EUR/USD: Interestingly, there are new signals in themarkets and this pair has gone south leading to a Bearish ConfirmationPattern in the chart. The price dropped by over 120 pips and it is now testingthe support line at 1.3550. Should that support line be breached to thedownside, the next target would be 1.3500.
USD/CHF: The Greenback has gotten a new lease of energyand this has made the USD/CHF rise, while the EUR/USD plummeted. This fact alsohas impact on other major pairs. Interestingly, there is a new signal in themarket and the pair has gone north leading to a Bullish Confirmation Patternin the chart. The price rose by over 90 pips and it is now trading above thesupport level 0.9000. For the current outlook to continue to be valid, theprice must constantly stay above that support level.
GBP/USD: The Cable has become weakened suddenly partly because of the strength of the Greenback. The EMA 11 has crossed the EMA56 to the downside and the RSI period 14 has crossed the level 50 to thedownside. The accumulation territory at 1.6450 could thus be easily breached tothe downside.
USD/JPY: Therally that was experienced in this market yesterday has proven to beshort-lived. It just panned out to be a rally in the context of a downtrend,for the price is coming down again towards the demand level at 102.00.
EUR/JPY: Thiscross has been weak for more than a few weeks and this week is no different. Itis now trading below the supply zone at 139.00, going further downwards.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for January 31, 2014
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