Daily analysis of major pairs for February 20, 2015
February 20, 1940 2:24 pm
EUR/USD: This pair has not been going in a determined manner, and it would be judicious to stay away from the market until a good momentum returns to it. The price could either break the resistance line at 1.1450 to the upside or break the support line at 1.1300 to the downside.
USD/CHF: On the USD/CHF pair, a lower time frame like the hourly chart has been switched to. This is because recent price movements can be seen more clearly on the hourly chart than when looking at the 4-hour chart. The trend for this week has been upwards so far and the price is currently going above the support level at 0.9400. The next target is at the resistance level of 0.9500. By all means, this is not a market which the speculator should sell.
GBP/USD: The GBP/USD pair has managed to climb higher, supporting the recommended trading approach of buying in dips. Witty speculators could look forward to buying in the accumulation territories at 1.5400 or 1.5350, because the price could eventually stay above the distribution territory at 1.5450. It would even reach another distribution territory at 1.5500.
USD/JPY: This could be seen as a weak bull market (although further bullish movement would be needed before the bullish bias is conspicuous). The price is slightly above the EMA 56 and the RSI period 14 is also slightly above the level 50. The market may go slightly upwards.
EUR/JPY: The situation on this cross has remained unchanged. The conditions surrounding this market have made it a difficult instrument to trade. The price topped at the supply zone of 136.00, after which there was a slight bearish retracement. There is a possibility that the price may go upward from here.
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EUR/USD: This
pair has not been going in a determined manner, and it would be judicious to
stay away from the market until a good momentum returns to it. The price could
either break the resistance line at 1.1450 to the upside or break the support
line at 1.1300 to the downside.
USD/CHF: On the
USD/CHF pair, a lower time frame like the hourly chart has been switched to. This is
because recent price movements can be seen more clearly on the hourly chart than
when looking at the 4-hour chart. The trend for this week has been upwards so
far and the price is currently going above the support level at 0.9400. The
next target is at the resistance level of 0.9500. By all means, this is not a
market which the speculator should sell.
GBP/USD: The
GBP/USD pair has managed to climb higher, supporting the recommended trading
approach of buying in dips. Witty speculators could look forward to buying in
the accumulation territories at 1.5400 or 1.5350, because the price could
eventually stay above the distribution territory at 1.5450. It would even reach
another distribution territory at 1.5500.
USD/JPY: This could be seen as a weak bull market
(although further bullish movement would be needed before the bullish bias is
conspicuous). The price is slightly above the EMA 56 and the RSI period 14 is
also slightly above the level 50. The market may go slightly upwards.
EUR/JPY: The situation on this cross has remained
unchanged. The conditions surrounding this market have made it a difficult
instrument to trade. The price topped at the supply zone of 136.00, after which
there was a slight bearish retracement. There is a possibility that the price
may go upward from here.
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