Instaforex Analysis

**IFX Yvonne** · 25-05-17, 11:01

Technical analysis of USD/CHF for May 25, 2017

Overview:
The USD/CHF pair. The first resistance level is seen at 0.9787 followed by 0.9847, while daily support 1 is seen at 0.9691. The USD/CHF pair broke support which turned to strong resistance at 0.9787. The market is still set to trade around the daily pivot point of 0.9739. This week, it continued to move downwards from the level of 0.9787 to the bottom around 0.9739. The pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance of 0.9787 which is expected to act as major resistance. Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9787 and 0.9691. For that reason, the major resistance can be found at 0.9787 providing a clear signal to sell with a target seen at 0.9691. If the trend breaks the minor support at 0.9691, the pair will move downwards continuing the bearish trend development to the level of 0.9645 and 0.9600 in order to test the daily support 3. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the area of 0.9787 (resistance).

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**IFX Yvonne** · 26-05-17, 11:32

Elliott wave analysis of EUR/JPY for May 26, 2017

Wave summary:
We continue to look for a corrective decline into the 123.78 - 124.17 area before the next impulsive rally towards 134.30 and 138.52 should be expected. Short-term resistance is now seen at 125.16 and again at 125.43, Only a break above the later will indicate that the correction is complete and more upside towards 134.30 is developing.

R3: 125.81
R2: 125.43
R1: 125.16
Pivot: 125.00
S1: 124.86
S2: 124.17
S3: 123.78

Trading recommendation:

We will re-buy EUR at 124.20 or upon a break above 125.43.

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**IFX Yvonne** · 26-05-17, 11:33

Elliott wave analysis of EUR/JPY for May 26, 2017

Wave summary:
We continue to look for a corrective decline into the 123.78 - 124.17 area before the next impulsive rally towards 134.30 and 138.52 should be expected. Short-term resistance is now seen at 125.16 and again at 125.43, Only a break above the later will indicate that the correction is complete and more upside towards 134.30 is developing.

R3: 125.81
R2: 125.43
R1: 125.16
Pivot: 125.00
S1: 124.86
S2: 124.17
S3: 123.78

Trading recommendation:

We will re-buy EUR at 124.20 or upon a break above 125.43.

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