GBP/CHF continues drifting lower; 1.4500/1.4450 insight Trend News

Technical outlook and chart setups:

Structurally, there is no change as depicted here in the daily chart. Support is at 1.4460/1.4500 and lower, while daily chart resistance is at 1.5, 1.5050 and higher. Bears are in control at the moment and determined to take prices lower towards 1.4500/1.4450 levels. It is recommended to remain short and add on intraday rallies towards 1.4600/1.4650 from here on. It is quite possible to break down 1.4200 levels which is the major swing support, but that probability shall be discussed later.

Trading recommendations:

Remain short, move Stop to breakeven, target 1.4500

Good Luck!

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EUR/USD - Weekly pivot points and signals for January 28 - February 02, 2013 Trend News

Last week the EUR/JPY broke sharply the level of 120.50, then it closed at 122.35. This week is trading above the weekly pivot of 120.67. It is likely that for the next few days there will be a bounce at this level. It will provide an opportunity to buy the pair with objectives to first weekly resistance of 124.67. With a close below 120, the pair may continue falling until the first support of 118.68. In the medium term the euro-yen has left a GAP December 24 last year, at 111.80. All the gaps are covered, so in the medium term it should be at these levels. This pair is overbought, so you should be cautious if you are buying this pair.

120.72 and 111.67 are weekly and monthly pivot points for this week for EUR/JPY.

Signals for January 28 - February 02, 2013

Buy if it rebounds at 120.72 (W_PPV) with take profit at 124.37 (W_R1), stop loss is above 118.68.

Sell if it closes below 120.72 (W_PPV) with take profit at 118.68 and 115.03 (W_S2), stop loss is above 124.37.

____WEEKLY_____

Weekly - R3 = 130.06

Weekly - R2 = 126.41

Weekly - R1 = 124.37

Weekly Pivot = 120.72

Weekly - S1 = 118.68

Weekly - S2 = 115.03

Weekly - S3 = 112.99

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

____MONTHLY____

Monthly - R3 = 126.06

Monthly - R2 = 120.38

Monthly - R1 = 117.35

Monthly Pivot = 111.67

Monthly - S1 = 108.64

Monthly - S2 = 102.96

Monthly - S3 = 99.93

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GBP/USD intraday technical analysis and trading recommendations for January 28, 2013 Trend News

The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.

It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000.

The pair was trapped within narrow range 1.5800 - 1.5890 after finding temporary support at psychological level 1.5800. However, bearish breakout took place last week opening the way towards projection target around 1.5725 which has been hit today.

The pair remains under heavy SELLING pressure, as recovery attempt from Friday’s lows at 1.5745 zone, failed to push the pair above 1.5800 level. This week started with manifest weakness, although weekly closure came slightly above 1.5800; weekly gap added further bearish domination focusing initially on 1.5700 target.

Brief consolidation at 1.5700 is expected, as indicators are entering oversold state.

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Silver: Well support around 31.00. Recommended to initiate long positions again Trend News

Technical outlook and chart setups:

As depicted on the daily chart setup here, the latest downswing seems to have been completed on Friday at 31.12 level. The prices also seem to have tested the backside of sloping down trendline at the moment. Intermediary resistance is at 32.50 now, followed by 33.65/70, and 34.30/40, while support is just around 31.00 level respectively. It is recommended to initiate long positions again from current levels. Looking higher from here on.

Trading recommendations:

Long now (31.20/25), stop is at 30.00, and target is open.

Good Luck!

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EurJpy extends rally. 121.50 achieved Trend News

Technical outlook and chart setups:

The single currency pair has extended gains beyond the measured extensions of 121.50 level on Friday. As shown on the weekly chart representation here, the next price resistance is seen at 123.30 level and the bulls would want to give that final push before a meaningful pullback might begin. Support on a 4H chart is only at 117.00, followed by 116.30/40 and lower. It is recommended for aggressive traders to build fresh long positions on intraday dips if it is possible. Please do not initiate short positions at the moment if you do not have clear signals.

Trading recommendations:

Profits booked on earlier long position. Flat for now.

Good Luck!

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GbpChf hits 1.46 and lower. Remain short for next downside extension at 1.45 Trend News

Technical outlook and chart setups:

As depicted on a daily chart view here, the single currency pair has hit the first measured downside extension at 1.4600 and lower. The next Fibonacci support is seen around 1.4500 from here. As seen on the chart presented, the daily resistance is at 1.5, while short-term resistance begins at 1.4700/30 and extends up to 1.4850 and 1.4900. Next downside support is seen below 1.4500 now. Keeping this in view, it is recommended to stay short and add on intraday rallies towards 1.4700/50 and 1.4800. Bearish trend continues for now.

Trade recommendations:

Remain short, stop is at 1.4800, target is at 1.4500 and lower. Book small profits at each low formed.

Good Luck!

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