EURJPY should re-trace lower before rallying further. Book profits on longs Trend News

Technical outlook and chart setups:

As depicted here, the price have rallied beyond 130.00 earlier, before re-tracing to 1.2980, at the moment. It looks like a retracement is due towards 1.2850/1.29, at least, before any further rally higher. Furthermore, it is still possible for the price to print lower lows till the time it does not break the sloping downtrend line shown here. Hence, it is recommended to book profits on long positions and remain flat for now. Intermediary support is at 128.00, followed by 125.50; while resistance is at 132.00/50, followed by 133.80/134.00 respectively. It needs to be seen how the price reacts towards 128.50/129.00 retracement; before initiating long positions again.

Trading recommendations:

Book profits on long positions. Flat for now.

Good luck!

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GBPCHF is at swing resistance. Await trading signal to initiate fresh shorts Trend News

Technical outlook and chart setups:

It stopped out of short trades earlier. As depicted here, the longer-term downtrend line is passing across the price now. Furthermore, fibonacci 0.618 resistance of the late downswing from 1.48 to 1.4, is passing through the prices at the moment. Immediate resistance is at 1.48, followed by 1.5 on the higher side. A bearish trade signal could materialize here in 1-2 trade sessions; which would enable us to initiate fresh short positions. Looking into the wave structure, a possible lower top is under way now; which would result into a bearish leg lower below 1.4 levels. On the flip side, a push higher would lead prices towards 1.4650/1.47.

Trading recommendations:

Flat for now. Looking to sell on a bearish signal.

Good luck!

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#USDX analysis for August 14th, 2013 Trend News

The Dollar Index was influenced positively by the sharp decline in EURUSD and the sharp rise in USDJPY. It has reached our first short-term target at 81.75. The price moves upwards impulsively and we take into consideration the fact that both EURUSD and USDJPY move impulsively in favor of the dollar, then we should expect continuation of the bullish trend in the Dollar Index.

The short-term support is found at 81.65 but the trend we believe has changed to up and will only be in danger if the price breaks below 80.85. The short-term trend is upward. Resistance is found at 81.90-82 and the intemediate-term trend will be challenged at 82.40-50 area. We expect the price to continue higher and break above resistance levels. Even if a pullback towards 81.50-40 occurs, we think it will be a buy opportunity.

In the daily chart as shown above the price are testing the short-term downward sloping blue trend line now. It will be a positive sign for the intermediate-term trend to see a price break above this level. We still believe in the longer-term strength of the Dollar and, therefore, we expect the Dollar Index to challenge the level of 85 in the near future. Taking this into consideration, entering long near 81.50 area with 80 as stop is a good risk-reward opportunity.

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