Daily analysis of major pairs for March 14, 2016

The EUR/JPY ended up being bullish last week, having formed a Bullish Confirmation Pattern in the chart. The supply level at 127.00 has been tested and it would be tested again, as the bulls are determined to continue pushing the price upwards. The price is supposed to continue moving upwards this week, reaching the supply zones at 127.50 and 130.00.

EUR/USD: This pair ended up being bullish last week, especially as the price skyrocketed from the low of 1.0821, which was formed on Thursday (March 10, 2016). From that weekly low, the price skyrocketed by almost 400 pips, bringing an abrupt end to the recent bearish outlook on the market. There is now a “buy” signal on the EUR/USD, for the price could continue moving higher this week.

USD/CHF: The USD/CHF ended up being bearish last week, especially as the price fell from the high of 1.0092, which was formed on Thursday (March 10, 2016). From that weekly high, the price fell like a stone, by almost 280 pips, bringing an abrupt end to the recent protracted consolidation in the market. There is now a “sell” signal on the USD/CHF, for the price could continue moving lower this week. Generally, the USD would be facing attacks at many fronts, since the GBP/USD, EUR/USD and especially, the NZD/USD, would be seen trending upwards this week.

GBP/USD: In spite of occasional shallow corrections on the Cable, the bulls managed to push up the price by roughly 250 pips last week, as the price closed at 1.4383 on Friday, March 11, 2016. The EMA 11 is now above the EMA 56 as the RSI period 14 is above the level 50. Normally, the price should continue going upwards this week.

USD/JPY: What this currency trading instrument experienced last week could best be called “wild volatility.” There were sharp upswings alternated by sharp downswings in the chart, with no clear victory between the bull and the bear. However, there should be a directional movement this week, which would most probably favor the bulls.

EUR/JPY: The EUR/JPY ended up being bullish last week, having formed a Bullish Confirmation Pattern in the chart. The supply level at 127.00 has been tested and it would be tested again, as the bulls are determined to continue pushing the price upwards. The price is supposed to continue moving upwards this week, reaching the supply zones at 127.50 and 130.00.

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