24.04.201412:05 Forex Analysis & Reviews: Daily analysis of major pairs for April 24, 2014

EUR/USD: This is a sideways market. The EUR/USD is currently trading in a range and therefore short-term targets are being considered. Right now, one may consider going short at the resistance level of 1.3850 and going long at the support level of 1.3800, with only a stop of about 50 pips. However, a protracted directional movement is expected soon in the market.

USD/CHF: This pair remains a bull market and it would remain so as long as the price is above the support level at 0.8800. Therefore, it could still be safe to admit that the current pullback in the market is an opportunity to go long. The Williams’ % Range is almost going into the oversold territory – a good bargain for the bulls.

GBP/USD: This currency trading instrument still has a bullish outlook on it, in spite of the fact that the RSI period 14 is below the level 50. The bullish outlook remains logical, unless the price closes below the EMA 56. The fundamental figures coming out today would have some impact on the market.

USD/JPY: The bullish bias on this market is now under threat; plus it is not yet rational to seek short trades because there is no Bearish Confirmation Pattern in the chart. It would be advisable to stay out of this market until there is an established bias – either in favor of the bulls or the bears.

EUR/JPY: Unlike the USD/JPY, this cross is in a bull market. The Bullish Confirmation Pattern here is valid and it is assumed that when the price moves seriously, it would be northward. The next price target is the supply zone at 142.00.