FX.co ★ Daily analysis of major pairs for January 30, 2014

EUR/USD: The EUR/USD is still trading above the strong support line at 1.3600 – which has almost been tested this week. The overall bias is bullish and the price ought to go further upwards, breaking the resistance at 1.3700 to the upside this week or next week.

USD/CHF:  The USD/CHF is still trading below the strong resistance level at 0.9000 – which has been tested several times this week. The overall bias is bearish and the price ought to go further downwards, breaking the support level at 0.8900 to the downside this week or next week. It should be noted that the fundamental figures coming out today would have an impact on the Greenback.

GBP/USD:  By all indication, this pair remains a bull market in spite of the short-term trendless situation in the market. Any movement above the accumulation territory at 1.6500 (and of course the EMA 56) shows that the bulls’ strength is still a formidable thing.

USD/JPY: The upward retracement in this market just happened to be another short selling opportunity. The market has lost all the gain is sustained this week and the price is determined to test the demand level at 102.00 again.

EUR/JPY: This currency trading instrument also reacted just like the USD/JPY, which lost all its weekly gains. It almost tested the demand zone at 139.00 before bouncing upwards. However, that upwards bounce is an indication to sell short.