FX.co ★ Daily analysis of major pairs for April 20, 2015

EUR/USD: There is a Bullish Confirmation Pattern in the market now, as the market made commendable effort to go bullish last week (and with a measure of success). This week, the price is likely to reach the resistance lines at 1.0900 and 1.0950.

USD/CHF: As EUR/USD went upwards, USD/CHF has gone downwards. From the resistance level at 0.9850, the price plunged by around 300 pips reaching the support level at 0.9500. The support level at 0.9500 would be breached amid further selling pressure on the market as the price reaches another support level at 0.9500.

GBP/USD: The cable skyrocketed by 450 pips last week, rising from the accumulation territory at 1.4600 and testing the distribution territory at 1.5050. In spite of the shallow southward correction in the market, the outlook for the cable is bright this week. The distribution territory at 1.5050 would be tested again and get breached to the upside, as the price reaches another distribution territory at 1.5100.

USD/JPY: On Friday, April 17, 2015, this market closed at 118.89 on a bearish note. One achievement has been made by bears – they have succeeded in breaking the supply level at 119.00, which used to be a stubborn impediment to bears, to the downside. Another demand level at 118.00 could be reached.

EUR/JPY: This cross moved upwards by 200 pips last week; going from the demand zone at 126.50 and reaching the supply zone at 128.50. Nevertheless, the bearish bias still extants, and the only thing that can render it invalid is a situation in which the price goes above supply zone at 129.50.