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USD/CHF Technical Analysis for May 1-2, 2012

EUR/USD: This pair has become weaker, going below the resistance line at 1.1100. It is very much likely that the support line at 1.1050 would be challenged it may even be breached to the downside. But would the EUR reach parity with the USD? Only time would tell, but this seems likely to happen. Unless the price manages to climb back towards the resistance line at 1.2000, there is a high probability of the EUR reaching parity with the USD is very high.

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USD/CHF: The USD/CHF pair continues to go upwards in a determined manner. The bullish movement is slow and gradual, as the price forms a series of lower highs and higher highs in the chart. The price is now above the support level at 0.9600. It has tested the resistance level at 0.9650 but it was unable to close above it. The price needs to close above that resistance line; otherwise, there is possibility of a serious pullback from here.

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GBP/USD: According to our forecast, the GBP/USD pair was able to trend lower yesterday, going below the distribution territory at 1.5300. This looks like the beginning of a significant bearish movement, the GBP is expected to be weak against the most major currencies. Certain fundamental figures are expected today and they are supposed to have an impact on the market.

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USD/JPY: The fundamental figures that moved some popular Forex markets yesterday had a negligible effect on this pair. There is still a Bullish Confirmation Pattern in the chart: the RSI period 14 is above the level 50, while the price itself is above the EMA 56. There may be a bullish movement from here.

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EUR/JPY: This cross dived yesterday, due to the weak Euro. The demand level at 132.50 has been tested. A rally is still expected unless the price closes below it,.

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Mourad El Keddani neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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