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Daily analysis of major pairs for February 9, 2015

EUR/USD: The effort of bulls in this market has invariably been rendered useless by bears. The resistance line at 1.1500 was challenged but it was not overcome. Bears are currently trying to push the price southward; which may enable the price to reach the support line at 1.1300 - an important level in its own right. Only a break above the resistance line at 1.1500 could render the bearish outlook invalid.

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USD/CHF: The EUR/USD pair is weak. Therefore, it is expected that the USD/CHF would be strong. The outlook for the latter is bullish and the outlook for the former is bearish. As said in earlier forecasts, this market would continue its slow and gradual upward movement this week, though occasional, but short-term bearish corrections are not ruled out.

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GBP/USD: The bias on the Cable has become bullish in the near term. The market moved upwards by 350 pips last week, from the accumulation territory at 1.5000, which has become a formidable barrier to the bears machinations. The distribution territory at 1.5350 was tested last week and it could be tested again.

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USD/JPY: This popular market trended upwards significantly on Friday. Prior to this day, the market was consolidating between the demand level at 117.00 and the supply level at 119.00. A break above the supply level at 119.00 shows a new lease of the bullish bias.

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EUR/JPY: On Friday, February 6, 2015, this currency trading instrument closed at 134.81, on a bullish note. The outlook for most JPY pairs is bullish, and this instrument could be going upwards this week. A close above the supply zone at 136.00 would result in an unambiguous Bullish Confirmation Pattern.

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Uitgevoerd door, Analytische expert
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