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Daily analysis of major pairs for May 30, 2016

EUR/USD: As it was projected, the EUR/USD pair went south roughly by 110 pips last week, closing at 1.1114 on Friday, May 27, 2016. There is a strong Bearish Confirmation Pattern in the market: It is expected that the market would continue trending lower as long as the USD is stronger than the EUR. Any signs of vulnerability in the USD would cause this pair to skyrocket.


USD/CHF: The USD/CHF pair managed to go upwards a little on Friday, having consolidated during the first few days of the week. Bulls are still willing to push price northward, and there is a possibility that the resistance levels at 0.9950 and 1.0000 (a parity zone) would be tested. However, it is unlikely that the resistance level at 1.0000 would be broken to the upside, since there also is a threat from the CHF, which might gain some stamina before the end of the week.


GBP/USD: This pair went upwards by 200 pips last week. Further bullish movement was rejected at the distribution territory at 1.4700, which effected an 80-pip correction. That correction will not put the bullish bias on the market in a precarious position, unless price goes below the accumulation territory at 1.4450 (which requires a great deal of selling pressure). Northward direction is the most likely one for this week.


USD/JPY: The bias on this market turned neutral, though a closer look at the price reveals that bulls are still willing to push the price higher, if they would be freed from bears' clutches. There are currently mixed signals in the market, and swing traders might want to stay off until there is a directional movement. A breakout is imminent this week. The more the consolidation phase hold outs, the closer the expected breakout occurrence, plus the more predictable the breakout would be when it occurs.


EUR/JPY: The EUR/JPY cross has moved sideways so far this week, and thus, hope for a serious breakout today is very weak. However, there may be a strong breakout this week, which would push the price below the demand zone at 122.00 or above the supply zone at 124.00.


The material has been provided by InstaForex Company -