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Sunday, February 2, 2014

Daily analysis of major pairs for February 3, 2014

The weakness in the EUR/USD may continue this week, especially when the price breaks the support line at 1.3450 to the downside.

EUR/USD:  The weakness in the EUR/USD may continue this week, especially when the price breaks the support line at 1.3450 to the downside. However, this may not occur without some upwards bounces along the way, which would tend to be opportunities to go short in the downtrend.



USD/CHF:  The stamina in the USD/CHF may continue this week, especially when the price breaks the resistance level at 0.9100 to the upside. However, this may not occur without some pullbacks along the way, which would tend to be opportunities to go long in the uptrend.

GBP/USD:  This currency trading instrument is also a weak market, but its characteristic upswings and downswings should be expected this week. The upswings should respect the major bias – which is bearish. This bearish bias would continue as long as the price stays below the distribution territory at 1.6500.

USD/JPY: Any rally on this pair would always be limited, and it would tend to pull back in the direction of the dominant outlook, which is southward. For more than 7 trading days, the bears have been unable to push the price below the demand level at 102.00. For the current outlook to be valid, the price must cut through that demand level and close below it this week.

EUR/JPY: This is also a bear market, and it would continue to be bearish this week. Any bullish attempts along the way may not take the price above the supply zone at 139.00; plus the next target in the price is at the demand zone of 137.00: an easy target indeed.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


Eye-opening trading lessons: Lessons from Expert Traders

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