Daily analysis of major pairs for February 9, 2015 Market Analysis Review

EUR/USD: The effort of bulls in this market has invariably been rendered useless by bears. The resistance line at 1.1500 was challenged but it was not overcome. Bears are currently trying to push the price southward; which may enable the price to reach the support line at 1.1300 - an important level in its own right. Only a break above the resistance line at 1.1500 could render the bearish outlook invalid.

USD/CHF: The EUR/USD pair is weak. Therefore, it is expected that the USD/CHF would be strong. The outlook for the latter is bullish and the outlook for the former is bearish. As said in earlier forecasts, this market would continue its slow and gradual upward movement this week, though occasional, but short-term bearish corrections are not ruled out.

GBP/USD: The bias on the Cable has become bullish in the near term. The market moved upwards by 350 pips last week, from the accumulation territory at 1.5000, which has become a formidable barrier to the bears’ machinations. The distribution territory at 1.5350 was tested last week and it could be tested again.

USD/JPY: This popular market trended upwards significantly on Friday. Prior to this day, the market was consolidating between the demand level at 117.00 and the supply level at 119.00. A break above the supply level at 119.00 shows a new lease of the bullish bias.

EUR/JPY: On Friday, February 6, 2015, this currency trading instrument closed at 134.81, on a bullish note. The outlook for most JPY pairs is bullish, and this instrument could be going upwards this week. A close above the supply zone at 136.00 would result in an unambiguous Bullish Confirmation Pattern.

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Technical analysis of EUR/USD for February 09, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as German Trade Balance. The US will release the economic data too such as the Labor Market Conditions Index m/m and Sentix Investor Confidence. So, amid the reports, EUR/USD will move with low to medium volatility during this day.


TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1370.

Strong Resistance:1.1363.

Original Resistance: 1.1352.

Inner Sell Area: 1.1341.

Target Inner Area: 1.1314.

Inner Buy Area: 1.1287.

Original Support: 1.1276.

Strong Support: 1.1265.

Breakout SELL Level: 1.1258.





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Technical analysis of USD/JPY for February 09, 2015 Market Analysis Review

In Asia, Japan will release the Economy Watchers Sentiment, Consumer Confidence, Bank Lending y/y, and Current Account. The US will also release some economic data such as Labor Market Conditions Index m/m and Sentix Investor Confidence. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.


TODAY TECHNICAL LEVELS:

Resistance. 3: 119.41.

Resistance. 2: 119.19.

Resistance. 1: 118.95.

Support. 1: 118.66.

Support. 2: 118.42.

Support. 3: 118.19.





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Forecast and trading recommendations on EUR/USD for February 09, 2015 Market Analysis Review

The Greek actions weighing the Euro heavily. The pair erased most of its gains in the previous week. A lot of pressure is coming from Greece to make a deal with its international creditors. The Euro outlook is still determined by Greece. The Greek Prime Minister in his Sunday speech laid out plans of an international bailout. Greek banks were pushed to ELA facility. In case if Greece exits from the eurozone, the currency will dismantle, leading to the collapse. On the other hand, we can observe divergent policies between the FED and ECB. These factors can prove the fundamental weakness in the Euro.

Technically, the pair was rejected at 2Dsma for 4-days. At the early Asian session, the pair held the previous week's low and was trading at 1.1315 levels. On the hourly chart, the prices are trading and closed below the moving averages. The prices are making lower lows and lower highs on the h4 chart. The weekly resistance exists between 1.1450 and 1.1546. Until the pair closes above 20Dsma, in every rise bears try to drag the pair to make new lows. Until the pair 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 or 50Dsma and support exists at 1.0762. The short-term trend will chance only if the price closes above it. The pair has intraday minor support at 1.1290 and 1.1260. We recommend risky selling below 1.1290 and safe selling below 1.1260 with the targets at 1.1225 and 1.1190. Until the pair trades and close below 1.1420, use every rise to sell. Here is the recommendation for this week. In case if the pair breaks and closes below 1.1098, bears can challenge another 300 odd pips on the down side.

Resistance: 1.1325; 1.1390; and 1.1420.

Support: 1.1290; 1.1220; and 1.1098.

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Daily analysis of USDX for February 09, 2015 Market Analysis Review

The USDX recovered above the support level of 94.18 and still remains alive on the higher high pattern's formation. The resistance level of 95.45 continues to be the nearest target on the upside road. Also, the USDX could make a breakout on that area in order to rise until the next resistance level of 96.78, as we can see it on the daily chart.

The intraday outlook for this instrument is very bullish, as the USDX did a strong rebound close to the level of 93.35, which was below the 200 SMA. Now, the USDX could start to form a higher high pattern below the resistance level of 94.87. If the USDX makes a breakout at that level, bulls could still hold the upper hand to the resistance level of 95.16.

Daily chart's resistance levels: 95.45 / 96.78

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.16

H1 chart's support levels: 94.38 / 93.94

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 94.87, take profit is at 95.16, and stop loss is at 94.58.

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Daily analysis of GBP/USD for February 09, 2015 Market Analysis Review

The GBP/USD pair continues to strengthen the bullish bias above the support level of 1.5247, because the pair has a very clear target at the area of 1.5491. In the first hours of Monday's session, the GBP/USD pair is expected to move in favor of the bullish trend, but with the formation of a higher high pattern. The MACD indicator on the daily chart is still on the positive territory.

On the H1 chart, the GBP/USD pair found resistance next to the 1.5350 level. On that area, the pair did a pullback towards the support level of 1.5210, where the GBP/USD pair performed a little rebound that could be a bearish pattern in the short term. Anyway, the pair could resume the bullish bias in the coming area, because the 200 SMA could serve as dynamic support.

Daily chart's resistance levels: 1.5491 / 1.5637

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5249 / 1.5302

H1 chart's support levels: 1.5210 / 1.5166

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5249, take profit is at 1.5302, and stop loss is at 1.5196.

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Weekly technical levels for EUR/USD for February 9-13, 2015 Market Analysis Review

The weekly technical levels for EUR/USD pair:

Overview

• In all probability, the price of EUR/USD pair is going to move between the levels of 1.1380 and 1.1225. As a result, the range of the EUR/USD pair will be around 155 pips. The resistance has set at the level of 1.1378 this week because it is representing the weekly pivot point. Equally important, support has set at 1.1226 being the weekly support level. So, the market will indicate a bearish opportunity below 1.1380, because the level of 1.1380 was forming a support last week and turned to strong resistance today. Therefore, it will be a good sign to sell below the price of 1.1380 with the first target of 1.1292 in order to test the bottom on H1 chart. Furthermore, if the trend manages to close below the 1.1292 level, then the market will be developing in a downtrend below the double bottom towards the level of 1.1226 on February 9, 2015.

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Weekly technical levels for GBP/USD for February 9-13, 2015 Market Analysis Review

Trading recommendations :

• The GBP/USD pair on February 9, 2015. The resistance is going to set at the level of 1.5402, but a double top is placed at the point of 1.5351. Consequently, the descending movement will probably be lower than the 1.5351/1.5402 level with the targets at 1.5195 in order to try breaking the weekly pivot point. The pair will continue movement towards the levels of 1.5130 - 1.5070. On the contrary, the support has already set at 1.7070. Furthermore, it should be noted that it will rather profitable to buy above this level to retest this level in the long period. Therefore, buy deals are recommended above the 1.5070 level with targets at 1.5277 and 1.5351 to reach the double top.
  

The weekly technical levels for GBP/USD pair

Pivot point formula:

• Pivot point = (high (previous) + low (previous) + close (previous)) / 3

General idea about the pivot point.

• Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through.


• Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines.


• Within a strong trend, the price is expected to be lower than the pivot point line and continue moving.


• If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3.


• If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.

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