would most probably take price towards the demand levels at 101.50 and 101.00 this week.

EUR/JPY: This cross is bearish in the 4-hour chart, and the demand zone at 113.50 has been tested. Bears are still willing to push price further downwards and thus, the demand zone might be breached downward, going towards other demand zones at 113.00 and 112.50. This might happen any moment this week.

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339

The GBP/USD is bearish in the 4-hour and daily charts. Price declined further last week, in spite of bulls’ opposition, and their footprints can be seen in the chart. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take price towards the accumulation territories at 1.2950 and 1.2900.

EUR/USD: This pair is neutral in the long-term but bullish in the short-term. There is a Bullish Confirmation Pattern in the chart, and price is supposed to test the resistance lines at 1.1250, 1.1300 and 1.1350. However, there is a need for a very strong buying pressure to achieve this objective.

USD/CHF: Though the market is neutral in the long-term and bearish in the short-term. There is a Bearish Confirmation Pattern in the chart, and price is supposed to test the support levels at 0.9700 and 0.9650 this week. However, there is a need for a very strong selling pressure to achieve this aim.

GBP/USD: The GBP/USD is bearish in the 4-hour and daily charts. Price declined further last week, in spite of bulls’ opposition, and their footprints can be seen in the chart. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take price towards the accumulation territories at 1.2950 and 1.2900.

USD/JPY: This trading instrument is a bear market. Price consolidated on Monday and Tuesday, and then came down on Wednesday. It consolidated again towards the market close on Friday. Since the outlook on JPY pairs is bearish for this week, it is expected that the USD/JPY would continue its bearish journey, which would take price towards the demand levels at 100.50 and 100.00.

EUR/JPY: This cross pair also went bearish last week, just as it was prognosticated. Price went briefly below the demand zone at 112.50 and then started making some rally attempts – in the context of a downtrend. Since price is supposed to continue trending downwards this week, the current rally effort could be an opportunity to sell short at better prices.

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340

The USD/JPY made further bearish effort on Monday. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the market, and as well as other JPY pairs. Price is currently trading below the supply level at 101.50, targeting the demand levels at 101.00 and 99.50.

EUR/USD: This pair made further bullish attempt yesterday, going above the support line at 1.1250 and targeting the resistance line at 1.1300. Should the resistance line be broken to the upside, the next target would be the resistance line at 1.1350. The support line at 1.1250 would act as impediment to near-term bearish forces.

USD/CHF: There is a Bearish Confirmation Pattern in the USD/CHF 4-hour chart. The market is a kind of quiet now, but momentum would soon rise, which would most probably favor bears. The targets for the week are located at the support levels at 0.9650 and 0.9600. As long as price is under the resistance line at 0.9800, the bearish bias would be rational.

GBP/USD: Bears are still showing willingness to push price further southward this week. On the GBP/USD (as well as other GBP pairs), the outlook is bearish, and therefore, further decline is anticipated, which may take price towards the accumulation territories at 1.2950 and 1.2900. The accumulation territory at 1.2950 was tested and it would be tested once again.

USD/JPY: The USD/JPY made further bearish effort on Monday. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the market, and as well as other JPY pairs. Price is currently trading below the supply level at 101.50, targeting the demand levels at 101.00 and 99.50.

EUR/JPY: Here, bulls still show willingness to push price further southward. Although it was nothing significant, it helped corroborate the ongoing bearish outlook on the cross. Price is currently trading below the supply zone at 113.00, targeting the demand zones at 112.50 and 112.00.

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The EUR/USD has become neutral in the short and long terms. The market did nothing significant last week, save testing the resistance line at 1.1250 and the support line at 1.1150. A rise in momentum would force the market to go above that resistance line or below the support line, which may happen this week.

EUR/USD: The EUR/USD has become neutral in the short and long terms. The market did nothing significant last week, save testing the resistance line at 1.1250 and the support line at 1.1150. A rise in momentum would force the market to go above that resistance line or below the support line, which may happen this week.

USD/CHF: This currency trading instrument is bearish in the short-term, but bullish in the long-term. Further sideways movement is anticipated this week, which would culminate in the market moving seriously upwards or downwards in the week. A sharp fall of EUR/USD would result in a rally in the USD/CHF.

GBP/USD: In the 4-hour and daily charts, the outlook is bearish. The Cable is weak and in spite of the fact that price was caught in an equilibrium phase last week, price may breakout out lower, testing the accumulation territories at 1.2900, 1.2850 and 1.2800 eventually. The accumulation territory at 1.2950 has been tested and it would need to be tested again before price goes further lower. That accumulation territory is adamant; but since the outlook on GBP pairs is bearish for this month of October 2016 (except in a few instances when some pairs would showcase some forms of bullishness), further bearish movement is possible on the Cable.

USD/JPY: This pair is bearish in the long-term and bearish in the short-term. Price moved between the supply level at 102.00 and the demand level at 100.00. There is a need for price to go above the supply level or the demand level so that there could be a directional bias. That is exactly what is anticipated this week.

EUR/JPY: The situation around this cross pair is similar to that of the USD/JPY. The outlook is bearish in the daily chart, but neutral in the 4-hour chart. This week, a movement to the downside would result in a Bearish Confirmation Pattern, while a movement to the upside would threaten it. Since the outlook on EUR pairs is bearish for this month, the EUR/JPY has a high probability of going further south.

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342

Following the volatility contraction that was seen on the Cable last week, price trended downwards yesterday in conjunction with the dominant bearish bias. Price went down by 100 pips yesterday and it could go further south today. Any rallies here would be transitory in nature and would bring good opportunities to sell short.

EUR/USD: The EUR/USD has become neutral in the short and long terms. The market did nothing significant last week (plus on Monday), save testing the resistance line at 1.1250 and the support line at 1.1150. A rise in momentum would force the market to go above that resistance line or below the support line, which may happen this week.

USD/CHF: This pair is making some bullish attempt, which has resulted a new “buy” signal in the market. Although price may not trend upwards significantly, the resistance levels at 0.9750 could be tested and breached to the upside. A strong buying pressure is needed for the resistance level at 0.9800 to be reached.

GBP/USD: Following the volatility contraction that was seen on the Cable last week, price trended downwards yesterday in conjunction with the dominant bearish bias. Price went down by 100 pips yesterday and it could go further south today. Any rallies here would be transitory in nature and would bring good opportunities to sell short.

USD/JPY: By all indication, it is logical to seek long trades in USD/JPY right now. Price has been making some slow and steady bullish attempt, and this has resulted in a Bullish Confirmation Pattern in the 4-hour chart, which reveals that bulls are still willing to push price further upwards.

EUR/JPY: The situation around this cross pair is similar to that of the USD/JPY. Price has been making some slow and steady bullish attempt, and this has resulted in a Bullish Confirmation Pattern in the 4-hour chart, which reveals that bulls are still willing to push price further upwards.

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343

As it was anticipated, The Cable dropped sharply by 880 pips last week, reaching a low of 1.2031. The market then rally by 420 pips, to close at 1.2434 on Friday. The outlook on the market is bullish this week, which is also true of other GBP pairs. This means further rally is expected, but that would not be significant enough to override the extant the major bearish bias.

EUR/USD: This is a trendless market. Price went briefly below the support line at 1.1150 and then got to the resistance line at 1.1200, closing at that price on October 7, 2016. This equilibrium phase might end very soon, but it would require price to go above the resistance line at 1.1300 or below the support line at 1.1050.

USD/CHF: This currency trading instrument went upwards on Monday and Tuesday, dived on Wednesday and went up on Thursday. Then price got corrected lower again on Friday. This trading instrument could go further upwards this week, but that upward movement would be limited by the resistance level at 0.9900. There is also a risk of a downside movement.

GBP/USD: As it was anticipated, The Cable dropped sharply by 880 pips last week, reaching a low of 1.2031. The market then rally by 420 pips, to close at 1.2434 on Friday. The outlook on the market is bullish this week, which is also true of other GBP pairs. This means further rally is expected, but that would not be significant enough to override the extant the major bearish bias.

USD/JPY: This pair moved upwards by 280 pips last week, testing the supply level at 104.00, before getting corrected by over 100 pips, and closing below the supply level at 103.00. There is a Bullish Confirmation Pattern in the chart and further upwards movement is expected this week, which would make the current bearish correction a good opportunity to buy at lower prices when things are on sale, and in the context of an uptrend.

EUR/JPY: The EUR/JPY cross pair is also bullish, with a movement quite similar to that of the USD/JPY, the outlook on the market is now bearish, and price is supposed to go upwards again, and thus end the present correction. The outlook on JPY pairs is bullish for this week, and the EUR/JPY cross could be seen going upwards again, as bulls target the supply zones at 103.50, 104.00 and 104.50.

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344

The USD/JPY trended upwards on Monday, following the bearish correction that was witnessed last Friday. The bias is bullish and price is supposed to continue going upwards, reaching the supply levels at 104.00 and 104.50 this week.

EUR/USD: This is a trendless market, albeit things look choppy right now. Price swings between the resistance line at 1.1250 and the support line at 1.1100. Price needs to go above the resistance line or below the support line, before there could be a directional movement.

USD/CHF: The USD/CHF moved further upwards yesterday, giving more credence to the current Bullish Confirmation Pattern in the market. Today or tomorrow, bulls may be able to target the resistance levels at 0.9850 and 0.9900, although it is unlikely that they would be able to push price above the resistance level at 0.9900. They would meet a fierce opposition at that level.

GBP/USD: Following the flash crash on the Cable (and of course, other GBP pairs), price has threatened to trend further downwards, and while price could really go further downwards, the expectation for this week is bullish. This means the Cable might still go a kind of upwards, though that would not be significant enough to override the long-term bearish bias on the market.

USD/JPY: The USD/JPY trended upwards on Monday, following the bearish correction that was witnessed last Friday. The bias is bullish and price is supposed to continue going upwards, reaching the supply levels at 104.00 and 104.50 this week.

EUR/JPY: The EUR/JPY moved sideways on October 10, 2016. The outlook on the market is now bearish, and price is supposed to go upwards again, and thus end the present correction. The outlook on JPY pairs is bullish for this week, and the EUR/JPY cross could be seen going upwards again, as bulls target the supply zones at 103.50, 104.00 and 104.50.

Performed by Azeez Mustapha,
Analytical expert
Forex | Online Forex Trading | Currency Trading | Forex Broker
InstaForex Companies Group