08.04.201508:35 Forex Analysis & Reviews: Daily analysis of major pairs for April 8, 2015

Long-term review

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EUR/USD: This pair trended downwards yesterday. However, it would not be logical to go short right now unless the support lines at 1.0750 and 1.0700 are breached to the downside, while the price closes below them. There is also a possibility that the price may rally.

USD/CHF: Despite the current near-term rally on this pair, the bearish outlook is still intact. The only thing that can render the bearish outlook ineffectual is an occasion in which the price goes above the resistance levels at 0.9700 and 0.9750.

GBP/USD: The situation on the cable currently looks dicey. It would be OK to stay away from this market until the price crosses above the distribution territory at 1.4950 leading to a clean Bullish Confirmation Pattern, or until the price crosses below the accumulation territory at 1.4750 leading to a clean Bearish Confirmation Pattern.

USD/JPY: The USD/JPY pair is making some visible attempt to go north, while bears are trying to frustrate the attempt. There is a buy signal in the market now and the signal would be valid as long as the price stays above the demand levels at 119.50 and 119.00. Any movement below the demand levels would result in invalidation of the buy signal.

EUR/JPY: There are lots of uncertainties about this cross as well – the EMA 11 is above the EMA 56. However, the RSI period 14 is below the level of 50. These are clearly conflicting signals. We would need to expect a directional movement, which would probably favor bears.

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