10.04.201402:43 Forex Analysis & Reviews: Daily analysis of major pairs for April 10, 2014

Long-term review

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EUR/USD: The rally that started on this pair has eventually resulted in a ‘buy’ signal in the chart. That signal has been sustained. The price has succeeded in reaching our target at 1.3850 and is going beyond it. The price would now go upwards towards the resistance line at 1.3900. That is the next target.

USD/CHF: Since a Bearish Confirmation Pattern has come about in the market, the bias shifted in favor of the bears. The price is now trading below the resistance level at 0.8800. Being ready to trade further south, the price may test the support level at 0.8750. This is a weak market.

GBP/USD: The bullish bias on the Cable has become really significant, and it is expected to continue today. Having moved upwards by over 222 pips this week, the distribution territory at 1.6800 has been besieged by the bulls: it would easily be violated to the upside. The economic figures that are coming today would have some impact on the markets.

USD/JPY: This pair has nothing to do except to go further downwards. The downward move may be limited or steady, but the price would go downwards (that is a fact). There is a transient sideways movement in the market, but the price would eventually test the demand level at 101.50.

EUR/JPY: This cross started falling last week. It went below the price zone at 140.50, but it could not reach the price zone at 140.00. There is now a rally in the market, which cannot endanger the current bearish outlook unless the price goes above the supply zone at 142.00. The price may drop from here.

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