02.06.201506:52 Forex Analysis & Reviews: Daily analysis of major pairs for June 2, 2015

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EUR/USD: The dominant bias remains bearish here, irrespective of a formidable rally in the context of the downtrend, which occurred last week. This price action would be taken as a short-selling opportunity unless the resistance line at 1.1100 is overcome. The support line at 1.0850 was tested last week and it could be tested this week again.

USD/CHF: Bulls are making desperate efforts to push the price upwards, but the outcome would depend of what happens to CHF. For the pair to move upwards, the CHF has become weak, since USD/CHF would find it difficult to experience any meaningful rally if CHF remains strong.

GBP/USD: The cable has continued its gradual journey to the downside. A movement of about 100 pips to the downside has made the Bearish Confirmation Pattern stronger. Short trades still make lots of sense in this market, for the accumulation territories at 1.5150 and 1.5100 could be attained soon.

USD/JPY: The USD/JPY pair moved upwards by over 90 pips on Monday, closing above the demand level at 124.50. The next target for this week is located at the supply levels of 125.00 and 125.50, which would be attained as long as the yen is weak.

EUR/JPY: The weak yen is a factor that would keep this cross going upwards. The upward movement can be accelerated further if the euro gains stamina. Now, bulls are trying to reach the supply zone at 137.00, which would be attained irrespective of strong volatility in the market.

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