06.02.201501:02 Forex Analysis & Reviews: Daily analysis of major pairs for February 6, 2015

EUR/USD: This week, the support line at 1.1300 has been important for this pair. From that line, the price has gone upwards by more than 200 pips. It is expected that the price could reach the resistance line at 1.1600 next week.

USD/CHF: The movement on this currency trading instrument looks like that of an equilibrium market; whereas a closer look reveals that the movement is a slow and steady one in favor of bulls. As it is said earlier, occasional pullbacks in the market would be transitory and the price can move upwards by over 500 this month.

GBP/USD: Since the GBP/USD pair tested the accumulation territory at 1.5000, the price has gone upwards by over 340 pips. The upward movement has been significant enough to result in a clean Bullish Confirmation Pattern on the chart. The EMA 11 is above the EMA 56 (while the price is far above them), and the RSI period 14 is above the level 50. The distribution territory at 1.5350 is almost breached to the upside and the price would test another distribution territory at 1.5400.

USD/JPY: This is not a favorable market to swing and position traders – at least for the time being. This market is currently favorable to scalpers and intraday traders, just because of short-term southward and northward swings in the market. Both bullish and bearish runs are short-lived and occur alternatively.

EUR/JPY: The near-term strength in the euro is one of the reasons why this cross is going upwards. A movement above the supply zone at 135.50 would result in a fine bullish bias in the market.