Silver inching towards 22.00. Preparing for fresh bottom Trend News

Technical outlook and chart setups:

The metal is breaking down and is just a few cents ahead of 22.00 level at the moment. It is likely to break down towards 21.45, as discussed yesterday, but it is still recommended to book maximum short positions and take profits off the table for now. Only around 10% of total positions could be left open to take maximum benefit on a possible breakdown. Next support level is seen around 21.45 from here on and the metal is expected to bottom out around that region. Initiating long positions there would be highly rewarding for a long term. Bottom line: Looking lower from here on, but book maximum profits on short positions.

Trading recommendations:

Remain only 10% short on earlier positions. Book profits on the rest.

Good luck!

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Gold approaches 0.618 Fibonacci support Trend News

Technical outlook and chart setups:

As seen here, the yellow metal has broken down towards the Fibonacci 0.68 support of the rally from 1,324.00 to 1,488.00 level recently. It is recommended to book maximum short positions and take profits on them; one can remain 10% short. If a bullish reaction is seen here, Gold could begin further rally, but this is too early to confirm. More probabilities are for the metal to break below 1,320.00 level in the coming trading sessions and probably form a bottom around 1,290/1,300. From there on it would be safe to initiate long positions in the metal. Bottom line: Looking lower yet, but book maximum profits on short positions.

Trading recommendations:

Remain only 10% short. Book profits in the remaining.

Good luck!

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



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EurJpy breaks support line on 4H. 132.70/75 resistance. Remain short Trend News

Technical outlook and chart setups:

The single currency pair has broken immediate line of support as depicted on the 4H chart view here. 132.75/80 levels should provide strong support for now. It seems the prices are just about carving out a head and shoulders reversal, where the right shoulder could be formed between 132.10/40. It is therefore recommended to remain short and also initiate fresh short positions now (132.00/05). As shown here, the pair could be targeting towards 128.50 level according to Fibonacci extensions. This could also prove to be a major reversal well below 128.00 level. Bottom line: 132.70/75 should remain intact for the bears to stay on top. Looking lower from here on.

Trading recommendations:

Hold on to short positions and add further, stop is at 133.00/10, and target is open.

Good luck!

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



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GbpChf testing resistance line. Flat for now Trend News

Technical outlook and chart setups:

As depicted here on the daily chart, the single currency pair hit the 1.618 Fibonacci extension (Red), at 1.4800 yesterday. Please note that resistance line is also coinciding with the prices around the same region. Furthermore, past support turned resistance is also between 1.4750/1.4800 region (horizontal blue line). The single currency pair may produce a bearish reaction at this juncture. Hence it is recommended to remain flat for now and wait for a clear bearish signal to initiate short positions. Major resistance is still at 1.5 level, followed by 1.51 and higher up, while immediate support is just around 1.46 region. A break of the trendline on higher side, would push prices higher towards 1.5.

Trading recommendations:

Flat for now.

Good luck!

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