03.05.201601:27 Forex Analysis & Reviews: Daily analysis of major pairs for May 3, 2016

Long-term review

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EUR/USD: The EUR/USD went upwards on Monday, in solidarity with the bullish signal that started last week. As it was forecasted, the price has gone above the support line at 1.1500, targeting the resistance line at 1.1550; which would be broken to the upside very soon. The bias on the market is bullish.

USD/CHF: The USD/CHF went downwards on Monday, in solidarity with the bearish signal that started last week. As it was forecasted, the price has gone below the resistance level at 0.9600, targeting the support level at 0.9500; which would be broken to the downside very soon. The bias on the market is bearish.

GBP/USD: The GBP/USD has gone above the accumulation territory at 1.4650, targeting the distribution territory at 1.4700. There is a Bullish Confirmation Pattern in the market, and further bullish movement is possible. This week, the distribution territories at 1.4750 and 1.4800 would be overcome.

USD/JPY: This pair moved sideways yesterday, in the context of a downtrend. The EMA 11 has gone below the EMA 56, while the RSI period 14 is below the level 50. The price is expected to go further south, reaching the demand levels at 106.00 and 105.50. This bearishness would also be visible on other JPY pairs this month.

EUR/JPY: At the beginning of this week, this cross bounced slightly upwards in the context of a downtrend. The upward bounce pales into insignificance when compared to the recent bearish outlook on the market. Further bearish movement is possible, and the "sell" signal cannot be jeopardized unless the price goes upwards by 300 pips (which seems unlikely right now).

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