15.05.201402:25 Forex Analysis & Reviews: Daily analysis of major pairs for May 15, 2014

Long-term review

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EUR/USD: This pair is going in an exactly opposite movement with USD/CHF. Having dropped by around 40 pips so far this week, the support line at 1.3700 is challenging the bearish move. The support line must be broken to the downside so that the bearish trend can continue.

USD/CHF: On the USD/CHF, the resistance level at 0.8900 is currently under siege. It has been tested for several times, and it must be breached to the upside, for the uptrend to continue. Should the price succeed in breaking the resistance level to the upside, the next price target would be the resistance level at 0.8950. Moreover, the economic figures coming out today would have an impact on the market.

GBP/USD: There is a clean Bearish Confirmation Pattern on the cable. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The price is even below the two EMAs, going towards the accumulation territory at 1.6750. This is an easy target for the bears.

USD/JPY: This currency trading instrument has gone bearish and only short trades are recommended now. The indication in the chart is testifying to the current weakness in the price. It is thus possible that the price would reach the demand level at 101.50, although a big barrier to further southward move is present at that demand level.

EUR/JPY: This market has succeeded in breaking the supply zone at 140.00 to the downside. The demand zone at 139.50 has been tested; plus the shallow rally that occurs would allow another short-selling opportunity.

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