FX.co ★ Daily analysis of major pairs for March 8, 2017

EUR/USD: This pair consolidated on Tuesday. A further downward movement is expected today and tomorrow, which would make price reach the support lines at 1.0550, 1.0500, and 1.0450. The bearish expectation is in conjunction with the current bias in the market, which is bearish for this week and this month.

USD/CHF: The USD/CHF pair has tested the resistance level at 1.0150, and it is bound to test it once again. Bulls are willing to push price beyond that resistance level, targeting another resistance levels at 1.0200 and 1.0250. There are support levels at 1.0100 and 1.0050, which would act as obstacles to bearish attempts.

GBP/USD: This week, the Cable has gone south so far this week, now around the accumulation territory at 1.2200. Price is bound to breach the accumulation territory to the downside as it targets another accumulation territories at 1.2150 and 1.2100. There is a strong Bearish Confirmation Pattern on the chart.

USD/JPY: This currency trading instrument has done nothing significant this week. However, there is a clean bullish signal in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. When momentum rises in the market, it would be most possibly in favor of bulls.

EUR/JPY: What has happened to EUR/JPY so far this week is quite similar to what has happened to USD/JPY. The market has only consolidated so far – in the context of an uptrend. When price resumes a directional movement, it would most probably be to the upside, unless EUR shows a serious weakness, which can cause some pullback in the market.