Silver buy on dips. 20.00 seems to be strong bottom formation Trend News

Technical outlook and chart setups:

There is no change from what was discussed yesterday. The metal has been trading sideways by taking support at the Fibonacci 0.382 levels of recent rally from 20.00 to 23.00. Long positions taken yesterday can be held but please note that the metal can fall down towards the 0.618 support at 21.30/40 levels before rallying further up towards 25.00 and higher. Immediate resistance is seen at 23.30, followed by 24.50 and 27.00 while support is at 21.20/40, followed by 20.00 levels. It looks like the metal has formed a strong base around 20.00 and the likelihood of a fresh low should be ruled out at the moment. The metal remains good buy on dips for now.

Trading recommendations:

Hold long positions (50%), buy further on dips. Stop is at 20.50. Target is open.

Good luck!

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Gold still not completely out of consolidation. 1,415.00 needs to break Trend News

Technical outlook and chart setups:

The metal seems to be still in consolidation, though attempting to break out yesterday and today till now. We need to see a clear break above 1,415.00 level for a confirmation which remains absent for now. It is recommended to book profits on long positions taken yesterday at current price, 1,397/98 and remain flat for a while. There is a possibility that the metal falls back to the support range at 1,340/50. Immediate resistance remains fixed at 1,415.00, followed by 1,450/60; while support is seen at 1,375.00, 1,350.00 and 1,340.00 respectively. Flat for now, looking to buy lower again. Gold would be an aggressive buy above 1,415.00 level.

Trading recommendations:

Book profits on longs taken yesterday. Flat for now.

Good luck!

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



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EurJpy testing line at 131.50/70. Major resistance at 134.00 Trend News

Technical outlook and chart setups:

The single currency pair has broken the immediate line of support and has rallied back to test the back side at around 131.50/70 level again. It is expected to reverse sharply down after the test. It is hence recommended to hold on to short positions taken yesterday and even look to add further to it. Resistance is now at 134.00 and only above that should be a concern for the bears now. Immediate support is seen at 130.00, followed by 129.00, 127.00 and 125.00 respectively. A break of 130.00 level would further accelerate downside pressure towards 127.00 and lower. Look to sell rallies from here on.

Trading recommendations:

Hold on to short positions, stop is at 134.25, and target is open.

Good luck!

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



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GbpChf should break 1.4500 to accelerate downside Trend News

Technical outlook and chart setups:

Looking into the wave structure depicted here, the single currency pair seems to be on track to break below 1.45 level and further. It is recommended to remain short on positions taken earlier for now. Immediate resistance is at 1.48, followed by major resistance at 1.5 and 1.51; while support is seen at 1.44, followed by 1.4075 and lower respectively. Looking into the trend and trend line bounce at 1.48, there is still high probability that the pair is headed south. Please also note that a rally from here above 1.47 level, yesterday's high, would be bullish for the pair and shift our focus to long side. Looking lower at least for now, expecting 1.45 to breakdown.

Trading recommendations:

Remain short, stop is above 1.48, and target is open.

Good luck!

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



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