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Sunday, April 5, 2015

Daily analysis of major pairs for April 6, 2015

The USD/CHF went upwards last week – just in opposite of what the EUR/USD was doing. The market first made some bullish attempt, reaching the resistance level at 0.9750. Further bullish journey was rejected at that resistance level and price plunged by  250 pips, testing the support level at 0.9500. The bearish movement this week may make the price go below that support level.

EUR/USD: This pair first went downwards last week, reaching the support line at 1.0750. The price could not close below the support level, and therefore, it rallied massively by more than 250 pips. The price could go upwards this week, reaching the resistance line at 1.1000. The price closed above the support line at 1.0950: the price might test the aforementioned resistance line again. It may even breach it to the upside.


USD/CHF:  The USD/CHF went upwards last week – just in opposite of what the EUR/USD was doing. The market first made some bullish attempt, reaching the resistance level at 0.9750. Further bullish journey was rejected at that resistance level and price plunged by 250 pips, testing the support level at 0.9500. The bearish movement this week may make the price go below that support level.

GBP/USD: The Cable has been consolidating for about 2 weeks, and the bullish breakout that occurred on Friday, April 3, 2015, did very little to change the dominant bias (which is neutral). In recent times, the price gallivanted between the distribution territory at 1.4850 and the accumulation territory at 1.4750. A break above the accumulation territory at 1.4900 looks promising, providing that the price also goes above the distribution territory at 1.5000. At the time, the bias would have turned bullish. Any movement downwards, by 100 to 200 pips would merely reinforce the existing neutral outlook.

USD/JPY: The currency trading instrument closed at 118.97, on a bearish note. There is now a Bearish Confirmation Pattern in the market and the price is expected to break the stubborn demand level at 118.50 below, going further south.

EUR/JPY: This cross looks strong right now and the price may continue going upwards slowly and gradually, especially as long as the EUR is strong. Any weakness in the EUR would cause the cross to plummet, because the outlook for some JPY pairs this month is bearish.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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