27.04.201501:14 Forex Analysis & Reviews: Daily analysis of major pairs for April 27, 2015

EUR/USD: this pair traded in a tight range until April 23, 2015, when it broke upwards owing to the stamina in the euro. The bullish outlook would be valid for this week (except the euro becomes weak – an event that can cause a reversal of the bullish trend).

USD/CHF: this market went upwards last week testing the resistance level at 0.9700. The short-term bullish movement was due to sudden weakness in CHF, for all CHF pairs were affected on the same day. As CHF eased on the following day, the price dived almost reaching the support line at 0.9500. The support line must be breached to the downside, for the bearish bias to continue to be in force. The failure to achieve this could cause another rally in the market.

GBP/USD: as the cable was strong an upward movement of 300 pips was witnessed in this market last week. From just below the accumulation territory at 1.4900, the price went upwards almost reaching the distribution territory at 1.5200. That distribution territory could be battered. if the price fails to close above it, we might witness a bearish correction.

USD/JPY: this is the type of market in which upswings and downswings are short-term in nature. However, a closer look reveals that bears currently have the upper hand and, as a result of this, we might see some selling pressure in force this week.

EUR/JPY: EUR/JPY consolidated last week but it broke upwards on April 23, 2015. The upward break enabled a Bullish Confirmation Pattern to be formed in the market, and the price might reach the supply levels at 130.50 and 131.00. This outlook would be valid as long as EUR does not sustain exponential weakness.