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18.02.2014 08:55 AM
Daily analysis of major pairs for February 18, 2014

EUR/USD: Given the existing Bullish Confirmation Pattern in the chart, this remains a bullish market, although the price did not move significantly upwards this week. It is expected that the price would resume its bullish journey, when momentum does return to the market.

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USD/CHF: Given the existing Bearish Confirmation Pattern in the chart, this remains a bear market, although the price has not moved significantly downwards this week. It is expected that the price would resume its bearish journey when momentum does return to the market.

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GBP/USD: After the Cable ran into the distribution territory at 1.6800, it has experienced a sharp pullback. The pullback is normal, but it ought not to go below the accumulation territory at 1.6600, otherwise it would jeopardize the current bullish outlook. The pullback is a good opportunity to go long.

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USD/JPY: When a bearish signal was generated here last week, it was perceived as a limited thing, for other JPY pairs were bullish. The price has broken upwards seriously from the demand level of 102.00, and it should continue going up.

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EUR/JPY: Yesterday, it was forecasted that it was more likely that when a breakout happened on the EUR/JPY, it would be to the upside. That is exactly what happened. From the demand zone of 139.50, the cross went upwards by over 140 pips. This is the beginning of a new lease of another bullish bias, and the price may soon test the supply zone at 141.50.

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