Daily analysis of major pairs for May 29, 2015

EUR/USD: This
pair slashed through the support line at 1.0850, but it could not reach the
support line at 1.0800. From there, the price has bounced upwards, and that
could be another good short-selling opportunity, unless the price manages to go
above the resistance line at 1.1100. That is the only thing that can signify
that the bearish bias has gone invalid.

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USD/CHF: This
currency trading instrument has nearly lost all its bullish gains. One might see the current bearish retracement as an opportunity to go short in the context of an uptrend. The bullish bias would not be over
until the support level at 0.9300 is breached to the downside.

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GBP/USD: There is
still a Bearish Confirmation Pattern in this market. The EMA 11 is below the
EMA 56 and the RSI period 14 is below the level of 50. The price has gone down by
200 pips this week and this could continue unless there is great weakness in
USD.

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USD/JPY: The
latest price action on the USD/JPY pair is choppy. The bias is bullish and the price
may continue its northward journey owing to the ongoing weakness in the yen.
There are demand levels at 123.00 and 122.50. There are also supply levels at
124.00 and 124.50.

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EUR/JPY: The EUR/JPY pair got above the demand zone at 135.00 generating a ‘buy’ signal. Bulls have started pushing the price upwards and they could attain the supply zones at 136.00 and 136.50. This could be the beginning of a long-term rally.

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The material has been provided by InstaForex Company – www.instaforex.com

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