Daily analysis of major pairs for May 28, 2014

EUR/USD: This is a bear market, with the Bearish Confirmation Pattern in the chart being valid. The price may soon move downwards in a significant mode, testing the support line at 1.3600 and possibly breaking it to the downside. Should the price succeed in breaking the support line to the downside, the next target would be the support line at 1.3550.

USD/CHF: This is a bull market, with the Bullish Confirmation Pattern in the chart being valid. The price may soon move upwards in a significant mode, testing the resistance level at 0.9000 and possibly breaking it to the upside. Should the price succeed in breaking the resistance level to the upside, the next target would be the resistance level at 0.9050.

GBP/USD:  The perpetual weakness on the Cable has resulted in a bearish signal. The EMA 11 is below the EMA 56 and the price is below them. The RSI period 14 is below the level 50. It is no longer logical to seek long trades here. While there is a distribution territory at 1.6900, the price may test the accumulation territory at 1.6750.

USD/JPY:  This pair is in a bullish mode, and it has been able to maintain it so far. However, there is a need for the price to close above the supply level at 102.00, and continue moving further upwards, so that the trend would continue to be valid.

EUR/JPY:  What is happening in this market is best termed as a hollow rally attempt in the context of a downtrend. As long as the price is unable to break the EMA 56 to the upside, it would be assumed that it could go further lower.