FX.co ★ Daily analysis of major pairs for February 8, 2018

EUR/USD: There is a clean bearish signal on the EUR/USD. The recent bearish attempt has paid off, and the price is now below the resistance line at 1.2250. The market is supposed to go further downwards as it is poised to reach the support lines at 1.2200 and 1.2150.

USD/CHF: There is a clean bullish signal on the USD/CHF pair. The recent bullish attempt has paid off, and the price is now above the support level at 0.9400. Another support level at 0.9450 is being breached to the upside as the price goes further upwards, poised to reach the resistance levels at 0.9500 and 0.9550.

GBP/USD: There is a strong bearish outlook on the GBP/USD pair. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. Price has dropped massively this week, testing the accumulation territory at 1.3850. There has been an upwards bounce since then, and the price is currently moving sideways. Some fundamental figures are expected toda,y and they may have impact on the markets.

USD/JPY: The USD/JPY pair is currently choppy. Price has come down this week, but it is now going upwards. The market is generally sideways, but when there is a breakout in the market, it would most probably be in favor of bulls. A breakout is expected before the end of this week, or early next week.

EUR/JPY: There is a Bearish Confirmation Pattern in this market, which plummeted heavily earlier this week. Although the market environment is rough, the bias remains clearly bearish. The demand zone at 134.00 has been tested, and it could be tested again (and possibly breached to the downside).