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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 109532, member: 29894"] [B]Forex Analysis and News for Major Currency pairs September Week 2[/B] This Analysis is brought to you by PROFIFOREX Here’s the market outlook for this week [B]EURUSD[/B] [I]Price Trend: Bullish[/I] Last week, prices made an attempt to break above the resistance line located at 1.1300. The trend was still bullish, with the euro getting stronger in face of a weakening US Dollar. Thus this week, it is possible prices could rise up touching the resistance line we have at 1.1300 even as far as approaching 1.1350 which is a crucial resistance line. The increasing strength of the euro so far has prompted many EUR pairs to start going up. [B]EURJPY[/B] [I]Price Trend: Bullish[/I] For now the trend is an uptrend, but then on a longer term, the trend is a downtrend. Last week prices had attempted falling but price were pulled from the demand zone at 114.00 in the direction of the supply zone located at 115.50. This erased the previous decline of 200 pips which had occurred from Monday to Wednesday. We now expect prices to maintain their push up owing to the chances of the Japanese yen going weaker. [B]GBPUSD[/B] [I]Price Trend: Bearish[/I] On the long term, the trend for this pair is downwards. The GBPUSD at present is making strong efforts to rise up. Price had gone up last by 140 pips on Monday and Tuesday. After this impressive gain, the pair started falling down from Wednesday. Should prices fall further below the accumulation territory located at 1.3100; it will form a very vibrant Bearish Confirmation Pattern. But then, should prices move on top of the distribution territory at 1.3450, this will change the trend to an uptrend for this week. [B]USDJPY[/B] [I]Price Trend: Bearish[/I] The USDJPY experienced a notable decline of 260 pips last week; falling for a short period under the demand level located at 101.50. After this the USDJPY recorded an increase of 170-pip. Prices broke above supply level we have at 103.00 in course of increasing prices. In the situation where the USDJPY further maintain this gains, the trend will turn to an uptrend. Should this occur, prices would rise touching the supply levels located 103.50 and 104.00. [B]USDCHF[/B] [I]Price Trend: Neutral[/I] For now, the trend is not really clear. Yet there is possibility that the USDCHF may experience some directional movement this week. It is even most likely this said movement could be downward. There is the increasing chance that the EURUSD will maintain its rise (as we expect the euro to get stronger this week). Thus an increasing EURUSD could cause the USDCHF to fall down. One other factor which can also bring about a falling dollar is the CHF gaining more strength. As such for this week, we should pay good attention to CHF pairs for hints. Across the next four days, prices should be aiming for the support levels located at 0.9700, 0.9650 and 0.9600. [/QUOTE]
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