Daily analysis of major pairs for May 5, 2017

EUR/USD: The EUR/USD pair moved
sideways from Monday to Wednesday and then broke upwards on Thursday. The
upwards break (that was previously forecasted) has already emphasized the
ongoing bullish bias on the market. The next targets for bulls are the
resistance line of 1.1000, which is an important area.

USD/CHF: The USD/CHF pair trended southwards
on Thursday in the context of a downtrend. There is a Bearish Confirmation
Pattern in the market, and a further bearish movement is possible as long as EUR/USD is dropping. That is the condition that would enable USD/CHF to trend upwards.

GBP/USD: The GBP/USD pair has generally
moved sideways this week in the context of a bullish bias. Price has bounded
between the distribution territory at 1.2950 and the accumulation territory at
1.2850. A breakout is imminent, which would most probably favor bulls. The EMA
11 is above the EMA 56, and the RSI period 14 is above the level 50.

USD/JPY: This market has gone
upwards by 160 pips this week; having moved upwards by over 340 pips since
April 25, 2017. The supply level at 113.00 was tested and price pulled back a
bit. However, a further northward journey is anticipated, for price could reach
the supply levels at 113.00, 113.50, and 114.00 within the next several trading
days.

EUR/JPY: The EUR/JPY pair has moved
upwards by 210 pips this week. The bullish movement was in agreement with the
bearish movement that started last week. The supply zone at 123.50 is currently
under siege and it would soon be breached to the upside as bulls push price towards
another supply zones at 124.00 and 124.50.

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Source:: Daily analysis of major pairs for May 5, 2017