13.02.201404:03 Forex Analysis & Reviews: Daily analysis of major pairs for February 13, 2014

Long-term review

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EUR/USD: The recent bullish signal on this pair has been put in serious jeopardy, but the Bullish Confirmation Pattern is not over yet. The price needs to maintain its presence below the support line at 1.3550 before it can be said that the bullish signal is over. It is very much likely for the pair to go into a positive correlation with the Cable – which has been sprinting northward significantly. This pair can thus go further upwards.

USD/CHF: The recent bearish signal on this pair has been put in serious jeopardy, but the Bearish Confirmation Pattern is not yet over. The price needs to maintain its presence above the resistance level at 0.9050 before it can be said that the bearish signal is over. It is very much likely for the pair to go into a negative correlation with the EUR/USD – which has been exuding some bullish determination. This pair can thus go further downwards.

GBP/USD: Yes, the Cable has been sprinting northward; following the ‘buy’ signal that was formed on it. The price has moved upwards by more than 210 pips this week, and the next target is in the distribution territory at 1.6650.

USD/JPY: The USD/JPY has been moving sideways so far in this week. When a breakout does occur in the market, it would probably be in favor of the bulls. The fundamental figures coming out today would have an impact on this pair and other majors.

EUR/JPY: This currency trading instrument has been bullish so far, but some occasional pullbacks can often threaten the extant bullish bias. The Bullish Confirmation Pattern in the chart is still valid and the price can go towards the supply zone at 140.00 (at least to test it).

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