EurJpy rallies past 126.00. Recommended exit long positions Trend News

Technical outlook and chart setups:

As seen on the 4H chart view here, the single currency pair has raised past the 126.00 mark as expected, much comfortably. At the moment it is recommended to exit long positions (126.04); more aggressive trade would be to go short again. Resistance is at 127.90/128.00 levels, while support is around the 121.00 mark immediately. There is still a possibility that the single currency pair is preparing for a huge retracement in the coming weeks. Look lower for now.

Trading recommendations:

Book profits on long positions taken yesterday. Go short, stop is at 128.30, and target is at 121.00 at least.

Good Luck!

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Hold on to GBP/CHF short positions from the 1.4505 level; downside may gain momentum Trend News

Technical outlook and chart setups:

As seen in the daily chart, the currency pair seems to have taken resistance at the Fibonacci 0.382, just around the 1.4500 level yesterday. Keeping it simple, it is expected to continue drifting down either from the 1.45 resistance level or from the 1.4700 level (the 0.618 Fibonacci resistance here). In any case, selling higher up rallies is recommended. Fresh lows below the 1.4100 mark should be seen soon enough now. The 1.4700 region would be the best sell entry if prices manage to reach there.

Trading recommendations:

Hold on to short positions taken yesterday. Move down risk to breakeven levels. Target open.

Good Luck!

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Silver technical levels and trading recommendations for February 11, 2013 Trend News

Overview

The H4 chart demonstrates today that silver takes a downward move after its rebound from the Resistance level 31.50 and currently is testing the Support level 31.20. Given that the pair manages to break the Support level 31.20 and closes 4H below, it provides a good opportunity to sell below the Support level. After that we should wait for breaking out of this Support level to continue the bearish move then we will get a bearish strength, which will provide new sell signals and enable the Support level of 30.75 as a target level. On the other hand, if silver reverses its bearish move and takes an upward direction after its failure to break the Support level 31.20, it will be a strong indicator for the bullish move after closing 4H above the Support level enabling the Resistance level of 31.50. In this case, we should wait for breaking this Resistance level to continue the bullish view. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 31.20 is unbroken, the upward move is still expected invalidating the downward movement. Therefore, we should wait for more confirmations before making a decision.

Resistance and Support levels

R3 (32.30) R2 (31.80) R1 (31.50) S1 (31.20) S2 (30.75) S3 (30.20)

Trading recommendations: According to the previous analysis, we recommend selling in case of closing 4H below the Support level of 31.20 with TP 30.75; SL closing 4H below the Resistance level might be appropriate.

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Silver extremely bullish above 32.25. Consolidation for now Trend News

Technical outlook and chart setups:

As depicted on the daily chart view here, Silver remains in a structural uptrend for now. 29.22 level should hold well as support and resistance begins from 32.50, 33.60/70, and 34.30. Currently the metal is seen consolidating between 32.25 and 31.25/30 levels and a clear break out is required to decide further direction with more conviction. As it has been discussed earlier, it still remains a possibility that Silver forms base around 30.50 before rallying further towards fresh highs. It is recommended to restrain from taking fresh positions for now.

Trading recommendations:

Hold on to earlier long positions, stop is at 29.00, and target is open.

Good Luck!

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Gold expected consolidate further between 1,660 and 1,680 Trend News

Technical outlook and chart setups:

As depicted on Daily chart view here, the yellow metal has gone into consolidation since last 5 trading sessions at least. The range of sideways movement has been 1,660.00 (support area) and 1,680.00 (resistance area). A breakout needs to materialize on either side, to get further conviction in the trade direction. Therefore, it is recommended to restrain from entering fresh positions at the moment on either direction. A push through 1,680.00 would take prices to 1,710/20/40 levels as shown here. While below 1,660.00 prices may want to re-test the lows or form a base around 1,640/50. Waiting for a clear breakout.

Trading recommendations:

Hold on to earlier long positions. Stop is at 1,630. Target is open.

Good Luck!

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EurJpy: Rally scheduled towards 126.00 before reversing Trend News

Technical outlook and chart setups:

As seen in the 4H chart view depicted here, the single currency pair broke support at 124.00 level last week before close. It is quite evident now that an intermediary top is in place near the 127.90/128.00 region, which would act as resistance now. The single currency pair is now expected to rally towards 126.00 levels immediately, before reversing sharply. This region is also re-enforced by Fibonacci 0.618 resistance of the fall from 128.00 level. It is recommended to go long for the short term now.

Trading recommendations:

1. Long now (123.87), stop is at 123.00, and target is at 126.00.

2. Short at 126.00, stop is at 128.30, and target is open.

Good Luck!

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GbpChf rally exceeds 1.45. Recommended book profits Trend News

Technical outlook and chart setups:

A simple 4H chart view has been presented here, with Fibonacci resistance spread across the recent downswing from 1.5 to 1.4170. As it was expected last week, the single currency pair has risen through 1.4500 level and higher. Resistance still extends till the 1.46/1.47 levels and above. Intermediary support is at 1.4170/1.4200 levels for now. It is recommended to book profits on long positions taken last week. Aggressive traders can look for opportunities to enter short positions. Looking lower for now.

Trading recommendations:

1. Book profits on long positions taken last week at current price (1.4505).

2. Aggressive traders could go short. Stop is at 1.4700. Target is open.

Good Luck!

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