04.02.201609:41 Forex Analysis & Reviews: Daily analysis of major pairs for February 4, 2016

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EUR/USD: This pair started moving upwards gradually on Monday, but the upwards movement became really significant on Wednesday leading to a strong Bullish Confirmation Pattern in the chart. The price has now moved upwards by over 300 pips and there is more room for additional bullish journey, which is likely to take place irrespective of the pullbacks along the way.

USD/CHF: The USD/CHF pair plunged massively on Wednesday (February 3, 2016), as a result of a perceived weakness in USD. The price dropped by 230 pips this week, ending the recent bullish bias in the market. After the plunge, there is an upward bounce in the context of a downtrend. Further downward movement is thus expected, which might take the price towards the support level of 0.9950.

GBP/USD: The bullish effort on the cable has really paid off. The price is above the EMA 11, which is, in its turn, above the EMA 56. The RSI period 14 is above the level of 50 meaning that the price is expected to go further northwards. The price has already moved upwards by 500 pips (since the low of Friday, January 29, 2016). There could be some pullbacks along the way, but the bullish journey is expected to continue.

USD/JPY: This currency trading instrument has plunged by 420 pips this week ending the bullish signal we witnessed last Friday. In fact, the price is now below the EMA 56, as the RSI period 14 is below the level of 50. Since the price has gone below the supply levels of 119.50, 119.00, and 118.50, it is rational to assume that the demand levels of 117.00 and 116.50 would be tested soon.

EUR/JPY: In spite of the fact that JPY is currently flexing some muscles, this cross has not fallen sharply. One reason behind this is the strength in the euro itself, which might force the cross to go up in case the bullishness holds out. That is one thing that could act as a catalyst for this cross to become bullish, for the uptrend is not completely over in spite of the ongoing threat against it.

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