28.02.201705:49 Forex Analysis & Reviews: Daily analysis of major pairs for February 28, 2017

EUR/USD: The EUR/USD did not trend yesterday, though the outlook on the market is bearish. It is expected that price would continue going south this week, reaching the support lines at 1.0550, 1.0500 and 1.0450. The outlook on other EUR pairs is also bearish and they can trend seriously downwards this week or next.

USD/CHF: The USD/CHF is currently trading above the support level at 1.0050, now close to the resistance level at 1.0100. The outlook on the market is bullish and price could test additional resistance levels at 1.0150 and 1.0200 this week.

GBP/USD: The bias on the Cable is essentially flat. The market has consolidated for about three week, oscillating between the accumulation territory at 1.2300 and the distribution territory at 1.2600. Price must go above that distribution territory or below the accumulation territory before the current neutral bias can be considered as over. There is going to be an end to the neutrality before the end of March.

USD/JPY: There was a slight rally on this currency trading instrument on Monday – which happened in the context of a downtrend. A movement below the demand level at 112.00 would reinforce the existing bearish bias. A movement above the supply level at 114.00 would render the bearish bias invalid.

EUR/JPY: On February 27, the EUR/JPY also attempted to rally, and that can turn out to be a good opportunity to sell short again. There is a clean Bearish Confirmation Pattern in the 4-hour chart, and further dive is possible this week, which may take price toward the demand zones at 118.00, 117.50 and 116.50.