Daily analysis of major pairs for March 31, 2014

Since last week, the Cable has been bullish, and the target for this week is at the distribution territory at 1.6700.

EUR/USD: This remains a bear market in spite of its attempt to rally. The rally is simply a good shorting opportunity; for the price would simply go down to test the support line at 1.3700, which could be breached to the downside as the price trends further lower. Only bearish trades are advised on this market.

USD/CHF: The bullish signal on the USD/CHF is intact. Our target at the resistance level at 0.8900 was nearly hit last week. Right now, there is a minor pullback in the market, but the price would still go upward to test that resistance level. Should the resistance level be breached to the upside, the next target would be the resistance level at 0.8950.

GBP/USD: Since last week, the Cable has been bullish, and the target for this week is at the distribution territory at 1.6700. With continuation of the bullish pressure, the price could even go beyond our target: it could reach another distribution territory at 1.6750. Only long trades are advised for this week.

USD/JPY: This market has been bullish and the bullish bias may extend from now on till the latter part of April 2014. This fact does not rule out the possibility of some bearish corrections, but the corrections would be short-lived as the market goes further upwards.

EUR/JPY: This cross first moved lower last week, then the market rallied significant, closing at 141.36. This rally is strong enough to make the cross recover the loss it sustained last week. Any movement above the supply zone at 142.00 means the bullish bias is over.

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