Daily analysis of major pairs for February 26, 2018
Daily analysis of USD/CHF for February 26, 2018
USD/CHF
This pair is something that is often affected by whatever happens to the EUR/USD (in a negatively correlated manner). It tested the resistance level at 0.9400 on Thursday, and then retraced a bit. The resistance level at 0.9400 could be tested again, and even another resistance level at 0.9450. In case, the EUR/USD rallies, the USD/CHF would be sent plunging back towards the support levels at 0.9350, 0.9300 and 0.9250.
This bearish plunge would end the bullish bias on the market, which is currently short-term. A movement below the support level at 0.9250 would result in a short-term bearish bias, which would eventually become a Bearish Confirmation Pattern in the 4-hour chart.
Daily analysis of USD/JPY for February 26, 2018
USD/JPY
The market was bearish in the long-term. A rally happened last week from Monday to Wednesday, but it was checked by the bearish correction that took place on Thursday and Friday. There are support levels at 106.50, 106.00 and ultimately at 105.50. Those support levels would impede bearish movements and they would eventually help bring about a bullish reversal, which is expected to take place before the end of this week.
Should the bullish bias occur, the market would be able to gain at least, 150 pips this week, going towards the supply levels at 107.00, 107.50 and 108.00. These supply levels may even be exceeded, for they are initial targets.
Daily analysis of EUR/JPY for February 26, 2018
EUR/JPY
This cross has been going strong downwards since February 2, shedding 700 pips in the process. Nonetheless, the southwards journey will soon be over, as a strong rally is expected, which would eventually remove the current Bearish Confirmation Pattern in the market. The outlook on JPY pairs is bullish for this week, and for the month of March. So, short trades are not advisable.
The price is currently below the supply zone at 121.50, going towards the zone level at 121.00. Another demand zone at 120.50 may also be tested, but price would not be able to go further than that, since a rally is expected.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html
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