Silver remains bullish; buy on dips Trend News

Technical outlook and chart setups:

As depicted in the daily chart, the metal has produced a hammer just ahead of the 0.786 Fibonacci support level yesterday. Furthermore, the region is defined by past resistance turned support 28.20/30. Immediate support is provided by 27.50 followed by 27.00 and lower; while immediate resistance is provided by 30.00 followed by 31.00 respectively. It is recommended to hold long positions if taken yesterday and also buy further on dips today. Looking higher from here on.

Trading recommendations:

Buy today on dips between 28.50/60, stop below 27.50, target open.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



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Gold looking higher after support around 0.786 Fibonacci level Trend News

Technical outlook and chart setups:

As seen in the daily chart, the yellow metal remains supported around 1550.00. The prices have bounced back producing a dogi/hammer candle yesterday. It can be safely assumed that, at least in the short term, a rally should materialize towards 1640/50 levels, if not higher. Intermediary support is around 1550.00, followed by 1530/25; intermediary resistance is at 1620/30, followed by 1680/90 on the higher side. It is recommended to build long positions during intraday dips today (1565.00-1570.00).

Trading recommendations:

Buy between 1560/70 again, continue holding long positions taken yesterday, stop at 1530/20, target open.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



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EUR/JPY tests trendline support just below 123.00; flat for now Trend News

Technical outlook and chart setups:

Having booked partial profits, the remaining longs were stopped out yesterday at 123.00. As depicted in the daily chart, the currency pair is just testing the inner support line. A push through 123.75 is required now to reconfirm further upward movement of prices. It is recommended to remain flat for now before we get further clarity after today's price action. The 121.00 level is immediate support now, while resistance is just below 123.75 on smaller timeframes. A clear break down of the above trendline would open doors for further downside.

Trading recommendations:

Flat for now, biased towards the long side in case the trendline remains intact.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



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GBP/CHF should remain bearish below 1.4350 Trend News

Technical outlook and chart setups:

The structure will remain bearish as long as the first intermediary resistance remains intact at 1.4350. Furthermore, the sloping trend line is also being followed and prices have just stalled at the past support turned resistance within the 1.4180/1.4200 region. Higher resistance comes in at 1.45, while intermediary support remains at 1.4050. A bearish resumption now should push prices further towards 1.39/1.3850. It is recommended to remain short and sell intraday rallies until 1.3850 is achieved.

Trading recommendation:

Hold on to sell positions, also add further on rallies towards 1.4200, stop at 1.4350 and target at 1.3850.

Good Luck!

The material has been provided by InstaForex Company - www.instaforex.com



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