Daily analysis of major pairs for March 3, 2014

The Cable was able to maintain the bullish scenario on it last week. This week, we are watching the distribution territories at 1.6800 and 1.6850 as potential targets.

EUR/USD: The market was able to skyrocket from the support line at 1.3650 towards the resistance line at 1.3800. That was a movement of at least, 150 pips. The resistance line at 1.3800 itself is under furious attack, and it is currently giving way for the price to move further north. It is possible that the price would top at the next resistance line at 1.3900 this week.

USD/CHF: This pair was able to go beyond our target last week. The support level at 0.8800 is currently under siege and it is almost breached for further southward plunge. The battle between the bulls and the bears is very hot at this point, but the bears must maintain the price below the support level at 0.8800, even pushing it further south. This is what they need to do in order to show they are currently stronger than the bulls.

GBP/USD: The Cable was able to maintain the bullish scenario on it last week. There is a Bullish Confirmation Pattern in the chart and the price should go further upwards from here. This week, we are watching the distribution territories at 1.6800 and 1.6850 as potential targets.

USD/JPY: The weakness of the USD has made the USD/JPY to continue to look bearish. The price closed at 101.77 on Friday (below the EMA 56). Since the RSI period 14 itself is also below the level 50, it is probable that the price could go further bearish this week.

EUR/JPY: This is a bull market – in contrast to what its USD/JPY counterpart is doing. The cross will thus go further upwards this week, possibly targeting the supply zone at 141.50. The price could go beyond the target, but the bears are also looking for opportunities to overcome this trend.

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