FX.co ★ Daily analysis of major pairs for May 1, 2015

EUR/USD: Owing to the exponential stamina in the euro, this pair skyrocketed this week. The pair closed above the support line at 1.1150, an area where the battle is hot, as bears are trying their best to keep bulls from pushing the price further upwards. This is a critical phase in the bullish journey of this pair, and should the pair fail to move further upwards, there could be a reversal.

USD/CHF: This market is highly volatile, for it is kept under pressure by bearish forces. There is a Bearish Confirmation Pattern on the chart and bears would continue to prove their strength as long as the EUR/USD pair is strong.

GBP/USD: The Cable trended seriously upwards this week, nearly testing the distribution territory at 1.5500, before easing. The easing is seen as a transitory reversal in the context of an uptrend, and unless the accumulation territory at 1.5200 is breached to the downside, the bullish outlook would be far from being over.

USD/JPY: Owing to the weakness of the JPY, the USD/JPY pair has broken to the upside, moving above the EMA 56, while the RSI period 14 is above the level 50. This is a bullish signal, which would be stronger only when the supply levels at 120.00 and 120.50 are breached to the upside.

EUR/JPY: The EUR/JPY pair has continued its bullish movement, even when it was thought that there was going to be a reversal. The market is like a flowing river and it pays to go with the flow. There has been an upward movement of 500 pips this week, which is enough to show that the bull has gotten lots of stamina. The supply zone at 134.50 is now being threatened by the bull.