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Sunday, March 1, 2015

Daily analysis of major pairs for March 2, 2015

The EUR/JPY trended downwards last week, owing to the weakness in the EUR. The price tested the demand zone at 133.50 and further bearish movement was rejected around that place. There is now a faint bullish effort in the market and the supply zones at 135.00 and 135.50 can be attained this week. The outlook on this cross is bullish for the week.  

EUR/USD: This market plummeted by around 180 pips last week, challenging the support line at 1.1200. This week, we would watch another support line at 1.1100 – though there is a probability that the market could rally any day in the week.


USD/CHF: In contrast to what the EUR/USD was doing, this pair moved downwards. (Although its movement was not as significant as the movement on the EUR/USD), the USD/CHF price rose upwards from the support level at 0.9450, almost reaching the resistance level at 0.9550. While the resistance level may be breached to the upside, the possibility of a bearish correction cannot also be overlooked.

GBP/USD:  The Cable went upwards and later went downwards last week, but the general outlook on the market is still upbeat. On Friday, February 27, 2015, the price closed at 1.5436, while hovering above the accumulation territory at 1.5400. There is a risk of that accumulation territory being breached to the downside.

USD/JPY:  Owing to the perceived strength in the USD, this currency trading instrument made a weak effort to go upwards last. Unless the price crosses the supply level at 120.00 to the upside, it would be assumed that this market is still consolidating. One would need to keep one’s fingers crossed until a serious momentum returns to the market. One thing is almost certain: the possibility that the USD/JPY would go upwards is very high.

EUR/JPY:  The EUR/JPY trended downwards last week, owing to the weakness in the EUR. The price tested the demand zone at 133.50 and further bearish movement was rejected around that place. There is now a faint bullish effort in the market and the supply zones at 135.00 and 135.50 can be attained this week. The outlook on this cross is bullish for the week. 

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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