Daily analysis of major pairs for January 31, 2014
January 31, 2014 7:30 am
EUR/USD: Interestingly, there are new signals in the markets and this pair has gone south – leading to a Bearish Confirmation Pattern in the chart. The price dropped by over 120 pips and it is now testing the support line at 1.3550. Should that support line be breached to the downside, the next target would be 1.3500.
USD/CHF: The Greenback has gotten a new lease of energy and this has made the USD/CHF rise, while the EUR/USD plummeted. This fact also has impact on other major pairs. Interestingly, there is a new signal in the market and the pair has gone north – leading to a Bullish Confirmation Pattern in the chart. The price rose by over 90 pips and it is now trading above the support level 0.9000. For the current outlook to continue to be valid, the price must constantly stay above that support level.
GBP/USD: The Cable has become weakened suddenly – partly because of the strength of the Greenback. The EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 has crossed the level 50 to the downside. The accumulation territory at 1.6450 could thus be easily breached to the downside.
USD/JPY: The rally that was experienced in this market yesterday has proven to be short-lived. It just panned out to be a rally in the context of a downtrend, for the price is coming down again towards the demand level at 102.00.
EUR/JPY: This cross has been weak for more than a few weeks and this week is no different. It is now trading below the supply zone at 139.00, going further downwards.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD: Interestingly, there are new signals in the
markets and this pair has gone south – leading to a Bearish Confirmation
Pattern in the chart. The price dropped by over 120 pips and it is now testing
the support line at 1.3550. Should that support line be breached to the
downside, the next target would be 1.3500.
USD/CHF: The Greenback has gotten a new lease of energy
and this has made the USD/CHF rise, while the EUR/USD plummeted. This fact also
has impact on other major pairs. Interestingly, there is a new signal in the
market and the pair has gone north – leading to a Bullish Confirmation Pattern
in the chart. The price rose by over 90 pips and it is now trading above the
support level 0.9000. For the current outlook to continue to be valid, the
price must constantly stay above that support level.
GBP/USD: The Cable has become weakened suddenly –
partly because of the strength of the Greenback. The EMA 11 has crossed the EMA
56 to the downside and the RSI period 14 has crossed the level 50 to the
downside. The accumulation territory at 1.6450 could thus be easily breached to
the downside.
USD/JPY: The
rally that was experienced in this market yesterday has proven to be
short-lived. It just panned out to be a rally in the context of a downtrend,
for the price is coming down again towards the demand level at 102.00.
EUR/JPY: This
cross has been weak for more than a few weeks and this week is no different. It
is now trading below the supply zone at 139.00, going further downwards.
The material has been provided by InstaForex Company – www.instaforex.com
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