04.05.201506:51 Forex Analysis & Reviews: Daily analysis of major pairs for May 4, 2015

EUR/USD: This pair moved upwards strongly in the most part of last week. The pair moved upward by at least 400 pips. While more bullish journey cannot be ruled out, this would depend on the Euro sustaining its stamina, because any weakness in the Euro may cause the market to tumble.

USD/CHF: As it happened last week, the movement on USD/CHF would largely be determined by what happens to the EUR/USD pair. As long as the latter is strong, the former would be weak. The price is currently below the resistance line at 0.9350, going towards the support line 0.9300 (which was tested last week and might be tested again).

GBP/USD: This market moved upwards by 300 pips last week, and it later fell by 300 pips. This means that all the bullish gain which was made last week has been forfeited. Any movement below the accumulation territory at 1.5000 would result in a bearish bias.

USD/JPY: The USD/JPY pair has been able to maintain its recent bullish signal. The bullish signal started on April 30, 2015, and the price has now crossed above the demand level at 120.00. The supply levels at 120.50 and 130.00 can also be tested. However, one thing must be considered: the market might tumble if the Yen becomes strong.

EUR/JPY: On this cross, there has been an upward movement of 580 pips last week, which is enough to show that the bull has gotten lots of stamina. While the price is still threatening to go further north (owing to the great stamina in the Euro), the trend may change any time in case the Euro becomes weak.