Silver rally may be corrective and 23.00 may provide support on dips Trend News

Technical outlook and chart settings:

The currency pair had bounced off the trend line support around 23.30 levels yesterday. At the moment, the rally from yesterdays' lows is likely to be a retracement/correction and Silver can fall back to 23.00 levels before rallying back. A conservative trading approach would be to book partial profits at current levels (24.00), and hold on to remaining long positions giving room for buying lower. Resistance is strong at 26.00/50 levels, this region being past support turned resistance level, followed by 28.00/10, 29.10/20; while support is at 23.00 which is 0.618 fibonacci support level of the rally from 22.00 to 24.85, followed by 22.00, 21.45 and lower. Buying on dips is the recommended trade strategy for now.

Trade recommendations:

Book partial profits on long positions, buy further on dips towards 23.00, stop at 22.00, target 25.00 and 26.00.

Good luck!

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Gold trading rangebound again. 1400/20 is support Trend News

Technical outlook and chart settings:

The yellow metal seems to have taken intermediary support at 1440.00 for now. Currently trading at 1475.00, the metal could target 1500.00 on a break above 1480.00. It is recommended to refrain from buying at current levels, and better to wait for a dip towards 1420/00. Resistance is strong at 1500/20 region and traders are encouraged to prepare going short there. The higher up resistance levels are 1580/85 and 1600 on this chart view. Support is around 1400/20 region ( the 0.618 fibonacci level of rally between 1320 and 1480), followed by 1350 and 1320 respectively. Weekly charts indicate 1290/1300 levels and possibly 1150.00 to be support lower. Bottomline: buy on dips towards 1400/30 region.

Trading recommendations:

Buy between 1400/30 region, stop at 1315.00, target open.

Good luck !

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EUR/JPY rallied up to 130.00 yesterday before pulling back providing short opportunities Trend News

Technical outlook and chart settings:

As seen on the chart here, the currency pair spiked close to 130.00 yesterday, as expected, before pulling back sharply. It was recommended to initiate 50% short positions around 128.00 and the remaining around 129.50/130.00. Major resistance levels are 130.00/50 and 131.00; while immediate intermediary support is 127.90, followed by 125.00 and lower. The currency pair is expected to trade lower and hence selling rallies would be the trading strategy for now. On the other hand, a rally past the sloping resistance line shall see prices printing another high around 132.00 before reversing. Considering the risk/reward ratio, the best is to sell rallies for now.

Trade recommendations:

Hold on short positions, stop at 131.30, target open.

Good luck !

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GBP/CHF interim support seen at 1.44 level. Reduce risk on longs Trend News

Technical outlook and chart settings:

As seen here, the currency pair has bounced back from 1.44 level producing a morning star bullish signal. It is recommended to hold on to long positions taken yesterday but reduce risk as well. It is quite possible that the pair forms a gartley and falls towards 1.43-1.4250 levels before rallying further up. Resistance major is at 1.5 level and below that 1.4700 which is past support turned resistance. Support for the short term is at 1.44, followed by 1.4075, 1.4030 and lower. The pair is likely to be heading towards 1.47 levels at least in the near term; however a break below 1.44 levels now, would see a gartley formation towards 1.4250 level. Hence, it is recommended to reduce risk on long positions .

Trading recommendations:

1. Book partial profits on long positions.

2. Move stop loss to 1.44.

Good Luck !

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



For detail explanation and best discovery on market trends you may visit via GBP/CHF interim support seen at 1.44 level. Reduce risk on longs . Thanks for your support on GBP/CHF interim support seen at 1.44 level. Reduce risk on longs