Daily analysis of major pairs for May 29, 2017

EUR/USD: This pair moved
sideways last week, oscillating between the support line at 1.1150 and the
resistance line at 1.1250. The resistance line at 1.1250 was tested several
times without success but, it would be breached to the upside this week. The
outlook on EUR pairs is bearish for June (though some EUR pairs would make
bullish attempts). It is expected that the resistance line at 1.1250 would be
breached to the upside this week.

USD/CHF: This currency trading
instrument consolidated last week, testing the support level at 0.9700 several
times without breaking it to the downside, and also not going above the
resistance level at 0.9800. The Greenback is supposed to become weak this week;
while the Swissie would be strong: Hence a bearish movement on the USD/CHF. The
support level at 0.9700 would be breached to the downside this week as price
goes further south. However, this trend would be reversed when the EUR/USD
plummets in June.

GBP/USD: The GBP/USD moved
sideways from Monday to Wednesday and then began to come down on Thursday.
Price went downwards from the distribution territory at 1.3000 towards the
accumulation territory at 1.2800 (a drop of 200 pips). The outlook on GBP pairs
is bearish for this week and for the month of June 2017. Though the markets are
supposed to become quiet in June, GBP pairs would trend seriously.

USD/JPY: Last week, this currency trading instrument
went between the supply level at 112.00 and the demand level at 111.00. The
bias is bearish in the short-term and neutral in the long-term. The demand
level at 111.00 would be breached to the downside as the instrument becomes
weaker. The markets would generally become quiet in June. However, JPY pairs
would trend nicely.

EUR/JPY: The EUR/JPY did not
do anything significant last week, save the shallow bearish run that was seen
on May 26. It is possible that price would go upwards this week, but that is
limited, owing to the expected bearishness in the market. The outlook on JPY
pair is bearish for June 2017, and the EUR.JPY may lose about 300 pips within
the next two weeks, potentially leading to the end of the current bullish bias
on the market.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of major pairs for May 29, 2017