Major Pairs Remain Subdued At The Start Of The Trading Week

• 12 Feb 2018

EUR/USD

The EUR/USD pair has broken the 20-period EMA to the downside. Momentum indicators have turned less positive and MACD indicates a momentum reversal. However, the pair may resume the uptrend after what seems like a mild pullback. RSI has returned to an upward trajectory with price action testing the 20-period EMA once more.

USD/CHF

The USD/CHF pair has recovered from a recent sell-off. Price action is approaching the 20-period EMA and the 0.945 price line- which the pair has rejected once before. If price action is able to break this price level, the uptrend has more weight. MACD indicates a momentum reversal in support of the bullish reversal.

USD/JPY

The USD/JPY pair has entered into a marked downtrend in recent months which started at the end of December. The pair appears to have further downside bias as MACD remains in negative territory and RSI continues a downward trajectory.

EUR/GBP

The EUR/GBP pair is once again testing the 0.885 price level which the pair has rejected. MACD is on the verge of a bullish break indicating bullish sentiment whilst RSI has decelerated. The next price target for buyers is the 0.890 price line, however, the question is whether there is enough bullish conviction to reach this price level.