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Technical Analysis
Forex Analysis and News for Major Currency pairs
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[QUOTE="vicknic, post: 139556, member: 29894"] [B]Weekly Forex Outlook on Major Currency Pairs (November 26 - December 1)[/B] [B]EURUSD[/B] The pair shot up by 210pips last week and closed above the support and resistant line at 1.1900 and 1.1950 respectively. Meanwhile, doubts that the Fed may be able to deliver further interest rate increases, on concerns over stubbornly low inflationary pressure, kept the US Dollar bulls on the defensive and further collaborated to the pair's strong up-move. The outlook on the EURUSD is bullish for December and the resistance level at 1.2000 should be reached next month. Key Levels: R1- 1.1972, R2- 1.2013, R3- 1.2080. S1- 1.1863, S2- 1.1796, S3- 1.1755 [B]USDCHF[/B] There was further decline on the USDCHF last week, especially Friday when it fell to 0.9785. The pair has dropped about 220 pips this month and 100 of those were lost last week. This has created a confirmation bearish pattern. With the daily momentum indicators pointing increasingly lower, a sustained break of 0.9785/0.9800 would allow a run towards 0.9725/30 and then to 0.9700/05. Key Levels: R1- 0.9804, R2- 0.9822, R3- 0.9865. S1- 0.9779, S2- 0.9761, S3- 0.9736. [B]GBPUSD[/B] Friday’s gain helped the pair reach a price of 1.3359 and this has created a bullish signal. With this ongoing momentum, traders are hoping the pair would push up to the distribution territories at 1.3350, 1.3400, and 1.3450. GBPUSD seems to be unfazed by the ongoing Brexit negotiations that saw UK PM, May in Brussels trying to beat out a deal with Donald Tusk. Key Levels: R1- 1.3350, R2- 1.3400, R3- 1.3450. S1- 1.3288, S2- 1.3242, S3- 1.3206. [B]USDJPY[/B] The Pair has lost nearly 300p pips since the start of this month as it tested the supply level at 114.50 on November 6. It now targets the supply levels at 111.00, 110.50 and 110.00. Only firm break above 200SMA would sideline bearish threats while return and close above daily cloud top is needed to neutralize and signal higher base formation. Key Levels: R1- 111.77, R2- 111.96, R3- 112.27. S1- 111.00, S2- 110.50, S3- 110.00 [/QUOTE]
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