Daily analysis of major pairs for February 5, 2014

EUR/USD: A rise
in the price on Monday, followed by a sideways movement, and then a bearish attempt…
This pair is still bearish and is expected to continue going down. Any surge of
energy in the USD is certainly going to give the pair another leg down and the
price could soon be trading below the market line at 1.3500.

USD/CHF:  A drop in the price on Monday, followed by a
sideways movement, and then a bullish attempt… This pair is still bullish and
is expected to continue going up. Any surge of energy in the USD is certainly
going to give the pair a lift and the price could test the resistance level at
0.9100 again.

GBP/USD:  Here, the accumulation territory at 1.6300 was
once breached to the downside and would be breached again. This is a bear
market and the price is expected to continue going downwards, for any surge in
the USD would keep on having a negative impact on the market.

USD/JPY: The
USD/JPY is still very much bearish and any rallies on it would simply proffer
opportunities to sell short at better prices. The pair is trading below the
supply level at 102.00 and going down towards the demand level at 101.00. At
least, that demand level should be tested again before the price continues to
trade further lower.

EUR/JPY: As it is
true of all JPY pairs at the present, any rallies here are just short-selling
opportunities in the context of a downtrend. There is a Bearish Confirmation
Pattern in the chart and the price is supposed to continue going lower,
especially in the face of the weakness of the Euro. The demand zone at 136.00
is the ultimate target for this week or the next week.  

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