Daily analysis of major pairs for June 9, 2014

On Friday (June 6, 2014), the USDCHF closed at 0.8934. The price has already assumed a bearish stance, which may continue this week. The next target to be reached is at the support level of 0.8900.

EUR/USD: This market was volatile last week. Now it looks as though the price is poised to go northwards, but this is cannot be confirmed until the price goes above the resistance line at 1.3700. Should this happen, it would result in a Bullish Confirmation Pattern in the chart.

USD/CHF: On Friday (June 6, 2014), the USDCHF closed at 0.8934. The price has already assumed a bearish stance, which may continue this week. The next target to be reached is at the support level of 0.8900. The bullish target at the resistance level of 0.9000 has already been hit, and now is the time for correction. The correction has now resulted in a confirmed bearish bias.

GBP/USD: Here, it would be recommended that long trades be sought. Even, pullbacks could be bought; which gives higher probability of profits. Why? The price action is bullish in nature and as long as the price is able to stay above the accumulation territory at 1.6750, the bullish outlook is logical.

USD/JPY: The bullish outlook is also logical on the USD/JPY, the price retraced southward last week, but it is now making another bullish attempt. Closing on Friday at an interesting market level of 102.49, the price may go further upwards from there.

EUR/JPY: This market is bullish, but it needs to cross the supply zone at 140.00 to the upside, for the bullish bias to become more formidable. A failure to close above the supply level this week may make the price go down from its current position.

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