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    Daily analysis of major pairs for May 5, 2015

    EUR/USD: This pair has been moving gradually downwards an attempt that pales into insignificance when compared to the overall bullish bias. There are resistance lines at 1.1250 and 1.1300, which must be crossed to the upside, for the bullish trend to continue. There are also support lines at 1.1050 and 1.1000. Should the price cross the support lines to the downside, there would be a threat to the extant bullish bias.


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    USD/CHF: This is a bear market and there has been only sideways movement so far this week. The market would be under some downward pressure as long as the EUR/USD pair is strong. Only a serious weakness in EUR/USD could cause USD/CHF to experience any noteworthy rally. Whether there would be a movement in favor of bulls or bears, a breakout is expected in this market.


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    GBP/USD: The weakness that started last week (on April 29, 2015, to be precise) has brought the Cable downwards by 330 pips. This plunge has been significant enough to threaten the recent bullish bias. In fact, everything in the market would turn bearish as soon as the accumulation territory at 1.5050 is crossed to the downside.


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    USD/JPY: The USD/JPY pair has been able to maintain its recent bullish signal, and the price has now crossed above the demand level at 120.00. The supply levels at 120.50 and 130.00 can also be tested, but one thing must be taken into account: the market might tumble if the Yen becomes strong.


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    EUR/JPY: This cross is also sliding slowly. Further weakness in the Euro could cause the downwards movement to be faster, though the bearish attempt cannot overturn the existing bullish outlook until the demand zone at 131.50 is breached to the downside.


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    Uitgevoerd door, Analytische expert
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