FX.co ★ Daily analysis of major pairs for February 6, 2017

EUR/USD: The EUR/USD went upwards last week, but also not significantly. Price tested the resistance line at 1.0800 many times, but it was unable to breach it to the upside. The resistance line at 1.0800 must be breached to the upside this week, so that the bullish movement can continue, and so that risk of a serious pullback can be averted.

USD/CHF: The USD/CHF went downwards last week, but significantly. Price is below the resistance levels at 1.0000 and 0.9950, now moving toward the support level at 0.9900, which is one of the targets for this week. There is a Bearish Confirmation Pattern in the market, and further bearish movement is expected.

GBP/USD: The Cable has been characterized by upwards and downwards swings. Last week, price generally moved between the distribution territory at 1.2700 and the accumulation territory at 1.2400. A break above the distribution territory would emphasize a bullish outlook; while a break below the accumulation territory would emphasize a bearish outlook.

USD/JPY: Here, the bias has turned bearish on 4-hour and daily charts. There is a Bearish Confirmation Pattern in the market, and further bearish journey is a possibility. There would be occasional rallies along the way, but the overall movement should be bearish this week, as bears target the demand levels at 112.00, 111.50 and 111.00 this week.

EUR/JPY: This currency trading instrument is neutral in the long-term and bearish in the short-term. There is a short-term "sell" signal in the market, and price is supposed to continue going further downwards. Further bearish movement would also result in a bearish outlook in the long-term. The first target for this week is at the demand zone at 120.50: followed by the demand zones at 120.00, and 119.50.