FX.co ★ Daily analysis of major pairs for February 11, 2015

EUR/USD: This pair has consolidated this week so far. There has not been any sustained directional movement, but it is more probable that when momentum returns to the market and it makes a breakout, the support lines at 1.1250 and 1.1200 would be tested. The price should be close below those support lines, in solidarity with the existing bearish bias. Otherwise, there could be a rally in the market.

USD/CHF: The outlook on the USD/CHF pair is bullish, but this is currently a choppy market. The currency trading instrument would go up when the EUR/USD pair goes down (or the other way round, when the EUR/USD pair goes up). As it is said, counter-trend pullbacks in the market would simple offer opportunities to buy at better prices.

GBP/USD: The ‘buy’ signal on the Cable is still a valid thing. There is a Bullish Confirmation Pattern in the market and the price may test the distribution territories at 1.5300 and 1.5350 again. These are the territories that were challenged last week.

USD/JPY: This market went up yesterday, closing above the demand level at 119.00 and challenging the supply level at 119.50. With more buying pressure in the market, the price would close above the supply level at 119.50, while targeting another supply level at 120.00.

EUR/JPY: Like most other JPY pairs, this cross is also trying to go upwards. The EMA 11 is above the EMA 56 (and the price is above them). The RSI period 14 is slightly above the level of 50. The market may journey further upwards from here, reaching the supply zone at 136.00.