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Daily analysis of major pairs for February 5, 2015

EUR/USD: This pair tested the resistance line at 1.1500, broke through it and later failed to close above it. The dip that occurred as a result is serious enough to be a danger to the current bullish possibility. A movement below the support line at 1.1250 would mean the end of the bullish possibility and the reversal of the recent bearish trend.

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USD/CHF: The movement on this currency trading instrument looks like that of an equilibrium market; whereas a closer look reveals that the movement is a slow and steady one in favor of bulls. As it is said earlier, occasional pullbacks in the market would be transitory and the price can move upwards by over 500 this month.

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GBP/USD: The Cable managed to touch the distribution territory at 1.5250 before going lower below the distribution territory at 1.5200. The near-term outlook on this market is still bullish and the accumulation territory at 1.5100 may defend the outlook. Some fundamental figures are expected today and they can have an impact on the markets.

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USD/JPY: This is not a favorable market to swing and position traders at least for the time being. This market is currently favorable to scalpers and intraday traders, just because of short-term southward and northwards swings in the market. Both bullish and bearish runs are short-lived and occur alternatively.

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EUR/JPY: The best action to take here in the near-term is to follow the bear bias. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 14, denoting a sell indication. Even if there would be a rally in the market, the price could first test the demand zone at 132.00.

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Uitgevoerd door, Analytische expert
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