14.04.201401:05 Forex Analysis & Reviews: Daily analysis of major pairs for April 14, 2014

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EUR/USD: This currency trading instrument closed at 1.3884 on Friday, April 11, 2014. It closed on a bullish note, which means that the price was bullish last week. This bias is also expected to continue this week. The resistance line at 1.3900 is currently under siege, but the chances that the price would breach it to the upside are very high.

USD/CHF: The USD/CHF is weak and it is currently challenging the support level at 0.8750. Once the support level has been overcome, the price would go to the next target at 0.8700. The bearish outlook in the chart ensures that the selling pressure may continue as the pair weakens further.

GBP/USD: The Cable was bullish last week, though it gave up some of its gains. From the distribution territory at 1.6800, the bullish force in the market was rejected and it was corrected downwards by up to 70 pips. The price is now below the distribution territory at 1.6750, but it may challenge that territory again, break it to the upside, and end up closing above it.

USD/JPY: The USD/JPY tanked after testing the supply level at 104.00 and having dropped by over 250 pips, testing the demand level at 101.50. It seems that further dip is being halted but the price may breach the demand level to the downside.

EUR/JPY: This is also a bear market, though the weakness is not as strong as that of the USD/JPY. It may be possible that the price would go upwards, but it would be sensible to think the outlook remains bearish as long as the price stays below the supply zone at 141.50.

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