Daily analysis of major pairs for May 4, 2017

EUR/USD: The EUR/USD has moved sideways so far this week; in the context of an uptrend. It is possible for the price to test the resistance lines at 1.0950 and 1.1000, but it would pull back eventually, heading towards the support lines at 1.0850, 1.0800 and 1.0750. A movement below the support line at 1.0750 would result in a bearish bias.

USD/CHF: The USD/CHF trended a bit upwards yesterday – in the context of a downtrend. There is a Bearish Confirmation Pattern in the market, and further bearish movement is possible until the EUR/USD drops significantly. Some fundamental figures are expected today and they may have an impact on the market.

GBP/USD: The Cable is now going
northwards slowly and gradually. There is still a visible bullishness in the
market, and the distribution territories at 1.2950, 1.3000 and 1.3050 could be
tested within the next few days. There remains a Bullish Confirmation Pattern
in the 4-hour chart.

USD/JPY: This market has gone upwards by 140 pips this week; having moved upwards by over 310 pips since April 25, 2017. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. The further northward journey is anticipated, for the price could reach the supply levels at 113.00, 113.50 and 114.00 within the next several trading days.

EUR/JPY: The movement on the
EUR/JPY is nearly similar to the movement on the USD/JPY. Price has gone upwards
by 140 pips this week, having moved upwards by 370 pips since April 24. The
next targets for bulls are located at the supply zones at 123.00 and 123.50.
The targets may even be exceeded; though the current bullish bias could be
affected by the events surrounding Euro.

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Source:: Daily analysis of major pairs for May 4, 2017