Style child element when hover on parent

How to change the style of child element when there is hover on parent element. I would prefer a CSS solution for this if possible. Is there any solution possible through :hover CSS selectors. Actually I need to change color of options bar inside a panel when there is an hover on the panel.

Looking to support all major browsers.

Yes, you can definitely do this. Just use something like

.parent:hover .child {
   /* ... */
}

According to this page it's supported by all major browsers.

Yes, you can do this use this below code it may help you.

.parentDiv{
margin : 25px;

}
.parentDiv span{
  display : block;
  padding : 10px;
  text-align : center;
  border: 5px solid #000;
  margin : 5px;
}

.parentDiv div{
padding:30px;
border: 10px solid green;
display : inline-block;
align : cente;
}

.parentDiv:hover{
  cursor: pointer;
}

.parentDiv:hover .childDiv1{
border: 10px solid red;
}

.parentDiv:hover .childDiv2{
border: 10px solid yellow;
} 
.parentDiv:hover .childDiv3{
border: 10px solid orange;
}

<div class="parentDiv">
<span>Hover me to change Child Div colors</span>
  <div class="childDiv1">
    First Div Child
  </div>
  <div class="childDiv2">
    Second Div Child
  </div>
  <div class="childDiv3">
    Third Div Child
  </div>
  <div class="childDiv4">
    Fourth Div Child
  </div>
</div>

you can use this too

.parent:hover * {
   /* ... */
}