Daily analysis of major pairs for February 7, 2018

EUR/USD: The signal on the EUR/USD pair has almost become bearish. Price has gone below the resistance line at 1.2400, and it is consolidating between that resistance line and the support line at 1.2350, which has been tested before, and will be tested again. It is more likely that the support line would even be breached to the downside.

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USD/CHF: What is happening on the USD/CHF pair can normally be called "a rally in the context of a downtrend". A movement below the support level at 0.9250 would put more emphasis on the bearish signal, while a movement above the resistance level at 0.9450 would lead to a bullish signal. Either of this situation should be fulfilled this week.

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GBP/USD: There is a strong bearish outlook on the GBP/USD pair. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Price has dropped massively this week, testing the accumulation territory at 1.3850. There has been an upwards bounce since then, and price is currently moving sideways. When a breakout occurs, it would be to the downside.

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USD/JPY: This currency trading instrument is bearish – though volatile. Price has come down this week, and in spite of desperate attempts from bulls (trying to push price upwards), the market seems poised to go downwards again, reaching the demand levels at 109.00 and 108.50. Further selling pressure can propel price towards the demand level at 108.00.

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EUR/JPY: There is a Bearish Confirmation Pattern in this market, which plummeted heavily earlier this week. Things are quite choppy right now but the bearish bias is intact. The demand zones that have already been tested (135.00, 134.50, and 134.00) would eventually be tested again as price goes further south.

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