HSBC's short-term analysis of the major pairs

HSBC offers a brief analysis on the forex's major pairs:

EUR/USD: Bearish bias. Support: 1.0480. Resistance: 1.0701.

The consumer confidence index in February in the euro area was -0.62, as expected. The EUR/USD is trading in the following range: 1.0549-1.0630.

The markets await the publication of the final value of the euro area's PMI.

GBP/USD: Neutral bias. Support: 1.2353. Resistance: 1.2556.

The GBP is falling as Scotland decides whether it will hold a new independence referendum in March. The GBP/USD plummeted to 1.2382.

The markets await the publication of February's PMI index.

USD/JPY: Bearish bias. Support: 111.20. Resistance: 114.54.

The probability of rising Fed rates in March has risen to 50%. USD/JPY hit 112.83.

The markets await the publication of the final PMI value of February.