Daily analysis of major pairs for February 17, 2014

The Cable was able to move more than 350 pips last week, closing at 1.6747. The target for this week is at the distribution territory of 1.6800, though there are possibilities of transitory pullbacks.

EUR/USD: This pair has been able to maintain its upward journey, moving close to the resistance area at 1.3700. For the northward journey to continue, the price would need to break the resistance area to the upside. The target for this week is at the resistance line of 1.3800.

USD/CHF: This pair has been able to maintain its southward journey, moving close to the support level at 0.8900. For the southward journey to continue, the price would need to break the support level to the downside. The target for this week is at the support level of 0.8850.

GBP/USD: The Cable was able to move more than 350 pips last week, closing at 1.6747. The target for this week is at the distribution territory of 1.6800, though there are possibilities of transitory pullbacks, because the RSI period 14 has moved into the overbought region. The Bullish Confirmation Pattern in the chart is extremely strong right now.

USD/JPY: The bearish signal in the market is still in place – the price is below the EMA 56 while the RSI period 14 is below the level 50. However, the ‘sell’ signal which comes as a result of the weakness in the Greenback, should be taken with tight targets, for it is not likely that the price would move below the demand level at 101.00.

EUR/JPY: This cross moved sideways throughout last week, but it was able to maintain its bullish outlook. Therefore it is more likely that when a breakout happens, it would be to the upside.

Eye-opening trading lessons: http://www.harriman-house.com/experttraders

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Azeez Mustapha

• 

  Zak Mir

• 

  Brokermandaniel

• 

  John Piper