EUR/USD: There is a bullish signal on this pair, as it is shown by the Bullish Confirmation Pattern in the chart. Intraday traders may want to open some long trades and target the resistance line at 1.3900. Meanwhile, the support line at 1.3800 should act as a barrier to any possible strong correction.
USD/CHF: The USD/CHF has a bearish signal on it though the market is volatile. A short trade is recommended, with target at the support level of 0.8750. The resistance level at 0.8850 could be a challenge to rallies that may render the current bearish outlook useless.
GBP/USD: This is a consolidating market, but the consolidation is towards the upside because the price is making some attempt to trend northwards. The distribution territory at 1.6850 has been tested a few times. Should the price succeed in breaking above it (and closing above it), the next target would be the distribution territory at 1.6900.
USD/JPY: The movements on the majors are unstable and short-lived. Now, the markets need to be handled with tact for optimal results. The USD/JPY is no exception, for it now tends to have short-lived signals on it. So approaches that are particularly creative would be helpful here. The current signal is buy and the market could test the supply level at 103.00.
EUR/JPY: At the present, there is also a buy signal on the pair. The signal has been confirmed, but the price needs to test the supply zone at 142.50 before it can be termed as being significant.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for April 29, 2014
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