Daily analysis of major pairs

The GBP/USD is making an attempt to test the distribution territory at 1.6550 once again (it tested it last week). The pair would eventually succeed in testing that distribution territory, even breaking it to the upside, while going towards another distribution territory at 1.7000.

EUR/USD: On this pair, there is currently a pullback in an uptrend. This is something that can enable the bulls to get into the market at a relatively cheaper price. The price is not supposed to go below the support line of 1.3700. The eventual target is at the resistance line of 1.3900.

USD/CHF: On this pair, there is currently a rally in a downtrend. This is something that can enable the bears to get into the market at a relatively dearer price. The price is not supposed to go above the resistance level of 0.8950. The eventual target is at the support level of 0.8800.

GBP/USD: The GBP/USD is making an attempt to test the distribution territory at 1.6550 once again (it tested it last week). The pair would eventually succeed in testing that distribution territory, even breaking it to the upside, while going towards another distribution territory at 1.7000. This would happen this week or next week.

USD/JPY: It should be noted that this currency trading instrument has been bullish since October 2013, while any significant pullbacks have been booby traps for unwary speculators. Since the bullish signal was generated in October, the market has moved upwards by more than 420 pips. At the present, the pullback in the price is another opportunity to go long at a better price. The barrier to the bears’ interest is at the demand level of 104.00.

EUR/JPY: This is a significantly bullish market, and it is understandable that there would be occasional bearish corrections and equilibrium phases. Nevertheless, the price would continue to go up.

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