FX.co ★ Daily analysis of major pairs for June 2, 2016

EUR/USD: Since Monday till now, the EUR/USD has been making some bullish attempt, which, however, pales into insignificance when compared to the current bearish outlook in the market. The bulls have gained 90 pips so far this week, but unless the price moves above the resistance line at 1.1300, the shallow rally would be taken as a short-selling opportunity.

USD/CHF: The USD/CHF consolidated yesterday. The bulls are still willing to push the price northward, and there is a possibility that the resistance levels at 0.9950 and 1.0000 (a parity zone) would be tested. This is because the EMA 11 is above the EMA 56; though the Williams' % Range period 20 is in the oversold region. Today would determine whether the price would go upwards, or come downwards to invalidate the recent bullish bias.

GBP/USD: A bearish signal has been generated on the GBP/USD, because a Bearish Confirmation Pattern has already formed on the 4-hour chart. After testing the distribution territory at 1.4700, the price has come down by almost 300 pips, testing the accumulation territory at 1.4400. Some fundamental figures are expected today, and they can have a huge impact on the markets.

USD/JPY: This pair trended downwards on Wednesday – a serious threat to the current bullish outlook on the market. In case the price moves downwards by additional 100 pips, the bias would turn bearish, and the market would trend further downwards.

EUR/JPY: Because of its decline, the EUR/JPY cross has had a Bearish Confirmation Pattern formed on it. The EMA 11 is below the EMA 56, while the RSI period 14 is below the level 50. It is possible for the price to reach the demand zones at 121.50 and 121.00. It is even possible for the price to go beyond those demand zones.