Author Topic: Daily analysis of major pairs for February 7, 2017  (Read 365 times)

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Daily analysis of major pairs for February 7, 2017
« on: February 07, 2017, 11:34:27 AM »
The EUR/JPY went further downwards on Monday, resulting in a Bearish Confirmation Pattern in the 4-hour chart, as price continued the bearish movement it started last week. The demand zone at 120.00 has already been tested, and it is more likely that it would go below that demand zone as it moves further downwards. 

EUR/USD: This pair did not do much last on February 6, 2017. The market is bullish (which is not something strong), and it is supposed to go further upwards, provided that the support line at 1.0600 is not breached to the downside, which would require a serious selling pressure anyway.

USD/CHF: The USD/CHF went downwards last week, but not significantly. Price is below the resistance levels at 1.0000 and 0.9950, now moving towards the support level at 0.9900, which is one of the targets for this week. There is a Bearish Confirmation Pattern in the market, and further bearish movement is expected.
 
GBP/USD: This current trading instrument has continues the weakness it started last week, and that has led to a bearish signal in the short-term. Since the outlook on GBP pairs is bearish for this month, it is likely that price may start a massive plunge this week or next or later. Bullish attempts would be transitory.

USD/JPY: The USD/JPY also went further downwards yesterday, just to put more emphasis on the bearish movement that was started last month and continued last week. The bias on the market remains bearish, and the demand levels at 111.50 and 111.00 would soon be tested. On the other hand, there is also a big possibility that JPY pairs may rally later this week.
 
EUR/JPY: The EUR/JPY went further downwards on Monday, resulting in a Bearish Confirmation Pattern in the 4-hour chart, as price continued the bearish movement it started last week. The demand zone at 120.00 has already been tested, and it is more likely that it would go below that demand zone as it moves further downwards. 

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Daily analysis of major pairs for February 7, 2017
« on: February 07, 2017, 11:34:27 AM »

 

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