GBP/CHF done with retracement; initiate longs again Trend News

Technical outlook and chart setups:

The single currency pair has retraced to just below the1.43 level yesterday; as it was discussed earlier. It looks like the retracement is done, and the pair is ready to resume its extension rally towards 1.48 and ahead. It is recommended to hold long positions taken earlier and enter new long positions as well, from here on. The pair had bounced off earlier right at the rising trend line support producing an engulfing bullish trade signal and it still holds true for the bulls to accelerate further. Immediate resistance is at the 1.48 level followed by 1.5 on the higher side; while immediate support is 1.42, followed by 1.4075 and lower.

Trading recommendations:

Remain long, stop below 1.42, target 1.48 and ahead.

Good luck!

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EUR/USD - Sell below fractal 1.3230 - for July 25, 2013 (daily strategy) Trend News

The euro has started to lose accumulated profits. The fact that it could not close above the daily fractal level 1.3228 increases the likelihood of a decline of the pair until the next fractal. Now immediate support is located at 1.3068. This pair is a little quiet, which means that soon we will see strong movements in this pair. This pair has always been affected by Federal Reserve data, which is its main driving force. However, there is concern that the FED begins to reduce its quantitative easing in September and that will raise the value of the U.S. dollar. If you take into account the weakness of the European economy, it is more likely that in the next few weeks the euro reaches the level of 1.30.

If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com

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USDX analysis for July 25, 2013 Trend News

The Dollar Index is showing signs of a trend reversal as prices seem to find support near the 82 price level. The 82 price level was our target to end the downward correction and it seems that the market things this level is important and that is why the downtrend has paused the decline here. Long-term trend remains up as long as prices trade above 80. Intermediate term is down as long as prices trade below 83.45. Short-term trend has changed to up and is ready to challenge the intermediate-term trend.

Prices have shown a similar pause to the decline at the 82.65 price area and then broke downwards. Prices currently have made two lows on higher than the other at the 81.92 and 81.95 price level. This second higher low even if it is slightly higher it produces a higher high. The dollar index has broken out of the short term downward channel as shown in the chart below. The high at 82.26 was broken and a new higher high at 82.41 was made. This pattern of higher highs and higher lows is a significant sign of trend change. For this sign to remain valid we should not see prices break below 81.90. If prices break below 81.90 we should expect a push towards 81.70 at least. Short-term resistance is found at 82.45 and 82.70 price levels. Bulls will need to break above those levels in order for the intermediate down trend to be challenged.

Concluding we remain slightly bullish as long as prices stay above 81.90 and will add to longs as resistances are broken. If prices break above 82.70 we will add to long. We will close all longs below 81.90.

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Elliott Wave analysis of EUR/JPY for July 25, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.20

R2: 132.74

R1: 132.49

Current Spot: 132.24

S1: 132.00

S2: 131.80

S3: 131.37

Technical overview:

The very bumpy b-wave continues to work its way higher towards our ideal target, which is at the former high at 133.81. That said we have seen the first signs of this move getting weaker and it is loosing momentum all the time now. Therefore, we are getting closer to the b-wave top and should be prepared for the powerful decline in wave c taking over. The first target for wave c will be at 124.96, but it could extend and break below 124.96 for a decline closer to the bottom of wave 4 of one lessor degree, which comes in at 118.73. In the short term we are still looking for slightly higher levels as long as support at 131.37 and more importantly support at 130.76 protects the downside, but a break below 131.37 is a new clear sign of weakness, while a break below 130.76 will indicate, that wave c is developing.

Trading recommendation:

We are looking for a EUR selling opportunity and will place sell orders at 133.20 and at 130.75 (one order done cancels the other). We will place our stop at 134.60.

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Silver: 21.00 remains interim target for bulls Trend News

Technical outlook and chart setups:

The metal remains subdued/confined above 20.00 region for now. Minimum implications from here is that a retracement lower, before the rally resumes towards 21.00 level. Support levels are spread through 19.25 level, followed by 18.70/75 region lower; while resistance is in the 22.50 region ahead. It is recommended to remain long for now, or take profits for now and wait for a dip lower to enter again buying. Immediate support should be around the 19.50/60 region where trend line is also passing through. Looking lower for short term.

Trading recommendations:

Remain long for now, stop is at 18.70, and target is at 21.00.

Good luck!

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Gold initiates pullback around 1,340.00 Trend News

Technical outlook and chart setups:

The metal has finally reversed from 1,340.00 region as discussed earlier this week. As seen on the chart view depicted here, this region is been re-enforced by past support turned resistance and the dropping trend line resistance as well. Further implications are that the metal should initiate a 3 wave retracement towards possible 1,250/60 region again, before looking further up. For now, the pair has found interim support at 1,313.00 level and it should initiate a counter rally towards 1,330.00 and possibly 1,339.00 level. It is recommended to enter short around 1,339/1,340 region for now. Bottomline: Looking lower for short term.

Trading recommendations:

Initiate short positions around 1,339/40 region, stop is at 1,351.50, and target is open.

Good luck!

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