Daily analysis of major pairs for August 28, 2015

EUR/USD: Since the EUR/USD pair reached the resistance line
at 1.1700, it has come down by 450 pips. A bullish outlook is now on the
brink of being invalidated, especially when the price goes below the support level of 1.1150. This would result in a bearish bias.

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USD/CHF: Since
the USD/CHF pair had tested the support level at 0.9300, it went upwards by 350
pips. The price hovers around the support level at 0.9650 (which is almost
being breached). There is a threat to the recent bearish outlook – an upward movement by 100 pips would render the bearish outlook completely useless while
ushering in a new lease of bullish outlook.

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GBP/USD: The cable fell below the distribution territories at 1.5500 and 1.5450 in line with analysts’ expectations. Since the test of the distribution territory at 1.5800, the price has fallen by 400 pips. Right now, the current bearish bias shows that further southward movement is possible.

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USD/JPY: This currency trading instrument has been
making slow and gradual upside recovery since the massive sell-off that occurred
on Monday. However, the bias is still bearish. What would make things turn
bullish here is an event in which the price goes above the supply level of 122.50.
The indication in the chart shows that there is a high possibility that this
may happen.

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EUR/JPY: This cross has already gone bearish. The EMA
11 is below the EMA 56 while the RSI period 14 is under the level of 50. This is a
Bearish Confirmation Pattern in the market, and though the price is volatile,
it is more likely that it would go further downwards.

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The material has been provided by InstaForex Company – www.instaforex.com

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