07.05.201507:36 Forex Analysis & Reviews: Daily analysis of major pairs for May 7, 2015

Long-term review

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EUR/USD: The EUR/USD pair, which first moved downwards this week, has reversed upwards again recovering the losses it sustained earlier this week. The price first went down by 120 pips, sauntering below the support line 1.1100. From there, the price moved upwards by 270 pips, battering the resistance line at 1.1350.

USD/CHF: This currency trading instrument first moved sideways at the beginning of this week and later, it fell sharply (by 150 pips). The price is just above the support level at 0.9150, and it would remain under bearish pressure as long as the EUR/USD pair is strong. In addition, some fundamental figures are expected today and they would have an impact on this market.

GBP/USD: This market is also making an honest bullish effort, but the strength is not as high as that of the EUR/USD pair. The price first moved sideways this week, but it later broke upwards, leading to a Bullish Confirmation Pattern on the chart. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. This means that the market could go further bullish.

USD/JPY: The USD/JPY pair has traded largely southward this week, leading to a brand-new Bearish Confirmation Pattern in the market. The price is now below the EMA 56 and the RSI period 14 is below the level 50. The price may fall further from this place.

EUR/JPY: This cross moved up by around 200 pips this week, now being around the market zone at 135.50. A further northward journey is possible, pushing the price towards the supply zone at 136.00. On the other hand, bears' effort could cause the cross to test the demand zone at 134.50 and 134.00.

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