InstaForex - Analytics

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    Daily analysis of major pairs for February 24, 2016 2016-02-24

    EUR/USD: The EUR/USD pair has come down by 100 pips this week, reinforcing an existing bearish outlook on it. Bears have met a strong opposition at the support line of 1.1000. Bulls should try to push the price below that support line: otherwise a rally may occur from here.

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    USD/CHF: A little bullish gain which this pair managed to make this week has been lost as the price went down on Tuesday. The EMA 11 is still above the EMA 56, meaning a bullish indication. The Williams' % Range period 20 has now gone to the oversold region, meaning a bearish indication. Generally, there are mixed signals in the market, and it is sensible to wait for a directional movement.

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    GBP/USD: The GBP/USD pair has dropped by at least 270 pips this week, resulting in a stronger Bearish Confirmation Pattern in the market. GBP pairs are now bearish in most cases, and it is possible that the accumulation territories at 1.4000 and 1.3950 would be slashed this week (by the GBP/USD), as the bearish pressure in the market persists.

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    USD/JPY: In spite of the fact that this market has consolidated so far this week, there is still a bearish indication on the USD/JPY. 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 likely to be potential targets this week.

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    EUR/JPY: The EUR/JPY pair has gone down by over 200 pips this week, and it is now hovering almost below the supply zone around 123.50. There is a clear Bearish Confirmation Pattern in the chart, and it is more likely that the price would continue going further south, possibly reaching the demand zones of 123.00 and 122.50.

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