GBP/USD strong support 1.5760 - for January 25 - 31, 2013 (daily strategy) Trend News

The British pound bounced again in the support area, 1.5760. You could notice during past ten days while the euro was up, this pair gradually has collapsed, due to weak British economic data and GDP below zero in the last quarter of 2012. The data has influenced the pound and now it has downward pressure to a low of 1.5745, but 1.5760 weekly support offered a very strong ground. It rose again to the price, listed this morning at 1.5811. It is likely that for the next few days we will see a recovery of the British currency, you can buy now at current price levels or wait for buy signal when the pair closes above the 200 day moving average periods.

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EUR/USD key level of 1.34 - for January 25 - 31, 2013 (daily strategy) Trend News

The euro managed to break sharply the level of 1.34, strong resistance from the January 14, prevented the rise of the euro and remained below this level. This upward movement was because the ECB announced that it will return part of the loans awarded last year, with amounts higher than expected, this data has given the euro bullish momentum this morning in the U.S. session trading at 1.3469, below the second weekly resistance of 1.3473. Technical indicators in this pair are very overbought. It is imminent for next week there will be a correction downward at least to the level of 1.34. This area was in the days before mass resistance has become a strong support for the pair. If the euro negotiates below this level, it is likely that there is bearish pressure to the 1.3248 support. So it is recommended to be attentive to these levels.

In the chart below we have outlined the likely entry levels for the pair for the next week.

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Fundamental analysis for January 25, 2013 Trend News

The euro along with the Swiss franc achieved a foothold against the dollar as The European Central Bank said banks will hand back a greater amount of 3-year loans than experts estimated, boosting short-term borrowing costs. The single currency was set for a seven consecutive week of gains against the yen after the ECB said 278 banks will repay 137.2 bln euros next week.

The U.S. currency remains very strong against the Australian dollar, Canadian dollar, the yen and the pound.

The outlook on the market these days is interesting. It is easy to see the difference in behavior between different currencies against the dollar, according to their own principles.

Amid the euro grows rapidly, in spite of the shrugging off the dire unemployment data from Spain and led by the financial world by weak economies, the sterling collapses with little strength to recover by now. True, the German IFO figures were also above expectations.

Britain’s economy shrunk more than forecast in Q4 with GDP below zero. The pound dropped as much as 0.3% against the dollar before recovering and it was trading up 0.1% at $1.5804. It fell against the euro to the lowest in more than a year and was down 0.5% at 85.14 pence per euro.

The yen falls again, with renewed strength. After a few days of doubt, the yen exceeded 91 units against the dollar, and is already sold in about 4 hours charts, making the crossing imminent correction.

The outlook for the U.S. session looks attractive. There is no reason to consider a change in direction of the euro, but we do not expect strong growth in the pound, but a movement to accompany the single currency. As for the coins "commodities", do not have much to gain in the coming hours.

The day's news agenda includes retail inflation rate in Canada, at 8:30 Eastern. Also, the number of new home sales in the United States, at 10:00, information identified as key to the economy, at a time when the real estate market, at least in what refers to existing homes, showing signs of a solid recovery.

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Silver testing backside of trendline. 31.50/60 should remain well supported Trend News

Technical outlook and chart setups:

A daily chart view has been depicted here for a larger swing view. As seen here, the prices broke out of the inner resistance line earlier. The rate rushed through the 32.50 region and is currently back testing the same line which should provide enough support for another bounce higher up. Resistances are now lined up from 33.60/65 through 34.30/40 and 35.10/20 region. It is recommended to initiate fresh long positions at current levels (31.60/65) again for fresh highs. Looking higher from here on.

Trading recommendations:

Go fresh longs from current price levels, stop is at 30.00, target is open (book partial profits at 33.00).

Good Luck!

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Gold pulls back to 1,663.00. Convergence provides long opportunities Trend News

Technical outlook and chart analysis:

As depicted here, the yellow metal has retraced to 1,663/65, which was defined as a support region earlier. Furthermore, one should note the following facts mentioned below:

1. Prices have broken the sloping downtrend line shown here on the particular timeframe and possibly retracing to back test.

2. 1,663/65 region is defined by the past resistance turned support and a combination of Fibonacci support convergence.

Keeping the above mentioned facts in mind, it is recommended to go fresh long at current price action for further upside extensions as shown here.

Trading recommendations:

Go fresh long now (1,667/68), stop is at 1,630.00, target is open (book partial profits at 1,720.00).

Good Luck!

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EurJpy: Resistance is seen at 121.50. Hold on to long positions Trend News

Technical outlook and chart setups:

A weekly chart view has been depicted here for a larger swing view. As seen here, the chart resistance is at sub 123.00 level, followed by 125.00 and higher; while Fibonacci extensions of the primary upswing between 94.00 and103/104 are pointing towards 121.50. Adding further to this scenario, the prices managed to convincingly push through the 120.00 intermediary resistance yesterday. Therefore, it is recommended to hold long positions for now; expecting further rally on the north side. Fresh long positions can be built on intraday dips.

Trade recommendations:

Hold on to yesterday’s long positions if profits were not booked. Initiate fresh longs for a target of 121.50.

Good Luck!

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GbpChf finally breaks 1.4670/1.4700 convincingly. Recommended to initiate short positions Trend News

Technical outlook and chart setups:

As depicted on the 4H chart view here, the prices have broken down on the support region of 1.4700 clearly. Immediate chart resistance is now at 1.4770 region followed by 1.5050, while support is not before 1.4600/1.4500 respectively. Aggressive long positions, if were taken yesterday, need to be covered up. Furthermore, the past support region of 1.4700 is now turned into resistance. Trading strategy from here on should be to sell intraday rallies through 1.4700/20. Looking lower from here on.

Trading recommendations:

Initiate short positions now (1.4670) and intraday rallies through 1.4700/20, stop is at 1.4800, and target 1.4600/1.4500.

Good Luck!

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