Weekly Forex Analysis for Major Currency pairs (April 17 to 21) EURUSD Bearish Last week, the EURUSD saw slight rally on Wednesday. This week Monday it rallied during the day as Easter celebrations took place in Europe. We would want to keep watch for a bearish outlook and as the resistant line of 1.0800 is not crossed yet – until it does, any rallies should be taken as a good "sell" sign. USDCHF Bullish This week, the USDCHF price remained above 1.0000 support level and continues its bullish trend. Movement from the EURUSD could play a role here, deciding whether the resistant level of 1.0100 and 1.1050 will be breached this week. There is a huge possibility that resistant lines will be crossed. GBPUSD Bullish The GBPUSD relied above 1.2550 levels beginning this week Monday and makes it possible for the price to recover on Intra-day on a short term basis. In order to determine the next trend of this pair, the 1.2580 resistance and 1.2550 support has to be breached first. Expected Trend for this week remains Bullish. USDJPY Bearish The USDJPY formed a perfect bearish confirmation pattern last week. Beginning this week, it provided a slight bullish bias support channel. The market keeps looking forward to a bearish trend on this pair in the upcoming sessions. It looks likely to break the 108.00 level and validates the bearish wave extension to 106.63. EURJPY Bearish After failing to breach the 114.85 level last week, the EURJPY is forced to provide an Intra-day positive rebound at 116.0. Its bearish trend is expected to continue. If the resistance level of 117.10 is breached we could see a new negative target beginning at 113.80 to 112.30 in the nearest future.