EurJpy Short Term Bullishness Intact. 102.00/102.50 Levels In Sight Trend News

Technical Outlook and Chart Setups:

Yesterday’s drop proved to be a test, as it was expected. The price followed through and it that has been quite impressive. The single currency pair is trading comfortably above the 101.00 mark and it is expected to rise further up at least around 102.00/50 levels, as depicted above. Please note that potential still remains for the prices to register higher highs, if it rises through 103.50 level. At the moment it is recommended to focus on the short term bullish opportunity towards 102.00/50 levels, and consider buying intraday dips. Intermediary support is around the 100.20/30 mark while resistance is around 102.70/80 levels. Looking higher for now.

Trading Recommendations:

Hold on to long positions taken earlier, buy intraday dips, stop at 100.00, and target 102.50.

Good Luck!

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GbpChf Bearish View Intact. Hold On To Short Positions Trend News

Technical Outlook and Chart Setups:

The single currency pair has retraced around 1.5100 level yesterday and is ready to take the down turn. Currently trading around 1.5030 level, the bears would want to break 1.4950 to accelerate further down. Intermediary supports are placed at 1.4950 and 1.4800 levels, followed by strong support at 1.4700. Resistance is fixed at 1.5150-1.5200 levels for now, while higher levels are at 1.5300 and 1.5400 respectively. It is still recommended to hold on the short positions taken earlier and further add on intraday rallies. Looking lower from here on.

Trading Recommendations:

Hold on to short positions. Stop at 1.5150/60. Target 1.4600.

Good Luck!

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USD/CHF Wave Analysis for November 14, 2012 Trend News

USD/CHF Elliott Wave

Since our last analysis the USD/CHF pair was trading in a downward movement like we expected, impulsive wave 1 (coloured green) of the bigger wave C (coloured red) was developing. Yesterday during the European session we could observe ascending movement towards the 0.9512 level and we can consider this move as the end of the corrective B wave (coloured red). Therefore, during the New York session when development of the impulsive 1 wave started this major pair started pushing lower reaching a new daily low at 0.9464 level. At the moment the USD/CHF pair is trading around 0.9450 level and we are expecting to see continuation of the bearish mood today. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9379 (261.8% of wave 1). To reduce the risk, we can use resistance at 0.9500 level as stop loss.



Support and Resistance

(S3) 0.9436 (S2) 0.9454 (S1) 0.9465 (PP) 0.9483 (R1) 0.9501 (R2) 0.9512 (R3) 0.9530



Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.9440 with stop loss 0.9500 and take profit at 0.9379 are recommended.

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Silver Pullback Close To Complete Around 32.10 Level. Looking Higher Trend News

Technical Outlook and Chart Setups:

Yesterdays' dip towards 32.10 level followed by sharp reversal indicates that a higher low could just be in place for Silver. It is recommended to buy intraday dips from here on. The support region is spread across 31.70-32.00 levels, while resistance begins from 33.50 region. Bulls would be targeting 33.50 before pulling back again. Please note that the metal can still pullback towards 32.00 levels before rallying again; hence trades should be planned accordingly. It is good to be at least partially long at these levels, to take advantage of a rally. Higher now.

Trade Recommendations:

Hold on to long positions taken earlier, buy further on dips, stop below 30.00 (shall be revised later), and target open.

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Gold Consolidation Possibly Finished Around 1,720.00. Look Higher Trend News

Technical Outlook and Chart Setups:

Yesterdays' price action indicates that consolidation for Gold might just be over around the 1,718/20 levels. It is recommended to buy intraday dips from here on as prices are looking higher. The support is in the range 1,700 to 1,720 and further buying could be planned if prices reach there. Resistance begins from 1,750/60 levels and spread through 1,795.00 on the higher side. Please note that a remote possibility still remains for a dip and then rally. It is important to plan trade strategy accordingly. Higher from here on.

Trading Recommendations:

Hold on to long positions taken earlier. Buy intraday dips. Stop at 1,680.Target open.

Good Luck!

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