18.02.201408:55 Forex Analysis & Reviews: Daily analysis of major pairs for February 18, 2014

Long-term review

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EUR/USD: Given the existing Bullish Confirmation Pattern in the chart, this remains a bullish market, although the price did not move significantly upwards this week. It is expected that the price would resume its bullish journey, when momentum does return to the market.

USD/CHF: Given the existing Bearish Confirmation Pattern in the chart, this remains a bear market, although the price has not moved significantly downwards this week. It is expected that the price would resume its bearish journey when momentum does return to the market.

GBP/USD: After the Cable ran into the distribution territory at 1.6800, it has experienced a sharp pullback. The pullback is normal, but it ought not to go below the accumulation territory at 1.6600, otherwise it would jeopardize the current bullish outlook. The pullback is a good opportunity to go long.

USD/JPY: When a bearish signal was generated here last week, it was perceived as a limited thing, for other JPY pairs were bullish. The price has broken upwards seriously from the demand level of 102.00, and it should continue going up.

EUR/JPY: Yesterday, it was forecasted that it was more likely that when a breakout happened on the EUR/JPY, it would be to the upside. That is exactly what happened. From the demand zone of 139.50, the cross went upwards by over 140 pips. This is the beginning of a new lease of another bullish bias, and the price may soon test the supply zone at 141.50.

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