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Daily analysis of major pairs for November 28, 2017


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The USD/CHF did not do anything significant on Monday. This week, further downwards movement is possible, especially as long as the EUR/USD experiences buying pressure. Therefore, the support levels at 0.9750 and 0.9700 could be reached.

EUR/USD: After testing the resistance line at 1.1950, the EUR/USD retraced back a bit. That retracement could be seen as another opportunity to go long when things are slightly bearish, and in the context of an uptrend. Price would still go upwards towards the resistance lines at 1.1950, and most importantly, 1.2000.

USD/CHF: The USD/CHF did not do anything significant on Monday. This week, further downwards movement is possible, especially as long as the EUR/USD experiences buying pressure. Therefore, the support levels at 0.9750 and 0.9700 could be reached.

GBP/USD: There remains a bullish bias on the GBP/USD market. The market can continue going upwards, reaching the distribution territories 1.3350 and 1.3400. Price could also end up trending downwards strongly, especially when volatility breaks out, for the outlook on GBP pairs is bearish for the week and the month.

USD/JPY: The USD/JPY pair is bearish. Price went downwards by 100 pips last week, but it did not do anything noteworthy on November 27. There is a Bearish Confirmation Pattern in the market, and it is possible that the demand level at 111.00 would be tested again. However, a rally is expected before the end of this week.

EUR/JPY: The EUR/JPY cross went south yesterday which clearly shows that the market has been experiencing a series of upswings and downswings (in the short-term). It would be prudent to stay out of the market until there is a Bullish (or Bearish) Confirmation Pattern in the market, which would be brought about by a directional movement.

Traders Mindset: http://www.advfnbooks.com/books/insights/index.html



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About the author


Azeez Mustapha is a trading professional, an InstaForex official analyst, a blogger at ADVFN.com, and a freelance author for trading magazines. He is working as a trading signals provider at some websites. His numerous articles are being posted on other websites like www.ituglobalforex.blogspot.com.

Contact: azeez.mustapha@analytics.instaforex.com.

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