FX.co ★ Daily analysis of major pairs for February 24, 2014

EUR/USD: This pair is expected to go further upwards this week reaching the target at the resistance line of 1.3800. The support line at 1.3700 should be a good barrier for the bears. With an increase in the buying pressure in this market, the price should be propelled towards the aforementioned target.

USD/CHF: One thing is noticed on the USDCHF: the market is bearish but the price has not been able to go downwards determinedly. The price fell only by 50 pips last week, and therefore the target for last week would be repeated this week (which is the support level at 0.8850).

GBP/USD: The pair is still consolidating to the downside – in a context of a bull market. A weekly pullback of around 180 pips is enough to threaten the extant bias and this is the reality in the chart. While it is possible that the price may go upwards any time, a move below the accumulation territory at 1.6550 would render the bullish outlook completely invalid.

USD/JPY: The USD/JPY has been making some bullish effort but there is a need for a break above the supply level at 103.00 before there is a strong Bullish Confirmation Pattern in the chart. Should this happen, the target for the week is situated at the supply level of 104.00.

EUR/JPY: In spite for the adamancy of the bears, this cross has been able to maintain its bullish outlook, with strong determination to go further northward. There is a possibility that the price could reach the supply zone at 142.00, but there are possibilities of consolidation and bearish retracements along the way.