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Sunday, February 4, 2018

Daily analysis of major pairs for February 5, 2018

The USD/JPY is bearish in the long-term, but bullish in the short-term. Since the demand level at 108.50 was tested last week, price has rallied by 180 pips, closing above the demand level at 110.00 on Friday. The outlook on JPY pairs is bullish for this week, and thus, the USD/JPY is expected to rally further. The next targets are the supply levels at 110.50, 111.00 and 111.50.

EUR/USD: This pair consolidated last week, although bulls were able to pull their weight, thus saving the bullish bias that is extant in the market. A rise in volatility is expected this week, which could propel the market towards the resistance lines at 1.2500 and 1.2550. Pullbacks in the market may be contained around the support lines at 1.2350 and 1.2300.



USD/CHF: This currency trading instrument consolidated throughout last week, in the context of a downtrend. Bears have been able to maintain the bearishness in the market so far; and thus, when a breakout occurs, it would most probably be in favor of bears. The support levels at 0.9300, 0.9250 and 0.9200 could be reached this week.

GBP/USD: The Cable moved downwards on Monday and Tuesday, went upwards on Wednesday and Thursday, and then pulled back on Friday. The pullback may end up proffering an opportunity to buy long at agreeable prices, as price goes towards the distribution territories at 1.4200, 1.4250 and 1.4300.

USD/JPY: The USD/JPY is bearish in the long-term, but bullish in the short-term. Since the demand level at 108.50 was tested last week, price has rallied by 180 pips, closing above the demand level at 110.00 on Friday. The outlook on JPY pairs is bullish for this week, and thus, the USD/JPY is expected to rally further. The next targets are the supply levels at 110.50, 111.00 and 111.50.

EUR/JPY:  The EUR/JPY cross made some faint bearish effort on January 29 and 30, as it briefly went below the demand zone at 134.50. However, the situation changed as a strong rally began on January 30. Price gained 300 pips, bringing about a bullish signal, and ending the recent consolidation in the market. The possibility of price going further upwards is very high this week. The next targets are the supply zones at 137.50, 138.00 and 138.50

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group

                                                                                                                    


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