Daily analysis of major pairs for May 31, 2017

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EUR/USD: This pair made a
faint bearish attempt on Monday, and then rallied slightly on Tuesday. Needless
to say, the rally was helpful enough to help restore the recent bullish bias on
the market. There are possibilities of price reaching the resistance lines at 1.1250
and 1.1300 today or tomorrow. However, things would eventually come down.

USD/CHF: The shallow rally
that was seen on Monday has been rejected as soon as price rammed into the EMA
56. Price has been corrected lower. The outlook on the market is bearish, and
it would be difficult for price to go seriously upwards this week (in spite of
the imminent weakness of EUR/USD); owing to the expected weakness in the
Greenback and the expected stamina in CHF.

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GBP/USD: On Monday and Tuesday,
there was a weak rally in the context of a downtrend, and that would turn out
to be another good opportunity to sell short. Price might reach the
accumulation territories at 1.2800, 1.2750, and 1.2700 this week, as it goes
more and more bearish. That is the current outlook on GBP/USD.

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USD/JPY: This is a bear market – though things are
currently consolidating. The EMA 11 is below the EMA 56, and the RSI period 14
is below the level 50. When momentum returns to the market, it would most
probably be in favor of bears. After all, the outlook on JPY pairs is generally
bearish for June.

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EUR/JPY: Although the market
is currently fluctuating, a short-term bearish signal has been generated on EUR/JPY. The fluctuation would continue this week, as the market goes gradually
southward, forming a Bearish Confirmation Pattern on the 4-hour chart. The demand
zones 123.50, 123.00, and 122.50, could be tested this week

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

Source:: Daily analysis of major pairs for May 31, 2017

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