FX.co ★ Daily analysis of major pairs for April 23, 2014

EUR/USD: This is a trendless market, and the situation has been like that since last week. However, the trendless situation cannot last forever, for the price would soon go out of balance, most probably in favor of the bears. The probability of the next significant movement favoring the bears is supported by the price action in the chart.

USD/CHF: This pair has been bullish since last week, and it has remained till now. Only long trades are advised here; for the price could keep on going further upwards when the movement in the market becomes noteworthy once again. The resistance level at 0.8850 has been tested for several times, with no bearish correction. The besieged resistance level would soon be breached to the upside. After that, the price would go further upwards towards another resistance level at 0.8900.

GBP/USD: The GBP/USD remains in a strong market and any bearish retracements on it are seen as purchasing opportunities. This bullish outlook remains rational as long as the price stays above the accumulation territories at 1.6750 and 1.6700 (the bullish bias cannot be violated when the price fails to close below the latter accumulation territory). Should the price continue to trend upwards, it would easily breach the distribution territory at 1.6850.

USD/JPY: There is still a Bullish Confirmation Pattern on this market and the price could go upwards towards the supply level at 103.00.

EUR/JPY: The EUR/JPY is in an equilibrium phase. But when a breakout does occur at last, it would probably be to the upside. There has been some willingness in testing the supply zone at 142.00, so this would be the first target when the expected momentum returns to the market.