Daily analysis of major pairs for February 1, 2018

EUR/USD: The movement on the EUR/USD pair is now flat – although in the context of an uptrend. Momentum would soon return to the market, and based on what the market is doing, bulls would be favored when volatility rises. The resistance lines at 1.2450, 1.2500 and 1.2550 might be reached before this week runs out.

1.png

USD/CHF: In the short-term, this pair is consolidating. Price is now below the resistance level at 0.9350, going towards the support level at 0.9300 (which would be breached to the downside as the market goes further south). There is a Bearish Confirmation Pattern in the 4-hour chart, and long trades are not yet recommended.

2.png

GBP/USD: Here, the bullish journey has continued, and that put an end to the recent bearish threat. The EMA 11 is above the EMA 56, and RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the market – price would thus go further upwards. The next targets are the distribution territories at 1.4300 and 1.4350. Some fundamental figures are expected today, and they may have impact on the market.

3.png

USD/JPY: The USD/JPY pair is now trying to rally in the context of a downtrend. A movement below the demand level at 109.00 would result in emphasis on the bearish bias on the market, while a movement above the supply level at 110.50 would result in a bullish signal, and an end to the extant bullishness in the market.

4.png

EUR/JPY: Although the recent movement on the EUR/JPY pair has been quite choppy, a new short-term bullish signal has been generated. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. All this means that there is bullishness in the market, which could help price reach the supply zones at 136.60 and 137.00.

5.png

The material has been provided by InstaForex Company - www.instaforex.com