05.06.201410:28 Forex Analysis & Reviews: Daily analysis of major pairs for June 5, 2014

EUR/USD: This bear market has been consolidating so far this week with the support line at 1.3600. The support line at 1.3600 needs to be broken to the downside so that the bearish trend can continue. Once this is broken to the downside, the price may continue towards another support line at 1.3550.

USD/CHF: The USD/CHF has experienced a shallow bearish retracement, although the overall bias is bullish. The support level at 0.8950 should act as a barrier to further bearish retracement. It is still expected that the price would go upwards to challenge the resistance level at 0.9000 – which is our long-term objective. The economic figures coming out today would have impact on this pair.

GBP/USD: Just like the EUR/USD, this pair has also been consolidating so far this week, with no clear direction. The accumulation territory at 1.6700 was tested last week and this week. So when the bearish bias resumes again, it is more likely that the accumulation territory would be tested again; even there is a possibility that the accumulation territory would be breached to the downside.

USD/JPY: Our target at the supply level of 103.00 remains valid.At the present, there is a shallow pullback in the market: something that is expected to be temporary. When the bullish bias becomes strong again, the price may start going back to our target.

EUR/JPY: This currency trading instrument has been bullish this week, but there is currently a hollow pullback in the market. The pullback should not go below the demand zone at 139.00, so that the bullish bias may continue to be valid.