02.05.201403:20 Forex Analysis & Reviews: Daily analysis of major pairs for May 2, 2014

EUR/USD: In spite of the struggle between the bulls and the bears, this pair has been able to maintain the bullish bias. The price is currently trading above the support line at 1.3850: the next target is at the resistance line at 1.3900. The resistance lines at 1.3850 and 1.3800 should pose a hindrance to possible bearish pulls along the way.

USD/CHF: The bias here is now southward. In recent times, the currency trading instrument has been unable to go upwards determinedly – hence the bearish signal. For the bearish signal to become more significant there is a need for the price to break the support level at 0.8750 to the downside; or at least, test it.

GBP/USD: The outlook here is northward. The Cable has been able to maintain the northward outlook on it for the past few weeks. The price has been moving upwards in a slow and steady manner. Therefore, it may eventually challenge the distribution territory at 1.6950.

USD/JPY: Though the USD/JPY is in an equilibrium phase, there would soon be a breakout in the market. Only scalpers or intraday traders could make some meaningful gains now, this kind of market likes to test the patience of swing and positional traders. The price would cross the supply level at 102.50 to the upside or the demand level at 102.00 to the downside.

EUR/JPY: This market has been able to maintain the bullish bias on it. The bullish bias is not yet strong, but it would become noteworthy when the price breaks the supply zone at 142.00 to the upside or the demand zone at 141.50 to the downside.