InstaForex - Analytics

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    Daily analysis of major pairs for February 23, 2016 2016-02-23

    EUR/USD: This pair is also moving in a predictable manner. Last week's bullish effort resulted in a sell signal; and the market went further downwards by 130 pips on Monday, almost testing the support line of 1.1000. Bears should be able to push the price below that great support level as the market goes further south.

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    USD/CHF: Like some other major pairs, the USD/CHF pair is moving in a predictable manner now. Last week's bullish effort resulted in a buy signal; and yesterday the market went further upwards by 100 pips testing the psychological level of 1.0000. Bulls should be able to push the price above that psychological level, as the market goes further north.

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    GBP/USD: The GBP/USD pair dropped further by 230 pips on Monday, resulting in a stronger Bearish Confirmation Pattern in the market. GBP pairs are bearish now, and there is a possibility that the accumulation territories of 1.4050 and 1.3050 would be slashed this week (by the GBP/USD pair), as bearish pressure persists in the market.

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    USD/JPY: There is still a bearish indication on the USD/JPY chart. The EMA 11 is below the EMA 56 in the 4-hour chart, while the RSI period 14 is below the level of 50. This means that the price could go further downwards. The demand levels at 112.50 and 112.00 are potential targets this week.

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    EUR/JPY: On February 22, 2016, this cross traded lower due to the weakness in the EUR and the stamina in the Yen. As said earlier, there are very slim chances for JPY pairs to rally significantly this week. In the face of this fact, the USD/JPY pair is likely to continue to trend further and further downwards.

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