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10.02.201502:08 Forex Analysis & Reviews: Daily analysis of major pairs for February 10, 2015

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD: The little gains that were realized last week have been forfeited as a result of the ongoing weakness in this market. The price has tested a strong support line at 1.1300 – it would require a very strong selling pressure for that support line to be breached to the downside while the price stays below it.

Exchange Rates 10.02.2015 analysis

USD/CHF: The EUR/USD pair is weak. Therefore, it is expected that the USD/CHF pair would be strong. The outlook for the latter is bullish and the outlook for the former is bearish. As said in earlier forecasts, this market would continue its slow and gradual upward movement this week, though this may not be without occasional, but short-term bearish corrections.

Exchange Rates 10.02.2015 analysis

GBP/USD: In spite of the current bears’ mutiny, the Bullish Confirmation Pattern in the market is valid and the price is supposed to go upwards any moment. This expectation can only be rendered invalid when the price closes below the accumulation territory at 1.5100.

Exchange Rates 10.02.2015 analysis

USD/JPY: The USD/JPY pair went above the supply level at 119.00, but it could not stay above it. The price could still go upwards after the current bearish retracement has panned out. The outlook for this market is currently bullish. Thus, the price may breach the supply level at 119.00 upwards again when it performs rally.

Exchange Rates 10.02.2015 analysis

EUR/JPY: The situation on this cross is now uncertain. This is a market in which bulls and bears have not effected any strong directional move this week. One would need to stay away from this market until there is a predictable directional movement. It is either the price closes above the supply zone at 136.00 or closes below the demand zone at 133.00. Anyway, a close above the supply zone at 136.00 is more probable because the outlook for most JPY pairs is bullish.

Exchange Rates 10.02.2015 analysis
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