FX.co ★ Daily analysis of major pairs for April 18, 2014

EUR/USD: This pair has been traded flat for the most of the week, although it appears as if the price would go upwards when momentum returns to the market. This is possible because there is still some bullish indication in the chart, especially as far as the price action is concerned.

USD/CHF: In a rare formation (though not a surprise) USD/CHF has been able to exude some bullish stance this week. The gradual and steady rally has finally resulted in a ‘buy’ signal as a Bullish Confirmation Pattern returns to the market. This kind of price action we see here continuing, the price would soon be trading above the resistance level at 0.8850.

GBP/USD: This is a bullish market, and any bearish retracement on it – as it is currently happening – is seen as an opportunity to open another long order with the thought that the price would resume its upwards journey. Further bearish pulls might be contained at the accumulation territories of 1.6750 and 1.6700.

USD/JPY: There is now a ‘buy’ signal here. On the 4-hour chart, the price has crossed the EMA 56 to the upside and closed above it. The RSI period 14 is also clearly above the level 50. Long trades ought to be sought now.

EUR/JPY: The EUR/JPY cross has succeeded in rejecting further bearish movement on it. Right now, the bullish determination in the market has resulted in a ‘buy’ signal. Our target is now placed at the supply zone of 142.00, but it may even be possible for the price to break the supply zone as it goes further up.