30.05.201710:03 Forex Analysis & Reviews: Daily analysis of major pairs for May 30, 2017

EUR/USD: Since it tested the resistance line at 1.1250, the EUR/USD pair has gone downwards by 100 pips. The downwards movement is slow and gradual, but its continuation could threaten the ongoing bullish bias on the market. Although the outlook on EUR/USD is bearish for June 2017, a transitory rally's attempt is likely to be made here.

USD/CHF: This currency trading instrument consolidated last week and made a very weak bullish effort on May 29. The outlook on the market is bearish, and it would be difficult for price to go confidently upwards this week (in spite of the imminent weakness of EUR/USD); owing to the expected weakness in the Greenback and the expected stamina in CHF. Please watch CHF pairs.

GBP/USD: The GBP/USD pair dropped sharply last week, resulting in a huge Bearish Confirmation Pattern on the 4-hour chart. On Monday, there was a weak rally in the context of a downtrend, and that would turn out to be another good opportunity to sell short. Price might reach the accumulation territories at 1.2800, 1.2750, and 1.2700 this week, as it goes more and more bearish.

USD/JPY: This pair still moves between the supply level at 112.00 and the demand level at 111.00. The bias is bearish in the short term and neutral in the long term. The demand level at 111.00 would be breached to the downside as the instrument becomes weaker.

EUR/JPY: A bearish signal has already been generated on the EUR/JPY cross. The market has moved below the supply zone at 124.00, now targeting the demand zones at 123.50, 122.00, and 122.50. Based on the expectation on JPY pairs for June 2017, this cross would become more and more bearish, thereby rendering the recent bullish bias completely invalid.