Daily analysis of major pairs for February 11, 2014

EUR/USD: The
EURUSD is trading above the support level at 1.3650, and the next target is the
resistance level at 1.3700. Why is it so? There is a Bullish Confirmation
Pattern in the chart, and since the market shrugged off further bearish threat
on it last week, the price has gone upwards by over 180 pips.

USD/CHF:  This week, the ultimate target is at the
support level of 0.8900. The bias on the market is bearish and the USD is
currently showing some signs of weakness. The resistance level at 0.9000 is a
formidable barrier to the any possible bullish attempts on the way.

GBP/USD:  Since the market tested the accumulation
territory at 1.6250, it has been going upwards. But as far as the price action
in the chart is confirmed, the current northward determination is limited; and
the price needs to breach the distribution territory at 1.6450 to the upside
before there can be any sensible confirmation of a northward outlook. The main
target, should the price continue going further northward, is at the
distribution territory at 1.6500.

USD/JPY: This
pair gave a bullish signal at the end of last week, but the price has been consolidating
to the downside this week. As long as the price stays above the demand level at
102.00, it could be said that the bullish signal is valid.

EUR/JPY: The
EUR/JPY has been able to sustain the bullish signal it generated last week. At
the present, any bearish correction that occurs in the market is an opportunity
to go long. The pair is strong and should go further upwards.  

The material has been provided by InstaForex Company – www.instaforex.com