FX.co ★ Daily analysis of major pairs for January 30, 2015

EUR/USD: This pair has made noteworthy attempt to go bullish this week – with visible results on some EUR pairs. This pair has moved upwards and it is currently consolidating, indicating a transitory pause in the buying pressure. When the current consolidation ends, the price may continue going further upwards.

USD/CHF: As forecasted, the USD/CHF pair has moved upwards in a slow and steady manner and this upwards movement is supposed to continue this week, allowing further bullish development in the market. In addition, some fundamental figures are expected today and they can have some impact in the market.

GBP/USD: Here, the GBP/USD pair is weak (though it is strong somewhere else). The price has moved upwards this week, challenging the distribution territory at 1.5200. This nearly rendered the existing bearish outlook useless, but the price was unable to go further upwards. The price fell from the distribution territory at 1.5200. The fact is this: long trades are no longer sensible in this market.

USD/JPY: The ongoing stamina in the USD and the noticeable weakness in the JPY has enabled this market to go bullish in the near-term. The price is now above the EMA 56 and the RSI period 14 is above the level 50. The signal in the market is now a “buy.”

EUR/JPY: The perpetual buying pressure on this cross has resulted in a threat that has almost rendered the Bearish Confirmation Pattern invalid. While, short trades are now becoming illogical here, a movement above the supply zone at 135.00 would signal the end of the extant recent bearish bias.