FX.co ★ Daily analysis of major pairs for April 21, 2015

EUR/USD: There is still a Bullish Confirmation Pattern in this market, as the market made commendable effort to go bullish last week (and with a measure of success). However, the price has been making some shallow southward correction, which cannot jeopardize the existing bias unless the support line at 1.0650 is breached to the downside.

USD/CHF: There is still a Bearish Confirmation Pattern in this market, as the market was forced to go bearish last week, and with visible results. However, the price has been making some shallow northwards movement, which cannot jeopardize the existing bias unless the resistance level at 0.9700 is breached to the upside.

GBP/USD: The cable has been continuing its bearish correction since the beginning of this week, going from the distribution territory at 1.5050, and reaching the accumulation territory at 1.4900. The bearish retracement, in the context of an uptrend, has panned out by 150 pips. It is assumed that the cable can still go upwards, providing that the accumulation territories at 1.4800 and 1.4750 are not violated.

USD/JPY: The existing bearish outlook is in a clear jeopardy, for the price is trying to make some bullish attempt having gone above the demand level at 119.00. A movement above that demand level would continue to threaten the bearish outlook; whereas a movement below it would confirm the bearish outlook.

EUR/JPY: The movement in this market has not been significant so far this week. What is here is simply a rally attempt in the context of downtrend, and movement below the demand zones at 127.50 and 127.00 would reinforce the downtrend.