06.05.201502:04 Forex Analysis & Reviews: Daily analysis of major pairs for May 6, 2015

Long-term review

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EUR/USD: This currency trading instrument has been trying to recover the loss it sustained at the beginning of this week. From Monday till Tuesday, the price dropped by 100 pips. But starting from Tuesday, the price has risen by over 100 pips, going towards the resistance line at 1.1250. Bulls may hold out longer than most think.

USD/CHF: The USD/CHF pair has succeeded in going below the resistance level at 0.9300. The support level at 0.9250 has been tested and it would be tested again. It might even be breached to the downside. As it was said yesterday, this pair would remain under selling pressure as long as the EUR/USD pair is strong.

GBP/USD: Bears have made their effort visible on the GBP/USD pair, though bulls are also fighting hard to hold sway. The probability of the price going downwards is higher than the probability of the price going upwards. Unless the distribution territory at 1.5300 is overcome, there would not be a renewal of a Bullish Confirmation Pattern in this market.

USD/JPY: The USD/JPY pair still remains on a bull market. The price is above the EMA 21 and the RSI period 14 is not below the level 50. The present shallow pullback might be another opportunity to buy long, for there cannot be a threat to the bullish bias unless bears succeed in pushing the price below the demand level at 119.00.

EUR/JPY: This is a strong cross – which would continue its bullish journey as long as there is stamina in the euro. The best approach now is to buy on dips in the market.

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