Technical Analysis from www.Instaforex.com

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USD/CHF:





It is still possible that this currency pair would go further upwards. The EMA 11 is above the EMA 56, while the Williams' % Range period 20 is in the overbought region. Unless the CHF experience lots of stamina, the USD/CHF pair could be seen making further bullish effort from here. There is the resistance level of 1.0100, which has been tested and could be retested.

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GBP/USD:




Long trades are not recommended in this market unless the price goes upwards by at least 300 pips. This is the only action that could hinder the start of a new bullish bias; otherwise, rallies ought to be seen as good chances to go short because the outlook for the market is bearish.

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USD/JPY:





The USD/JPY pair has consolidated so far this week. The consolidation is taking place in the context of a downtrend, and when a breakout occurs, it is more likely to be in favor of bears. This expectation would be rational as long as the price does not go above the supply level of 119.50.

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EUR/JPY:





The EUR/JPY cross simply consolidated yesterday, in the context of an extant bearish outlook. The Bearish Confirmation Pattern is valid in the market, and the price could test the demand zone of 127.50 on condition that there is no upward movement of about 300 pips.

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EUR/USD:

The condition affecting the EUR/USD is quite similar to the condition affecting the USD/CHF pair. So, these two pairs must be closely watched. Just like the latter, the bias on the former is also neutral in the near term.
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[BudakFx]

USD/CHF:

The bias on this pair is neutral in the near-term because the pair has not made any strong directional movement in recent times. There are short-term upswings and downswings in the market, but a predictable directional movement is anticipated this week or next week, which would most probably favor bears.
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[BudakFx]

GBP/USD:

The GBP/USD pair is one of the strongest trending currency trading instruments among the majors. The bias on the instrument is bearish and it is possible that the price would continue going downwards, reaching the accumulation territories of 1.4200 and 1.4150 this week. This bias would be valid until there is a bullish reversal of at least 300 pips.
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[BudakFx]

USD/JPY:

USD/JPY moved sideways in the most part of last week, though the price went further downwards on Friday, emphasizing the extant bearish outlook on the market (just as the case is on most other JPY pairs). It is likely that the price would continue trending further downwards this week, reaching the demand levels at 116.00 and 115.50.
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[BudakFx]

EUR/JPY:

In contrast to what happened two weeks ago, this cross simply moved sideways last week. There would soon be a breakout this week or next week, which would be determined by the conditions affecting the EUR. So, it is rational to say that movement on the EUR/JPY cross would be determined by whatever happens to the EUR, and as a result, we may see a movement which is contrary to what other JPY pairs.
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[BudakFx]

Technical analysis of USD/JPY for January 18, 2016 2016-01-18 5/5

USD/JPY is expected to trade in a lower range. Last Friday, the US stocks lost another 2% in a broad-based selloff as oil prices nose-dived. Nymex crude oil plummeted 5.7% to $29.42 a barrel, the lowest level since November 2003. The Dow Jones Industrial Average dropped another 2.4% to 15988, the S&P 500 declined 2.3% to 1876, while the Nasdaq Composite was down 2.7% to 4488. Gold gained 1.0% to $1088 an ounce, while the benchmark 10-year Treasury yield eased further to 2.035% from 2.100% on Thursday. Meanwhile, commodity-linked currencies continued to be weighed on by diving oil prices. USD/CAD surged as high as 1.4555, which was last seen only in April 2003, before settling up 1.2% at 1.4538. Also AUD/USD plunged 1.7% to 0.6867. At the same time, GBP/USD lost 1.1% to 1.4254. On the other hand, EUR/USD rose 0.5% to 1.0914 and USD/JPY fell 0.8% to 117.05. The pair traced the lower Bollinger band and sank as low as 116.48 before posting a rebound last Friday. Currently, it is trading around the 20-period (30-minute chart) moving average, which is below the 50-period one. And the intraday relative strength index remains below the neutrality level of 50. If the rebound ends below the key resistance at 117.50, the pair should return to the first downside target at 116.50. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 116.80. A break of that target will move the pair further downwards to 116.50. The pivot point stands at 117.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 117.90 and the second target at 118.35. Resistance levels: 117.90, 118.35, 118.60 Support levels: 116.80, 116.50, 116 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2016

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