Daily Analysis of Major Pairs for April 22, 2016
EUR/USD: This market went bearish on Thursday – just in the opposite direction to the USD/CHF which moved upwards that day. The bearish movement on the EUR/USD was not that significant. The market has not assumed a clear direction – a condition that would be fulfilled within the next several trading days.
USD/CHF: The USD/CHF broke upwards by over 100 pips on Wednesday and it was able to move further upwards on Thursday. There is now a Bullish Confirmation Pattern on the 4-hour chart. Right now, the price is above the support level at 0.9700; it could reach the resistance levels at 0.9750 and 0.9800 before the end of this week.
GBP/USD: The GBP/USD was volatile yesterday, though the bulls have been able to maintain the bullish outlook. The distribution territory at 1.4400 has been tested many times this week, but the price would need to go above it in order to emphasize the bulls' supremacy. It is likely that the bullish bias would continue today and early next week, for it would not be invalidated as long as the price stays above the accumulation territory at 1.4150.
USD/JPY: This market did not perform any serious movement on April 21, 2016, though the bullish outlook remains logical. This is because the EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The current price action reveals a pause in the market, which might result in further northward movement when the pause ends.
EUR/JPY: The bullish signal on this cross pair is getting irrational, since it is being threatened in the short term. One might need to stay away from this market until there is a movement above the supply zone at 125.00 or below the demand zone at 123.00. Then a directional movement would start.
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