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

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.

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.

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.

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.

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.