FX.co ★ Daily analysis of major pairs for May 22, 2015

EUR/USD: Since the bias on this pair has turned bearish, the price has been caught in an equilibrium phase. It would be assumed that a break below the support line at 1.1000 would further strengthen the existing bearish bias; whereas a break above the resistance line at 1.1250 would put bulls in a defensive position.

USD/CHF: Since a sell signal was formed on this currency trading instrument, the price has been moving sideways. There could be a significant breakout either to the upside or to the downside soon. A breakout to the upside is more likely.

GBP/USD: The сable has shot skywards again, settling just above the accumulation territory at 1.5650. This bullish price action has saved the recent bullish bias from being rendered invalid by bears. A movement above the distribution territory at 1.5750 would really emphasize the strength of bulls.

USD/JPY: There is still a valid Bullish Confirmation Pattern seen on the USD/JPY chart. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The next target for bulls is located at the supply level of 121.50, and along the way, bearish corrections would be shallow and transient.

EUR/JPY: This cross is also caught in an equilibrium phase, which would inevitable be followed by a breakout. Again, the fate of the euro would determine whether the expected breakout would be to the upside or to the downside. The current bias is bearish.