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Daily analysis of major pairs for March 10, 2015

EUR/USD: This is a bearish market. As further southward dip is expected, there is a strong support line at 1.0500, which could act as an indicator of the bears' frenzy. Unless the EUR is fated to reach parity with the USD, this pair is not expected to drop below the aforementioned support line.

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USD/CHF: This market consolidated on Monday, without a clear movement to the upside or the downside. The price is currently above the support level of 0.9850, and it may reach the resistance levels of 0.9900 and 0.9950, especially in the face of continued strengthening of the USD and continual weakness of the CHF.

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GBP/USD: In the context of a downtrend, the cable moved upwards by 100 pips on Monday. Unless the distribution territories around 1.5250 and 1.5300 are breached to the upside, the current rally in the context of the downtrend would be interpreted as a good opportunity to sell short at a better price.

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USD/JPY: As expected, this pair was able to move higher upward yesterday. The price action and the candlesticks formations on the 4-hour chart show a great probability of a continuation of the extant bullish bias. This is our outlook this week: movement.

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EUR/JPY: This currency trading instrument also made some faint bullish efforts while the major trend remains bearish. The faint bullish effort is seen as another opportunity to sell short; unless the price goes above the supply zones at 133.00 and 134.00.

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Uitgevoerd door, Analytische expert
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