EUR/USD: Thispair remains a weak market irrespective of the rally that is currently takingplace on it. As long as the price stays below the resistance line at 1.3600, itis safe to assume that the bears are in control. The support line 1.3500 wasonce breached and it will likely be breached to the downside again, especiallyas the price continues to trade downwards.
USD/CHF: This pair remains a bull market irrespectiveof the bearish correction that has started on it since the beginning of thisweek. The bullish outlook is not yet over, except the price trades below the supportlevel at 0.8950. As long as the price stays above the support level at 0.8950,it is safe to assume that the bulls are in control. The resistance level at0.9050 was once breached and it will likely be breached to the upside again,especially as the price continues to trade upwards.
GBP/USD: On the Cable, the exponential weakness thatbegan last week has become seriously significant. This week so far, the price hasdipped by over 160 pips, plus the price could still continue towards theaccumulation territory at 1.6200.
USD/JPY: With theBearish Confirmation Pattern in the chart, the USD/JPY continues to go south.The price is now trading below the supply level at 101.00. While it is possiblethat the supply level could be challenged by the bulls, the price may gofurther to touch the great demand level at 100.00.
EUR/JPY: As itwas said before, this cross has been bearish all this New Year and this week isno different so far. Historical data shows that buying rallies in the downtrendworks. A rally that proffers a buy opportunity may soon occur.
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Performed by Azeez Mustapha, Analytical expert InstaForex Group © 2007-2014 |
Daily analysis of major pairs for February 4, 2014
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