Daily analysis of major pairs for February 6, 2018

EUR/USD: The EUR/USD pair went downwards on Monday. The downwards movement is not yet strong enough to override the bullish outlook on the market. But, once price goes below the support line at 1.2300, the bias on the market would turn bearish. But now, the bias on the market is still bullish.

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USD/CHF: This currency trading instrument merely moved sideways on February 5. Bears have been able to maintain the bearishness in the market so far; and thus, when a breakout occurs, it would most probably be in favor of bears. The support levels at 0.9300, 0.9250, and 0.9200 could be reached this week.

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GBP/USD: The Cable moved downwards on Monday and Tuesday, went upwards on Wednesday and Thursday, and then pulled back on Friday. The pullback may end up, opening an opportunity to buy long at agreeable prices, as price goes towards the distribution territories at 1.4200, 1.4250, and 1.4300.

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USD/JPY: The USD/JPY pair plummeted on Monday (just as certain other JPY pairs did). The pullback has effectively overridden the recent long-term bullishness in the market, bringing about a "sell" signal. The demand level at 108.50 would soon be tested, and would be effectively breached to the downside.

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EUR/JPY: The sudden and serious pullback that was experienced yesterday effectively put an end to the recent bearish outlook on this cross. There is now a Bearish Confirmation Pattern in the 4-hour chart, which points to the possibility of the market going further downwards. The next targets are the demand zones at 134.00 and 133.50.

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