Daily analysis of major pairs for January 28, 2014

EUR/USD: The Bullish Confirmation Pattern on the
EUR/USD is still valid and the price would go further upwards after it leaves
the current consolidation phase. The Williams’ % Range has retraced southwards a
little that means there is a hidden weakness in the market – a good point
from which the price can rise further.

USD/CHF: The Bearish Confirmation Pattern on the USD/CHF
is still valid and the price would go further downwards after it leaves the
current consolidation phase. The Williams’ % Range has retraced north a little,
which means there is a hidden stamina in the market – a good point from which
the price can fall further.

GBP/USD: It was noted that as long as the Cable is
unable to close below the EMA 56 on the 4-hour chart, the bullish bias valid.
This is exactly what happened: after testing the EMA 56 area several times, the
price skyrocketed by over 120 pips. It is now trading above the accumulation
territory at 1.6600. The next target is at the distribution territory at
1.6650.

USD/JPY: The exponential
weakness that was experienced in the market made it test the demand level at102.00, a point from which the price
bounced upwards. Right now, the price is a kind of moving sideways, but the
supply level at 103.00 may prevent further rise, for the bearish outlook is
still relevant. So the price may fall further.

EUR/JPY: The
outlook on the USD/JPY is exactly valid for this cross – though the prices and
the levels are different. The supply zone at 141.00 should check any bullish attempts,
for the price is expected to go further south.

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