Daily analysis of major pairs for February 2, 2018
February 2, 2018 7:22 am
EUR/USD: This pair is now going gradually upwards, following its recent short-term consolidation. Price is now above the support line at 1.2450, almost reaching the resistance line at 1.2500, which would soon be breached to the upside, as another resistance line at 1.2550 is targeted today.
USD/CHF: The USD/CHF pair has been able to continue its bearish journey – while the overall bias in the market is bearish. The price is below the resistance level at 0.9300 now, and it would soon reach the support levels at 0.9250 and 0.9200. Any rallies or consolidations in the market are supposed to be temporary, as bears continue to be favored.
GBP/USD: Following the bearish movement that was witnessed on Monday and Tuesday (in the context of an uptrend), the GBP/USD pair has been able to resume its bullish movement. From the weekly low of 1.3979, the price has risen by 270 pips, and it could reach the distribution territories at 1.4300 and 1.4350.
USD/JPY: The USD/JPY pair is now trying to rally in the context of a downtrend, following the short-term sideways movement that was seen on Monday and Tuesday. A movement below the demand level at 109.00 would result in emphasis on the bearish bias in the market, while a movement above the supply level at 110.50 would result in a bullish signal.
EUR/JPY: This is a bull market: The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. Since there is a Bullish Confirmation Pattern in the market, it is possible that the supply zones at 137.50 and 138.00 could be tested today or early next week. From the low of the week, price has gained 290 pips, poised to go higher.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD: This pair is now going gradually upwards, following its recent short-term
consolidation. Price is now above the support line at 1.2450, almost reaching
the resistance line at 1.2500, which would soon be breached to the upside, as
another resistance line at 1.2550 is targeted today.
USD/CHF: The USD/CHF pair has been able to continue
its bearish journey – while the overall bias in the market is bearish. The price is below the resistance level at 0.9300 now, and it would soon reach the support
levels at 0.9250 and 0.9200. Any rallies or consolidations in the market are supposed
to be temporary, as bears continue to be favored.
GBP/USD: Following the bearish movement that was
witnessed on Monday and Tuesday (in the context of an uptrend), the GBP/USD pair has
been able to resume its bullish movement. From the weekly low of 1.3979, the price
has risen by 270 pips, and it could reach the distribution territories at
1.4300 and 1.4350.
USD/JPY: The USD/JPY pair is now trying to rally in
the context of a downtrend, following the short-term sideways movement that was
seen on Monday and Tuesday. A movement below the demand level at 109.00 would
result in emphasis on the bearish bias in the market, while a movement above
the supply level at 110.50 would result in a bullish signal.
EUR/JPY: This
is a bull market: The EMA 11 is above the EMA 56, and the RSI period 14 is
above the level 50. Since there is a Bullish Confirmation Pattern in the
market, it is possible that the supply zones at 137.50 and 138.00 could be
tested today or early next week. From the low of the week, price has gained 290
pips, poised to go higher.
The material has been provided by InstaForex Company – www.instaforex.com
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