Technical analysis of USD/JPY for February 02, 2015 Market Analysis Review

In Asia, Japan will release the Final Manufacturing PMI. The US will release some economic reports such as ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

Resistance. 3: 118.00.

Resistance. 2: 117.78.

Resistance. 1: 117.55.

Support. 1: 117.26.

Support. 2: 117.03.

Support. 3: 116.80.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Forecast and trading recommendations on EUR/USD for February 02, 2015 Market Analysis Review

The Euro lost more than 950 pips in the previous month against the US dollar. After the ECB disclosed a 1.2 trillion euro's quantitative easing program, the euro lost 6.5% against US dollar last month. During the previous week, the pair gained more than 100 pips. It was the first week the pair closed with gains after a decline for 6-week. Today, the focus has shifted to Spanish unemployment, manufacturing PMI, and Italian manufacturing PMI. The pair still favors selling on every rise. The weekly resistance exists at 1.1560. Until the price closes above it, the weekly trading pattern is framed between 1.1098 and 1.1560. As of now, the monthly resistance exists at 1.2000 and 50Dsma levels. The short-term trend will chance only if the price closes above this.

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Technical analysis of EUR/USD for February 02, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Final Manufacturing PMI, Italian Manufacturing PMI, Spanish Manufacturing PMI, and Spanish Unemployment Change. The US will release some economic reports too such as the ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, in the context of the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1364.

Strong Resistance:1.1357.

Original Resistance: 1.1346.

Inner Sell Area: 1.1335.

Target Inner Area: 1.1308.

Inner Buy Area: 1.1281.

Original Support: 1.1270.

Strong Support: 1.1259.

Breakout SELL Level: 1.1252.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of major pairs for February 2, 2015 Market Analysis Review

EUR/USD: This pair moved upwards last week and later consolidated till the end of the week. However, the overall bias is bearish. On Friday, January 29, 2015, the price closed at 1.1285, in the context of the downtrend. Only a movement above the resistance line at 1.1450 could render the bearish outlook invalid. The EUR/USD pair has remained consistently bearish for a long period of time.

USD/CHF: As forecasted, the USD/CHF pair has moved upwards in a slow and steady manner and this upwards movement is supposed to continue this week, allowing further upwards movement in the market.

GBP/USD: Last week was characterized by a serious contest between bulls and bears, with each side winning temporarily. Towards the end of the week, bears flexed their muscles strongly and ended up pushing the price lower. There is a now a ‘sell’ signal in this market.

USD/JPY: There was no much activity in this market last week, save occasional short-term upswings and downswings in the market. This week, it is either the supply level at 119.00 is breached to the upside or the demand level at 117.00 is breached to the downside.

EUR/JPY: The EUR/JPY pair made a noteworthy effort to rally in the context of a downtrend, but the overall bias remains bearish. Only a movement above the supply zone at 135.00 can render this bias invalid. Otherwise, further southerly journey is expected this week.

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Daily analysis of USDX for February 02, 2015 Market Analysis Review

On the daily chart, the USDX is still bulish above the support level of 94.18 where this instrument made a rebound last weekand. Probably during this week, the USDX could rise again to the resistance level of 95.45. As you can see in this time frame, the bullish trend line is still respected and the 200 SMA remains in favor of the bullish bias.

The USDX made a consolidation above the support level of 94.78 last Friday, with a near-term target to the resistance level of 95.05. If the instrument makes a breakout in that zone, it would be expected to rise to the level of 95.35, that is next to the high of the January 26's session. Also, the 200 SMA is bullish, alongisde with the MACD indicator.

Daily chart's resistance levels: 95.45 / 97.52

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 95.05 / 95.35

H1 chart's support levels: 94.78 / 94.38

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.05, take profit is at 95.35, and stop loss is at 94.73.

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Daily analysis of GBP/USD for February 02, 2015 Market Analysis Review

The GBP/USD pair continues to get more bearish pressure every day. Currently, it's trying to perform a breakout at the support level of 1.5025. This zone has been tested several times, but the pair is still very bearish. However, this outlook could change in the near future, if the GBP/USD pair makes a breakout above the resistance level of 1.5247, where this pair could rise until the resistance level of 1.5491.

The H1 chart is showing us a more bearish strength on the GBP/USD pair, because the pair tried a breakout at the support level of 1.5039, but it was unsuccessful. Anyway, the 200 SMA is still bearish and the GBP/USD pair remains below the resistance level of 1.5084. As long as it remains below that zone, the GBP/USD pair could find a way to fall until the support level of 1.4994.

Daily chart's resistance levels: 1.5247 / 1.5491

Dailychart's support levels: 1.5025 / 1.4853

H1 chart's resistance levels: 1.5084 / 1.5142

H1 chart's support levels: 1.5039/ 1.4994

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5039, take profit is at 1.4994, and stop loss is at 1.5084.

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USDCAD Daily Analysis - February 2, 2015 Forex Analysis

USDCAD remains in uptrend from 1.1803. Further rise could be expected after a minor consolidation, and next target would be at 1.2800 area. Support is at 1.2380, only break below this level could signal completion of the uptrend.

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USDJPY Daily Analysis - February 2, 2015 Forex Analysis

USDJPY remains in uptrend from 115.85, the fall from 118.86 is likely consolidation of the uptrend. Further rise to test 120.82 resistance could be expected after consolidation, and a break of 118.86 resistance could signal resumption of the uptrend.

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AUDUSD Daily Analysis - February 2, 2015 Forex Analysis

AUDUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.8294. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.7500 area.

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GBPUSD Daily Analysis - February 2, 2015 Forex Analysis

GBPUSD moved sideways in a trading range between 1.4950 and 1.5268. As long as 1.5268 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.5785 (Dec 16, 2014 high), and another fall towards 1.4500 is still possible after consolidation.

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EURUSD Daily Analysis - February 2, 2015 Forex Analysis

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.2569 (Dec 16, 2014 high). As long as the trend line resistance holds, the rise from 1.1097 could be treated as consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0700 area. Only a clear break above the trend line resistance will indicate that the downtrend had completed at 1.1097 already, then further rally to 1.1600 area could be seen.

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