Global macro overview for 11/08/2017

Forex analysis review
Global macro overview for 11/08/2017

Technical analysis of USD/JPY for August 11, 2017

USDJPYM30.png

All our targets, which we predicted in yesterday's analysis, have been hit. USD/JPY is still under pressure and expected to continue the downside movement. The pair is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is capped by a bearish trend line since August 4.

Hence, as long as 109.50 is not surpassed, look for a further decline to 108.60 and even to 108.60 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended above 109.50 with a target at 109.85.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 109.50, Take Profit: 108.60

Resistance levels: 109.85, 110.15, and 110.55

Support Levels: 108.60, 108.20, 107.65

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for August 11, 2017

USDCHFM30.png

USD/CHF is under pressure and expected to trade in lower range. The pair retreated from 0.9670 (the high of August 10). The 20-period moving average crossed below the 50-period one.

To sum up, as long as 0.9670 is not surpassed, a further drop to 0.9605 and even to 0.9565 seems more likely to occur.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position; and the price below the pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 0.9670, Take Profit: 0.9585

Resistance levels: 0.9705, 0.9735, and 0.9770

Support levels: 0.9585, 0.9565, and 0.9525

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for August 11, 2017

GBPJPYM30.png

All our targets, which we predicted in yesterday's analysis, have been hit. The pair is still under pressure and recorded a succession of lower tops and lower bottoms since Aug 10, which confirms a negative view. The declining 20-period and 50-period moving averages maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. In addition, 142.25 is playing a key resistance role, which should limit the upside potential.

As long as this key level holds on the upside, look for a further drop towards 140.50 and even 139.95 in extension.

Alternatively, if the price moves in the opposite direction as predicted, a long position is recommended above 142.25 with the target at 142.80.

Strategy: SELL, Stop Loss: 142.25, Take Profit: 140.50.

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates the bullish position; and when it is below the pivot points, it indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 142.80, 143.35, and 144.35

Support levels: 140.50, 139.95, and 140.65.

The material has been provided by InstaForex Company - www.instaforex.com