InstaForex - Analytics

InstaForex

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Daily analysis of major pairs for May 21, 2015

EUR/USD: TThis week has been characterized by changes in some recent biases. For example, the EUR/USDpair has turned bearish, having gone down by 330 pips this week. The support line at 1.1100 has already been overcome, and the price could fall further from here. Moreover, some interesting fundamental figures are expected today and they could have an impact on this market.

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USD/CHF: The weakness in the EUR/USD pair has helped the USD/CHF pair move upwards. There is a Bullish Confirmation Pattern in the chart now and a further breakout to the north is expected, following the recent transitory equilibrium. The resistance level at 0.9400 could be breached to the upside and the price would move further upwards towards another resistance level at 0.9500.

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GBP/USD: The only logical thing to do is to go short at present. The EMA 11 is slightly below the EMA 56 and the RSI period 14 is clearly below the level of 50. The price is likely to fall further from here.

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USD/JPY: This pair has moved upwards by 200 pips this week. The recent equilibrium phase is completely over now and it is sensible to look for buying opportunities on the pair. Ideally, one would prefer to go long on occasional dips on the market.

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EUR/JPY: Yesterday, it was said that the direction of this cross would be largely determined by what happens to the EUR/USD pair. EUR/USD has become weak; and the same happens to the EUR/JPY cross . The price is presently consolidating, but when a breakout happens, the price could go more downwards towards the demand zone at 133.50.

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