FX.co ★ Daily analysis of major pairs for February 12, 2015

EUR/USD: The EUR/USD pair has continued to move in a sideways manner, with neither significant upward or downward movement. However, the sideways movement is currently happening in the context of a downtrend, and it is assumed that the price can touch the support line at 1.1250.

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

GBP/USD: This is a bull market – albeit it should be approached with caution. Bulls have made their effort noticeable so far but the upward movement is a kind of precarious. The accumulation territories at 1.5200 and 1.5150 should defend the existing outlook as a break below them could mean the end of the bullish signal in the market.

USD/JPY: Since the bullish breakout that occurred on February 6, 2015, the USD/JPY pair has moved upward by about 300 pips. The supply level at 120.50 is now under siege and should be breached to the upside very soon. In addition, some fundamental figures are expected today and they should have impact on the markets.

EUR/JPY: Owing to the general weakness in the Yen, this currency trading instrument has been able to go upwards, resulting in a Bullish Confirmation Pattern on the chart. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. Indeed, this instrument should continue its upwards journey.