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Sunday, February 12, 2017

Daily analysis of major pairs for February 13, 2017

The EUR/JPY trended downwards from Monday till Wednesday, and started going upwards on Thursday, before it got corrected on Friday. The medium-term bias is bearish, and further bearish movement is possible, which may see the market testing the demand zones at 120.00 and 119.50. On the other hand, a strong rally may happen soon.




EUR/USD: The dominant bias on this market is bearish and the short-term signal is also bearish. Price moved further south last week, leading to a Bearish Confirmation Pattern as it closed below the resistance line at 1.0650 on Friday. More southwards movement is possible this week, targeting the support lines at 1.0600, 1.0550 and 1.0500.

USD/CHF:  The USD/CHF has generated a valid bullish signal. The market moved sideways, but started rising gradually in the last two days of the week. Price has been able to go above the important support level at 1.0000 and it would not be easy for it to go below that level again. Further bullish movement is expected within the next several trading days.

GBP/USD: The Cable merely moved sideways last week – which has led to an equilibrium phase in the market. The sideways movement could continue this week or so… But a rise in a bearish movement is very likely and it may happen any day. There would also be a bearish movement on some other GBP pairs as well.   

USD/JPY: The bias on this market is bearish, and the rally that was seen on it towards the end of the week was merely a bullish attempt in the context of a downtrend. Nevertheless, there is a possibility that a strong rally would occur this month or next (also on JPY pairs). While the demand levels at 112.50 and 112.00 may be tested, there may soon be a rise in a bullish momentum which would push the market upwards significantly.

EUR/JPY: The EUR/JPY trended downwards from Monday till Wednesday, and started going upwards on Thursday, before it got corrected on Friday. The medium-term bias is bearish, and further bearish movement is possible, which may see the market testing the demand zones at 120.00 and 119.50. On the other hand, a strong rally may happen soon.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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