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.

 

Trading realities: http://www.advfnbooks.com/books/unlockpotential/index.html

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Matt Simpson

• 

  Envion

• 

  Justin Waite

• 

  Dwayne Buzzell