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Daily analysis of major pairs for February 3, 2015

EUR/USD: At the end of the last week, this pair was consolidating. The consolidation has continued this week so far. However, the bias is bearish and this could mean that the price would go southward when there is a breakout in the market. Thus, the price can reach the support line at 1.1250 today.

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USD/CHF: The outlook for the USD/CHF pair remains upbeat in the context of a downtrend. The price is supposed to continue going upwards in a slow and steady manner by at least 500 pips this month. Along the way, there would be occasionally serious pullbacks which would, nevertheless, be transient in nature.

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GBP/USD: The signal on the Cable is currently a sell. The price can test the accumulation territory at 1.5000 again; even breaking it to the downside. The Bearish Confirmation Pattern on the chart could also be a supporter of this outlook.

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USD/JPY: The outlook for the USD/JPY pair is still the same.There was no much activity in this market last week, save occasional short-term upswings and downswings in the market. This week, either the supply level at 119.00 is expected to be breached to the upside or the demand level at 117.00 is expected to be breached to the downside.

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EUR/JPY: The EUR/JPY pair made a noteworthy effort to rally in the context of a downtrend, but the overall bias remains bearish. The outlook for this cross this week is bullish, and this can happen any day this week. The only factor that can render this expectation useless is a situation in which the Yen gains significant stamina.

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Uitgevoerd door, Analytische expert
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