Daily analysis of major pairs for February 12, 2014

EUR/USD: This is
a bull market and it is understood that it would not go in a straight line. The
price is projected to go northwards. There is now a temporary pullback on the
EUR/USD, but there is a target at the resistance level of 1.3700. The
support level at 1.3600 is a ready hurdle to any southward attempt.

USD/CHF: This is a bear market and it is understood
that such would not go in a straight line. The price is projected to go southward.
There is now a temporary pullback in the market, but there remains a target at
the support level of 0.8900. The resistance level at 0.9000 is a ready hurdle
to any northward attempt.

GBP/USD: Here, it remains logical to project the
distribution territory at 1.6500 as the target for this week. Yes, this remains
the target as long as the price is above the EMA 56. However, it must be
mentioned that the bullish outlook on the market could be jeopardized, should
the price cross the EMA 56 (and simultaneously, the accumulation territory at 1.6400)
to the downside.

USD/JPY: Should
one be bullish or bearish on the USD/JPY? In spite of the perceived weakness in
the pair, the sensible thing to do is to be bullish, for the bullish signal on
it is yet to be violated. Only the price movement below the demand level at
102.00 would render the possibility of a northward journey invalid.

EUR/JPY: This bullish
cross once challenged the supply zone at 140.00 before its current southward
correction. It is assumed that the supply zone would be breached again, and the
market could soon be trading above it.

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