FX.co ★ Daily analysis of major pairs for April 10, 2015

EUR/USD: This pair plummeted by 350 pips this week. That is one of the strongest plunges during the week. The price is currently below the resistance line at 1.0700, going towards the support line at 1.0650. The ultimate targets for bears are at the support lines of 1.0600 and 1.0550, which may be reached this week or next week.

USD/CHF: This currency trading instrument rose by 270 pips this week. That is one of the strongest rallies among the majors. The price is currently above the support level at 0.9750, going towards the resistance level at 0.9800. The ultimate targets for bulls are at the resistance levels of 0.9850 and 0.9900, which may be reached this week or next week.

GBP/USD: The equilibrium phase for the cable has ended, as the price has been broken south. Now, the pair holds below the distribution territory at 1.4750. This is the territory where it was said there would be a confirmed bearish outlook in case it was breached to south. Breaching the distribution territory at 1.4750 to south has shown that the recent tight equilibrium phase is over and bears turned to win.

USD/JPY: The bullish signal that had been formed in this market for a lomg time sustained. The price is above the EMA 56 and the RSI period 14 is above the level of 50. The supply level at 121.00 is the next point for the price to reach. It could even be breached to the upside.

EUR/JPY: cross has gone down by over 250 pips this week, reaching the demand zone at 128.50. There is now a strong Bearish Confirmation Pattern in the market. The next demand zones to be tried are set around 128.00 and 127.50.