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Daily analysis of major pairs for May 15, 2015

EUR/USD: So far the EUR/USD pair has moved upwards by at least 260 pips. The resistance lines at 1.1450 and 1.1500 could be tested: they could even be breached to the upside. On the downside, there are support lines at 1.1300 and 1.1250. There is no threat to the existing bullish bias as long as the price is above those support lines.

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USD/CHF: The USD/CHF pair fell by over 220 pips this week testing the support level at 0.9100. That support level and another support level at 0.9050 could be battered and eventually breached to the downside if USD continues weakening.

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GBP/USD: The cable has moved upward by about 380 pips this week. Any bearish retracements here would provide bulls with opportunities to enter the market at lower prices while the major trend is bullish. The trend is not over until it is actually over.

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USD/JPY: There is a sell signal on this market now. The price has crossed the EMA 56 to the downside and the RSI period 14 is below the level of 50. This is a Bearish Confirmation Pattern in the chart. While the market is volatile, the demand level at 119.00 could be battered seriously today or next week.

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EUR/JPY: This cross is currently strong; the strength will continue as long as the EUR maintains its stamina. The cross may settle above the supply zone at 136.50 later, going further northwards.

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Uitgevoerd door, Analytische expert
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