Daily analysis of major pairs for February 29, 2016

EUR/USD: This
pair dropped by 200 pips last week. It first dropped on Monday, and then traded
sideways till Friday, and then dropped further that Friday (February 26, 2016).
This is because of the weakness in the EUR, which has caused a Bearish
Confirmation Pattern on the chart. The EMA 11 is below the EMA 56 on the 4-hour
chart; which means the pair could trade further south.

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USD/CHF: USD/CHF has been simply trading
sideways last week, showcasing short-term oscillation between the support level
at 0.9850 and the resistance level at 1.0000. A break is going to be
above that resistance level or below that support level this week, although a
break below the support level is more likely, because the resistance level at
1.0000 is a great barrier and because EUR/USD could be seen making some bullish
attempt this week.

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GBP/USD: GBP/USD fell by almost
440 pips last week, almost reaching the accumulation territory at 1.3850. This
has reinforced the existing bearish outlook on the market, and there are
chances that the GBP/USD pair would continue going south this week and next.
Generally, GBP pairs are bearish (as forecasted earlier) and they would remain
under selling pressure until the end of March 2016.

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USD/JPY: This currency trading
instrument went downwards from Monday to Wednesday, when further bearish
movement was rejected and the price went upward by at least, 250 pips. This has
resulted in a “buy” signal in the market. The EMA 11 has almost crossed the EMA
56 to the upside and RSI period 14 is above the level 50. The currency trading
instrument could be seen trading further and further upwards this week and
next.

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EUR/JPY: This cross trended
downwards by almost 300 pips last week, reaching the demand zone at 122.50 on
Wednesday (February 24, 2016). The cross has been corrected to the upside – by
over 200 pips. This kind of correction is also visible on other JPY pairs, which
would make commendable bullish efforts in March 2016.

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The material has been provided by InstaForex Company – www.instaforex.com

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