Daily analysis of major pairs for February 23, 2015

The USD/CHF moved upwards by 200 pips last week, topping at the resistance level of 0.9500. That resistance level was slashed upwards, but the price could not stay above it, for the price dived by 130 pips, closing below the resistance level at 0.9400. Another close below the support level at 0.9300 is possible this week.

EUR/USD: This currency trading instrument moved largely sideways last week as the bulls and the bears struggled in vain for significant supremacy, being swayed by transitory buying and selling pressure. There is a support line at 1.1300 and a resistance line at 1.1450; and the price would break either to the downside or the upside. Nevertheless, a break above the resistance line at 1.1450 is more likely this week.

USD/CHF: The USD/CHF moved upwards by 200 pips last week, topping at the resistance level of 0.9500. That resistance level was slashed upwards, but the price could not stay above it, for the price dived by 130 pips, closing below the resistance level at 0.9400. Another close below the support level at 0.9300 is possible this week.

GBP/USD: The Cable has been able to go high so far, forming higher highs and lower highs in the market. The distribution territory at 1.5450 has already been challenged and it could be challenged again. While the price may go as far as another distribution territory at 1.5500, it is more likely that the GBP may see limited bullish movement this week. In other word, the probability of a southward plunge is high.

USD/JPY: The USD/JPY did not move significantly upwards or downwards last week. The price has thus consolidated as a rise in momentum is awaited. A break to the upside is more likely this week or next week.

EUR/JPY: This market is currently in an equilibrium phase and it would be OK to wait until there is a break below the demand zone at 134.00 or a break above the supply zone at 136.50. The latter action is more likely.

Learn from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314

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.

Comments are closed

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.

• 

  Peter Gold

• 

  Tom Spiller OBE

• 

  getbux

• 

  Jagdip Cheema