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Daily analysis of major pairs for February 4, 2015

EUR/USD: The EUR/USD pair has been trending upwards since yesterday, breaking through the resistance line at 1.1500. With further buying pressure, the price would close above the resistance line at 1.1500 and reach another resistance line at 1.1550. Then, a strong Bullish Confirmation Pattern would be formed on the chart.

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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, occasional serious pullbacks are expected which would, nevertheless, be transient in nature.

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GBP/USD: In a welcome positive correlation with the EUR/USD pair, GBP/USD has also moved upwards since yesterday. The price is above the accumulation territory at 1.5150, and it may soon reach the distribution territory at 1.5200. A movement above the distribution territory at 1.5250 would result in a clear bullish outlook in the market.

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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 to be breached to the upside or the demand level at 117.00 is to be broken to the downside. The bullish outlook is more probable.

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EUR/JPY: This market has been making an attempt to go northward a movement of over 280 pips in two days is noteworthy. It is expected that the price would soon go above the supply zone at 136.00. By then, the EMA 11 would have crossed the EMA 56 to the upside, as the RSI period 14 has crossed the level 50 to the upside.

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Uitgevoerd door, Analytische expert
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