FX.co ★ Daily analysis of major pairs for April 1, 2015

EUR/USD: This pair has already formed a bearish outlook (which would continue to be a boon to the USD/CHF pair as long as the bearish outlook holds). There are support lines at 1.0700 and 1.0650. They are likelu to be possible targets for bears.

USD/CHF: This currency trading instrument continued to make its effort to go upwards with some visible results. A movement above the resistance levels at 0.9800 and 0.9850 would mean the end of the current bearish bias and the beginning of a good bullish bias.

GBP/USD: It is better to go short on this market instead of going long. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This is a sell signal in spite of the visible bullish effort on the market. A movement below the accumulation territory at 1.4750 is likely to strengthen the 'sell' signal, while a movement above the distribution territory at 1.4950 is going to render the signal useless.

USD/JPY: This trading instrument was moving sideways on Tuesday, but the overall bias remains bullish (especially in the near term). It can be said that the market has moved sideways in the context of a near-term uptrend. The price may trade further north when a breakout does happen in the market, save the movement below the demand level at 119.00.

EUR/JPY: The yen became stronger. As a result, some JPY pairs are currently showing weakness. For example, the EUR/JPY pair was trading south on Tuesday, forming a Bearish Confirmation Pattern in the chart. Unless the supply zone around 131.00 is overcome, a long trade may look illogical here.