Daily analysis of major pairs for February 9, 2018

EUR/USD: There is a clean bearish signal on the EUR/USD pair. The recent bearish attempt has paid off and price is now below the resistance line at 1.2250. The market is supposed to go further downwards at it is poised to reach the support lines at 1.2200 and 1.2150. The EMA 11 is below the EMA 56.

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USD/CHF: The bullish signal here is currently being challenged seriously after the resistance level at 0.9450 has been tested. As soon as price goes below the support level at 0.9300, the bias on the market would turn completely bearish. However, a bullish movement from here would save the recent bullish signal.

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GBP/USD: Owing to the current weakness on GBP pairs, GBP/USD has continued going southward. Price has shed 430 pips since last Friday, and the pair is currently testing the accumulation territory at 1.3800, which will soon be breached to the downside as price goes towards another accumulation territory at 1.3750.

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USD/JPY: The USD/JPY pair is currently choppy, and the situation has not changed yet. The market is generally trading sideways, but when there is a breakout in the market, it would most probably be in favor of bulls. A breakout is expected before the end of this week, or early next week.

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EUR/JPY: The EUR/JPY pair has gone southwards by almost 400 pips this week, resulting in a huge Bearish Confirmation Pattern in the 4-hour chart. The demand zone at 133.00 has been tested several times, and it would soon be breached to the downside, as price targets another demand zone at 132.50.

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