Daily Analysis of Major Pairs for April 12, 2016
EUR/USD: There is still a sideways movement here. This pair also had a flat movement last week, for the price was unable to close above the resistance line at 1.1450 in spite of forays into it (the resistance line at 1.1400 was also subjected to desperate attacks from the bulls).
USD/CHF: The USD/CHF consolidated on Monday, not going below the support level at 0.9500. The support level should be broken to the downside, reaching another support level at 0.9000. A breakout would happen this week, which would most probably favor the bears. There is a Bearish Confirmation Pattern in the market.
GBP/USD: The Cable traded higher on Monday, rising from the accumulation territory at 1.4100 and reaching the distribution territory at 1.4250. This is a movement of 150 pips, and as it was forecasted, the upward movement could continue this week (and it would be visible on other GBP pairs). A movement above the distribution territory at 1.4350 would mean the end of the current bearish bias.
USD/JPY: Here, the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further southward journey is possible. There is a strong Bearish Confirmation Pattern on the chart, which would hold out as long as the price continues to journey southwards. This week, bears would target the demand levels at 107.50, 107.00 and 106.50.
EUR/JPY: The bears are still willing to push the price further southward here. There is a very strong bearish outlook on the market (and of course, other JPY pairs). The bears should be able to target the demand zones at 122.50, 122.00 and 121.50 this week. Any rallies we see here might be an opportunity to sell short at better prices.
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