FX.co ★ Daily analysis of major pairs for March 6, 2015

EUR/USD: This is a bear market. The price has dropped by 200 pips since Monday and there is a possibility of the price reaching another support line at 1.0550, though it is unlikely that it would stay below that support line (unless the EUR is fated to reach parity with the USD).

USD/CHF: As long as the EUR/USD pair is bearish, USD/CHF would be bullish. An upward movement of 200 pips is not something that can be ignored. The resistance level at 0.9750 is now under siege and it could be overcome anytime. The only thing that can avert this expectation is a significant strength in the EUR/USD pair.

GBP/USD: This currency trading instrument is still a weak market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. There is a clear Bearish Confirmation Pattern on the chart and further weakness can be expected in this market.

USD/JPY: The USD/JPY pair is still making some faint bullish effort. The price has succeeded in breaking the demand level at 120.00 to the upside. The next target is the supply level at 120.50.

EUR/JPY: The EUR/JPY pair has continued its downtrend. The price traded below the demand zone at 132.50, but it could not stay below it. For the bearish bias to continue, a close below that demand zone is mandatory. Otherwise, we may witness a strong rally today or early next week.