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    Daily analysis of major pairs for April 23, 2015

    EUR/USD: This pair has not made any significant movement this week and therefore this is a true sideways movement (neither the bulls nor the bears win). It is expected that the price will go out of balance soon and a serious directional movement will be witnessed after that, in favor of bulls mostly.


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    USD/CHF: The major driver of the current strength in USD/CHF is weakness in CHF itself. In fact, most CHF pairs are either weak or strong, depending on whether CHF is a base currency or a counter-currency in the pair cross. Now, the current bullish run has resulted in a Bullish Confirmation Pattern in the market, especially as the resistance level at 0.9750 is likely to be breached to the upside. Otherwise, the bears' hegemony may return.


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    GBP/USD: The cable moved upwards by 100 pips yesterday testing the distribution territory at 1.5050. It is expected that the distribution territory would be broken to the upside soon as the price moves further upwards. Some fundamental figures are due for release today and they would have an impact on this market.


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    USD/JPY: USD/JPY rose by 100 pips from the demand level of 119.00 crossing the demand level of 119.50 to the upside. This led to a bullish signal in the market, and the signal can become even stronger after crossing the supply level at 120.00 to the upside. Meanwhile, any bearish retracement should be short-term in nature, and they could be seen as opportunities to go long.


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    EUR/JPY: This cross has also been moving sideways just as EUR/USD has been doing. As normal, a breakout to the upside or to the downside is expected today or tomorrow.


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    Uitgevoerd door, Analytische expert
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