13.05.201609:58 Forex Analysis & Reviews: Daily analysis of major pairs for May 13, 2016

EUR/USD: This pair is consolidating with fleeting upswings and downswings. Today or next week we could see a serious breakout from the current equilibrium phase, which would most probably favor the bears. The price is expected to go below the support levels of 1.1350 and 1.1300.

USD/CHF: This currency trading instrument is still experiencing a bearish correction. However, the bearish correction has not jeopardized the existing bullish bias, though the Williams' % Range period 20 is now in the oversold territory. This could mean a good opportunity to seek potential long trades, unless the price goes below the support level at 0.9600, which would lead to a bearish signal.

GBP/USD: This currency trading instrument has consolidated so far this week – in the context of a downtrend. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. When a breakout does occur in the market, it would probably take the price below the accumulation territories at 1.4350 and 1.4300. This means that the breakout might favor the bears.

USD/JPY: There is an unambiguous "buy" signal on the USD/JPY 4-hour chart, with a clear Bullish Confirmation Pattern in the market. The bulls have won so far this week, and it is expected that they would keep on pushing the price higher, targeting the supply levels at 110.00 and 110.50.

EUR/JPY: The movement on the EUR/JPY is quite similar to the movement of the USD/JPY pair. There is bullish bias on the market, owing to the position of the indicators on the 4-hour chart. When further northwards movement occurs, it would most probably be in favor of the bulls.