Daily analysis of major pairs for April 20, 2015

The Cable skyrocketed by 450 pips last week, rising from the accumulation territory at 1.4600 and testing the distribution territory at 1.5050. In spite of the shallow southward correction in the market, the outlook for the Cable this week is bright. The distribution territory at 1.5050 would be tested again and get breached to the upside, as the price reaches for another distribution territory at 1.5100.

EUR/USD: There is now a Bullish Confirmation Pattern in this market, as the market made commendable effort to go bullish last week (and with a measure of success). This week, it is possible that the price would reach the resistance lines at 1.0900 and 1.0950.

USD/CHF: Just as the EUR/USD went upwards, the USD/CHF has gone downwards. From the resistance level at 0.9850, the price plunged by around 300 pips, reaching the support level at 0.9500. With further selling pressure in the market, the support level at 0.9500 would even be breached, as the price reaches for another support level at 0.9500.

GBP/USD: The Cable skyrocketed by 450 pips last week, rising from the accumulation territory at 1.4600 and testing the distribution territory at 1.5050. In spite of the shallow southward correction in the market, the outlook for the Cable this week is bright. The distribution territory at 1.5050 would be tested again and get breached to the upside, as the price reaches for another distribution territory at 1.5100.

USD/JPY: On Friday, April 17, 2015, this market closed at 118.89, on a bearish note. One achievement has been made by the bears – they have succeeded in breaking the supply level at 119.00 to the downside, who used to be a stubborn impediment to the bears. Another demand level at 118.00 could be reached.

EUR/JPY: This cross moved upwards by 200 pips last week; going from the demand zone at 126.50 and reaching the supply zone at 128.50. Nevertheless, the bearish bias is still extant, and the only thing that can render it invalid is a situation in which the price goes above supply zone at 129.50.

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