Daily analysis of major pairs for September 11, 2017

This pair gained a minimum of 270 pips last week, rising in the beginning of the week and testing the distribution territory at 1.3200. That distribution territory has been tested a few times and it would eventually be breached to the upside, as price targets another distribution territories at 1.3250, 1.3300 and 1.3350.

EUR/USD: This pair is bullish – and there is a bullish outlook on the market this week. This is also true of EUR pairs, for they are expected to go upwards this (in most cases). Price would reach the resistance lines at 1.2050, 1.3000 and 1.3050 (which is the ultimate target for the week).

USD/CHF: The USD/CHF trended downward last week, went briefly below the support level at 0.9450 and then closed above it on Friday. Further bearish movement is anticipated this week, and price would test the support levels at 0.9450, 0.9400 and 0.9350. As long as the EUR/USD is weak, a meaningful rally on the USD/CHF cannot be expected.

GBP/USD: This pair gained a minimum of 270 pips last week, rising in the beginning of the week and testing the distribution territory at 1.3200. That distribution territory has been tested a few times and it would eventually be breached to the upside, as price targets another distribution territories at 1.3250, 1.3300 and 1.3350.

USD/JPY: The USD/JPY dropped about 250 pips last week, having dropped about 660 pips since July 11, 2017. There is a huge Bearish Confirmation Pattern in the market, which points to more southwards movement. However, the outlook on JPY pairs is bullish this week, which means that, while further southwards movement is possible, the market would reverse and rally before the end of the week.

EUR/JPY: This currency trading instrument has become essentially neutral – for there was no directional movement in the market last week. This week, price is expected to go either above the supply zone at 131.00 (staying above it) or to go below the demand zone at 129.50, (staying below it). Except one of these conditions are met, the market cannot be said to be trending in the short-term.

 

Traders’ Mindset: http://www.advfnbooks.com/books/insights/index.html

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Charlie Hayter

• 

  Luis Aureliano

• 

  Tip TV

• 

  Alice Hudson