FX.co ★ Daily analysis of major pairs for April 17, 2015

EUR/USD: Just like its GBP/USD counterpart, this pair is also making sincere effort to go north. From the support line at 1.0550, the price has moved upwards by 240 pips almost reaching the resistance line at 1.0800. The price is likely to continue going north, reaching another resistance line at 1.0900. By then, the extant bearish outlook would be rendered completely invalid.

USD/CHF: There is a clear Bearish Confirmation Pattern on this currency trading instrument now, as it can be seen that the price has gone below the EMA 11 (and the EMA 11 itself is below the EMA 56). In addition, the Williams' % range period 20 is already in the oversold region. Therefore, it is expected that the downtrend would continue, taking the price towards the support level at 0.9500.

GBP/USD: The cable has been unrelenting in its effort to go north, especially this week. From the accumulation territory around 1.4600, the price went upwards by 300 pips, it is battering the distribution territory at 1.4950 now. The distribution territory is being breached while I am writing this article; and once it gets completely breached, the next targets for bulls would be the distribution territories around 1.5000 and 1.5050.

USD/JPY: This is also a bear market – for the price has succeeded in breaching the supply level at 119.00 to the downside. Recently, the supply level was, a stubborn demand level. But now, it has been overcome and further southward movement is expected.

EUR/JPY: This cross is making commendable effort to rally as well. By the time the supply zone at 129.00 is breached to the upside, there would have been a confirmed bullish outlook.