Daily analysis of major pairs for June 12, 2018
Daily analysis of USD/CHF for June 12, 2018
The USD/CHF did nothing significant on Monday – except consolidating. In the long-term, the market has been caught in a slow and gradual downwards movement, and it is a situation in which short-term rallies often lead to further downwards movement. The outlook on USD/CHF is bearish for the week, especially when the EUR/USD gathers some stamina.
The EMA 11 is below the EMA 56, and the Williams’ % Range period 20 is showing some form of neutrality. There is a Bearish Confirmation Pattern in the market. The support levels at 0.9800 (which has previously been tested), 0.9750 and 0.9700, would be reached soon, and that might bring about a strong Bearish Confirmation Pattern in the market.
Daily analysis of USD/JPY for June 12, 2018
The market tried to move upwards a little on June 11. The USD/JPY is bullish in the long-term, but neutral in the short-term. In the last two weeks, price has generally oscillated between the demand level at 108.50 and the supply level at 110.50. However, a smooth bullish movement would bring about a bullish outlook on the market.
The EMA 11 has crossed above the EMA 56, and the RSI period 14 has crossed the level 50 to the upside. Should price continue to move further upwards, the bias on the market would become clearly bullish (leading to a Bullish Confirmation Pattern in the past).
Daily analysis of EUR/JPY for June 12, 2018
What happened yesterday shows that bulls are still willing to push the price upwards. The EMA 11 has crossed above the EMA 56, and the RSI period 14 has crossed the level 50 to the upside. Should price continue to move further upwards, it would lead to an emphasis on the recent Bullish Confirmation Pattern in the market.
There will be some form of strong volatility on the EUR/JPY this week. A test of the demand zone at 127.50 will threaten the new bullish bias on the market; while a movement towards the supply zones at 130.00, 130.50 and 131.00 will strengthen it.
Performed by Azeez Mustapha,
InstaForex Companies Group