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Daily analysis of major pairs for June 1, 2016

EUR/USD: No matter what happens on this trading instrument, the bias is bearish. There is a bearish Confirmation Pattern in the market. It would be rational to take any rally attempts as short-selling opportunities, for bears might still target the support lines at 1.1100 and 1.1050.


USD/CHF: The USD/CHF pair consolidated yesterday. 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 is also a threat from CHF, which might gain some stamina before the end of the week.


GBP/USD: The Cable made further attempt to go upwards, but bears came in at the distribution territory of 1.4700, which was the same point at which a bullish attempt was rejected last week. From that distribution territory, the price came down by 220 pips, now below the distribution territory at 1.4500. This kind of movement has become a serious threat to the recent bullish outlook; plus a movement below the accumulation territory at 1.4400 would result in a strong bearish signal.


USD/JPY: This pair simply moved sideways on Tuesday – in the context of a downtrend. The next targets are the supply levels at 111.50 and 112.00. Since there is a bullish signal in the market, those supply levels would be tested today or tomorrow.


EUR/JPY: The EUR/JPY pair made some bullish attempt, but further rally was rejected at the supply zone of 124.00. Bulls made serious efforts to push the price above that supply zone, but they were overpowered by bears. However, as long as the price is above the demand zone at 122.00, a possibility of a further rally is valid.


The material has been provided by InstaForex Company -