InstaForex - Analytics

InstaForex

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Daily analysis of major pairs for June 5, 2015

EUR/USD: This currency trading instrument rose from the support line at 1.0900, reaching the resistance line at 1.1350. This significant buying pressure has invalidated the recent bearish outlook; ushering in a clean bullish phase.

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USD/CHF: The weakness in this market has not caused any significant movement to the downside. In fact, the market is volatile, and therefore a serious movement to the upside or the downside is expected (though the latter action is more likely).

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GBP/USD: Although the GBP/USD pair has moved upwards by 200 pips this week, the bearish bias is still intact. What can render the bearish bias useless is the situation in which the distribution territory at 1.5500 is overcome.

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USD/JPY: What is happening now can be described as a consolidating movement in the context of an uptrend. The supply level at 125.00 has been tested and the price now oscillates between that supply level and the demand level at 124.00. The price may close below the demand level at 124.00 but there could not be a real jeopardy to the existing bullish outlook unless another demand level at 122.50 is breached to the downside. It is more logical to anticipate further movement to north.

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EUR/JPY: The EUR/JPY cross has moved upwards very strongly this week. A weekly movement of 500 pips is something that is significant enough to generate a Clean Bullish Confirmation Pattern in the chart. The supply zone at 141.00 has been tested. It could be tested again and breached to the upside.

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