FX.co ★ Daily analysis of major pairs for February 24, 2017

EUR/USD: The EUR/USD pair, which is in a short-term downtrend, bounced upwards yesterday. The upward bounce could end up being a good opportunity to sell short at a better price. The market could still reach the support lines at 1.0550 and 1.0500 within the next several trading days, unless the resistance line at 1.0750 is breached.

USD/CHF: The USD/CHF pair, which is in a short-term uptrend, pulled back yesterday. The pullback could end up being a good opportunity to buy long at a better price. The market could still reach the support levels at 1.0100 and 1.0150 within the next several trading days.

GBP/USD: The GBP/USD pair went upwards on Thursday. The EMA 11 is now above the EMA 56, while the 14-period RSI is above the level 50. This has created a short-term bullish signal in the market, and it is possible for the price to reach the distribution territories at 1.2600, 1.2650, and 1.2700, which would eventually lead to a strong bullish bias in the market.

USD/JPY: There is now a bearish signal on the USD/JPY pair. The price is below the supply level at 113.00, going towards the demand level at 112.50 and 112.00. There is a Bearish Confirmation Pattern on the 4-hour chart, which shows that it is logical to seek short trades in the market, unless a significant rally takes place.

EUR/JPY: The EUR/JPY pair is in a downtrend, having gone further south this week. The demand zones are likely to be at 119.00, 118.50 and 118.00 within the next several trading days. Any upward bounces would be transitory, offering better opportunities to go short.