FX.co ★ Daily analysis of major pairs for February 11, 2016

EUR/USD: Irrespective of the struggle between bulls and the bears, which resulted in a choppy market condition, the bias on the EUR/USD is bullish. The resistance line at 1.1300 is now being threatened, and it could be breached to the upside as the price goes towards another resistance line at 1.1350.

USD/CHF: This pair is currently weak, and therefore, a long trade would not be rational here. Any rallies could be taken as opportunities to go short with better prices, for there is a tendency that the market would go on being weak testing the support level at 0.9700, which has already been tested. The market would go below that support level enabling another support line at 0.9650 to be tried.

GBP/USD: There is a clear buy signal in the market. The price is above the EMA 11, which in its turn is above the EMA 56. The RSI period 14 is above the level of 50, which means there is a possibility that the market would go further upwards; in solidarity with the EUR/USD, which is normally correlated in a positive manner. Some fundamental figures are expected today and they could have an impact on the market.

USD/JPY: The USD/JPY pair (and other JPY pairs) has gone further downwards, while the bias is strongly bearish. The price has gone down by 400 pips this week, and it has gone down by 800 pips since January 29, 2016. The USD is weak and the JPY is strong – a situation that is perfect for a continuous bearish journey. The demand levels at 113.00 and 112.50 could still be tested this week.

EUR/JPY: This cross is in a bearish trend. The EMA 11 is below the EMA 56, while the RSI period 14 is below the level of 50. This means the outlook is bearish and the price could test the demand zones of 127.50 and 127.00.