Daily analysis of major pairs for February 14, 2014

EUR/USD: The loss
in the price has been recovered and the price is now going further northwards. This
pair is nosing towards the resistance line at 1.3700 – an easy target in the
chart. The new target for the bulls would be the resistance line at 1.3750,
after the 1.3700 line is broken to the upside.

USD/CHF: The gain in the price has been forfeited and
the price is now going further southward. This pair is trudging towards the
support level at 0.8900 – our constant target for the week. When the support
level is reached, there would be a brand-new target for the bears, plus there
would be transient rallies along the way.

GBP/USD: The Cable has been able to go beyond the
target, based on the prognosis earlier this week. The price could still go
further upwards, but there are possibilities of temporary pullbacks along the
way. The price territory at 1.6650 is currently under siege, and it would soon
be breached to the upside.

USD/JPY: It is no
surprise that there has been a bearish signal in this market. The reason is that
the USD is weak and the JPY is proving to be strong at the moment, hence the
bearish outlook in the market. Nevertheless, short trades should be treated
with caution, for it is unlikely that the price would go beyond the support
level at 101.00.

EUR/JPY: Here,
the Bullish Confirmation Pattern is still in place, although it is precarious. There
has been a tug of war between the bull and the bear in this market, and the
current stamina in the euro is helping it to reject significant bearish pulls. The
price needs to go above the supply zone at 140.00 before the bull’s victory is possible.

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