Daily Analysis of Major Pairs for April 15, 2016
EUR/USD: The rally on the USD/CHF has forced the EUR/USD to break southward. The price is now below the resistance line at 1.1300, testing the support line at 1.1250. The price might even go below that resistance line, since further southward movement would be witnessed as the USD/CHF journeys further north.
USD/CHF: The bulls are still able to maintain their short-term supremacy on the USD/CHF. It is possible for the price to go above the resistance level at 0.9700 today or next week, which would reinforce the bullish signal that has just been generated. The bullish signal cannot be jeopardized unless the price goes below the support level at 0.9550.
GBP/USD: It is no longer rational to go long on the Cable, at least for the time being. The EMA 11 has crossed the EMA 56 to the downside, as the RSI period 14 is below the level 50. This is a Bearish Confirmation Pattern on the chart. The price, which is now below the EMA 11, might eventually test the accumulation territory at 1.4050.
USD/JPY: So far this week, this currency trading instrument has moved upwards in the context of a downtrend. Two things would happen later today or next week: either the price continues going upwards, thereby rendering the dominant bearish bias invalid, or the price goes southwards to corroborate that bias.
EUR/JPY: It can be said that this cross pair moved sideways throughout this week. A significant movement is not very likely today. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. This shows a bearish outlook on the market. When the price breaks out out of the current short-term sideways movement, it would most probably go towards the demand zone at 122.50.
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