FX.co ★ Daily analysis of major pairs for April 24, 2015

EUR/USD: As it had been predicted, the breakout that occurred on this pair, following the recent visible consolidation, favored bulls. The price went above the support line at 1.0800 almost touching the resistance line at 1.0850. Now, the resistance line is an easy target for bulls as it may be breached to the upside.

USD/CHF: The situation on this pair is largely determined by what happens to the CHF and EUR. The CHF was weakened on Wednesday and the pair went upwards. The EUR was strengthened yesterday and the pair nosedived. The support level of 0.9550 had already been battered, and therefore, the bias in the market turned bearish.

GBP/USD: The GBP/USD generally moves upwards this week. The price has closed above the accumulation territory at 1.5050 (which was our target for this week). The next target for bulls is situated at the distribution territory of 1.6000, which is likely to be attained today or next week. However, this expectation does not render a possibility of short-term pullbacks invalid.

USD/JPY: The movement of this currency trading instrument has been erratic and unpredictable, though things look seemingly as being favorable to bulls. There is a supply level at 120.00 and a demand level at 119.00. The price must stay above the supply level or below the demand level to poins a clear direction.

EUR/JPY: Just like EUR/USD, this cross was able to break upwards, resulting in a Bullish Confirmation Pattern in the chart. The EMA 11 is above the EMA 56, while the RSI period 14 is above the level of 50. This is a bullish signal. Buy!