FX.co ★ Daily analysis of major pairs for March 27, 2015

EUR/USD: This week, the market has enjoyed a measure of bullish run before the run was checked at the resistance line of 1.1050. Since then, there has been a bearish retracement of about 170 pips. However, the markit remains bullish unless the support line at 1.0800 is violated to the downside.

USD/CHF: This pair experience a rally in the context of a downtrend now. It is called downtrend because the EMA 11 is still below the EMA 56; though the Williams' % range period 20 is reacting to the bullish attempt now. The only factor that can bring about a confirmed bullish bias is an exponential weakness in USD.

GBP/USD: Generally, the cable has been moving sideways this week. As it was mentioned in the previous analysis, there is a distribution territory around 1.5000 and an accumulation territory around 1.4800. There must be a break above the distribution territory or a break below the accumulation territory before a strong directional movement can be seen.

USD/JPY: Since touching the demand level at 118.50, the USD/JPY pair has bounced upwards. However, the upward bounce can be seen as a short-term rally in a context of a downtrend, which gives another good opportunity to go short. Unless the supply level at 121.00 is breached to the upside, the bearish outlook remains valid.

EUR/JPY: This cross has become weaker. It has accumulated this week, almost giving up the little gain. The current price action testifies to the ongoing bears' domination on the market and a movement below the demand zone around 129.00 is likely to result in a clean Bearish Confirmation Pattern in the chart.