Daily analysis of major pairs for February 13, 2014

EUR/USD: The
recent bullish signal on this pair has been put in serious jeopardy, but the
Bullish Confirmation Pattern is not over yet. The price needs to maintain its
presence below the support line at 1.3550 before it can be said that the bullish
signal is over. It is very much likely for the pair to go into a positive
correlation with the Cable – which has been sprinting northward significantly. This
pair can thus go further upwards.

USD/CHF: The recent bearish signal on this pair has
been put in serious jeopardy, but the Bearish Confirmation Pattern is not yet
over. The price needs to maintain its presence above the resistance level at
0.9050 before it can be said that the bearish signal is over. It is very much
likely for the pair to go into a negative correlation with the EUR/USD – which
has been exuding some bullish determination. This pair can thus go further downwards.

GBP/USD: Yes, the Cable has been sprinting northward;
following the ‘buy’ signal that was formed on it. The price has moved upwards
by more than 210 pips this week, and the next target is in the distribution
territory at 1.6650.

USD/JPY: The
USD/JPY has been moving sideways so far in this week. When a breakout does
occur in the market, it would probably be in favor of the bulls. The
fundamental figures coming out today would have an impact on this pair and
other majors.

EUR/JPY: This
currency trading instrument has been bullish so far, but some occasional
pullbacks can often threaten the extant bullish bias. The Bullish Confirmation
Pattern in the chart is still valid and the price can go towards the supply
zone at 140.00 (at least to test it).

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