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    Daily analysis of major pairs for May 12, 2015

    EUR/USD: This pair has traded sideways over this week. A breakout would happen soon either to the downside or to the upside. A movement above the resistance line at 1.1250 would mean a bullish breakout and a break below the support line at 1.1050 would mean a bearish breakout.

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    USD/CHF: What can be seen in this market is consolidation to the upside. While the bearish bias is still valid, a movement above the resistance level at 0.9400 would mean the end of the bearish bias and the beginning of a bullish bias, which could take the price towards another resistance level at 0.9500.

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    GBP/USD: GBP/USD has moved upwards by 200 pips this week. From the accumulation territory at 1.5400, the price rammed into the distribution territory of 1.5600. This bullish sentiment may continue to push the price further upwards, but any failure of the price to stay above the accumulation territories at 1.5500 and 1.5550 could result in a threat to the existing bias.

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    USD/JPY: The outlook on this currency trading instrument remains bullish unless the demand level at 119.00 is breached to the downside. Should the USD gain more stamina, the trading instrument could attain the supply level at 120.50.

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    EUR/JPY: This week, the event on the EUR/JPY cross would largely be determined by the strength in EUR itself. Should EUR continue to maintain its stamina, the cross would continue its bullish journey, testing the supply zones at 136.00 and 136.50. Any significant weakness in EUR would cause the cross to plummet, testing the demand zones at 133.00 and 132.50.

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    Uitgevoerd door, Analytische expert
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