Technical analysis of EUR/JPY for January 17, 2014 Trend News

General overview for 17/01/2014 07:50 CET

The recent wave up turned out to be in three waves, so the labeling has been slighty changed, making the top at the level of 142.90 the end of wave b of an overall bigger in price and time abc Irregular Flat correction. The typical target for this kind of cycles is at 161%FE and in this case the target would be the level of 141.55. The golden trend line should provide good resistance for the price and wave (iv) blue of a smaller cycle looks like some kind of a triangle formation that is almost done. Only one last small sub-wave is needed to finish the wave (v) of wave c green and the bullish trend should resume.The target is the SUPPLY ZONE first and the a very possible breakout higher.

Support/Resistance:

143.15 - 143.31 - SUPPLY ZONE

143.06 - WR1

142.90 - Intraday High

142.28 - Weekly Pivot

142.16 - Intraday Resistance

141.70 - Intraday Support

141.55 - Target for wave c green

Trading recommendations:

For intraday scalpers: first SHORT positions should be opened from the current price level with SL above the level of 142.17 and TP at the level of 141.55 Then LONG positions should be opened with entry at the level of 141.55 SL below the level of 141.39 and TP open for now.

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Technical analysis of EUR/USD for January 17, 2014 Trend News

When the European market opens, there will be French Gov Budget Balance.The US will release the most important economic data such as the US-Building Permits, US-Housing Starts, US-Capacity Utilization Rate, US-Industrial Production m/m, US-Prelim UoM Consumer Sentiment, US-Prelim UoM Inflation Expectations, US-JOLTS Job Openings, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3684.

Strong Resistance:1.3676.

Original Resistance: 1.3663.

Inner Sell Area: 1.3650.

Target Inner Area: 1.3618.

Inner Buy Area: 1.3586.

Original Support: 1.3573.

Strong Support: 1.3560.

Breakout SELL Level: 1.3552.

DESCRIPTION:

Today EUR/USD has support and resistance at 1.3573 and 1.3663. The rate is accompanied by strong support at 1.3560 and by 1.3676 as strong resistance.

If EUR/USD breaks out and closes below the 1.3552 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3684 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3586 and at 1.3650, a SELL position. In this case both targets should be placed at the level of 1.3618.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

blog.mt5.com/arief

http://ift.tt/Wmga5Q

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for January 17, 2014 Trend News

In Asia, Japan will release theConsumer Confidenceand the US will release some economic data such as US-Building Permits, US-Housing Starts, US-Capacity Utilization Rate, US-Industrial Production m/m, US-Prelim UoM Consumer Sentiment, US-Prelim UoM Inflation Expectations, US-JOLTS Job Openings. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium volatility during the US session.

TODAY's TECHNICAL LEVELS:

Resistance. 3 : 104.80.

Resistance. 2 : 104.59.

Resistance. 1 : 104.39.

Support. 1 : 104.14.

Support. 2 : 103.94.

Support. 3 : 103.73.

DESCRIPTION:

Please, pay attention to the levels of support 3 (103.73) and resistance 3 (104.80). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

blog.mt5.com/arief

http://ift.tt/Wmga5Q

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Gold sell on rallies Trend News

Gold is witnessing a range bound trading. Higher levels it suffered with selling pressure, whereas lower level buying is supporting. Either side breakout will see direction on prices. This year as well, the yellow metal is trading in a bearish mode. Gold lost its safe heaven image after correcting 30% from its peaks. The falling channel at the level of $1,278 and close above that would amount to a breakout from the downtrend further confirming the trend reversal. Currently, prices are trading on the sell-on-rallies formula. On every rise it gets beaten. At the beginning of the new year, prices rose to its crucial resistance zone.

Support $1,227 $1,220

Resistance $1255 $1,268

Intraday perspective prices are trading in a bullish mode. In the hourly charts, oscillators shows an overbought indicators witnessing selling pressure on higher levels.

Support $1,241 $1,238

Resistance $1,245 $1,255

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Technical analysis of the pair GBP/USD for 17.01 Trend News

The charts are indicating a bearish situation for GBP/USD. It seems a downtrend has already started. We assume more room for downside. Today traders are eyeing Retail sales data. Prices broke a 6-month trend line on daily closing basis and trading below 21 DEMA which adds more fuel to bears.

In the daily charts, oscillators gave a sell signal in all modes. RSI and Stochastic both are in selling zone. Support comes at the level of 1.6220 December's low. Resistance is at the level of 1.6437.

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Mathematical analysis with Murray lines of USD/CHF for January 17, 2014 Trend News

Daily chart

The American dollar recoveredalmost 70%of its losses seen on Wednesday against theSwiss franc. However, it was not able to close below the line 4/8 (blue line) which is also where you will find the line 50.0 Fibonacci retract.

Therefore, in our opinion, the picture remains bearish and it is a good time to enter with buying positions taking advantage of the reversal today and if you have a position opened, we suggest you keeping it by placing our stop loss at 0.9010.

4-hour chart

Even though in the 4 hours chart the USD/CHF fell below its pivot daily and weekly, to eventually close at 0.9047, we still have two support areas. In the first place is the center line of the trend channel and, secondly, the neutral line 4/8 (blue line), in addition to the red line of upward trend. For that the trend remains bearish, the price would have to close below this line, which, we believe, is unlikely to occur.

However, since we are operating in an unpredictable market, we must never forget to put our stop loss.

1-hour chart

Finally in the 1 hour chart, both its trend channels, as well as the band of gravitation of the USD/CHF have upward direction. In addition, the price is quoted in this time over its neutral line of 4/8 (blue line) which tells us that the predominant trend is bullish. On the other hand, today we have three important pieces of data from the US such as the labor statistics, the measurement of consumer sentiment and building permits. These data, despite the outcome, will surely affect the pattern and the movement of the USD/CHF.

If you have any questions or suggestions, please contactantonio.inga@analytics.instaforex.com

DISCLAIMER

No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature.

The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.

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Crude oil: Mathematical analysis with Murray lines for January 17, 2013 Trend News

Daily chart

Looking at the daily chart we can see that this Thursday the Crude Oil closed with a candle of indecision, which confirmed what we mentioned before, and we do not yet have a picture of prevailing. However due to that the current price is on its neutral line of 4/8 (blue line), also taking into account the previous two days of sustained rise we could say that the predominant force is bullish. For this scenario is valid the price of any marera should close below 93.75. In the event that this would happen, we would be only before a price correction within its downtrend.

4-hour chart

In the figure of 4 hours we can see that the crude oil has been rocking practically the whole day inside a box of price. Therefore, the time to break in a clear - not a widening of its range area - we can have a new input signal. In the meantime, we believe that also today the price will remain within this area, and do not suggest any entry position.

1-hour chart

Finally in the graph of 1 hour, we note that, unlike our chart of the Wednesday January 15, where the price of crude oil was moving within a channel bearish, at this point we have a totally different picture.

In addition to that we have the fact that the price is above its moving average as well as the 6/8 line (red line), the same as it is a line of reversal is very important.

Why we tend to think that the price will end up breaking the housing price upward with a candle; however, there will have to have patience to see what finally happens.

If you have any questions or suggestions, please contactantonio.inga@analytics.instaforex.com

DISCLAIMER No information published constitutes a solicitation, offer, or recommendation, to buy or sell any investment instrument, to effect any transactions, or to conclude any legal act, whatever its nature. The information published and opinions expressed are provided on an only for information only and is subject to change without notice, delimiting the company responsibility for decisions originating from the same, and they cause any kind of profit, loss or damage.

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Technical analysis of GBP/USD for January 17, 2014 Trend News

Overview :

• The resistance of the GBP/USD pair had been already set at the level of 1.6445 (the weekly pivot point on January 17, 2013) and a minor resistance has set at the 1.6373 level. Therefore, according to the previous events, the price has still been moving between 0.6370 and 0.6285, then it should be noted that the range today will be around 110 pips. Consequently, the trend in the 1H time frame will be calling for a bearish market at the level of 1.6400. Hence, below 1.6400 look for further downside move with targets at 1.6330, if it will be able to break the minor support for today at 1.6333, so the price will continue towards 1.6265 today in order to test the weekly support. Notwithstanding, it should be always beware to set a stop loss, thus the best location to set the stop loss in this case should be above the weekly pivot point.

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Technical analysis of NZD/USD for January 17, 2014 Trend News

Overview :

• The NZD/USD pair has been making an upside movement from the level of 0.8255 to 0.8275, and today the market has also set a lower price at the 0.8296 level. As it is known, it will probably repeat itself again, hence the strength of the trend for pair was an uptrend, then the strength of the currency will be called: EUR is in uptrend and USD is in downtrend. Furthermore, the uptrend represents the double bottom of the channel emerging at the level of 0.8275 as well as the RSI has still positive in the daily time frame, so it calls for a new upleg. Moreover, a strong support will set at 0.8270 in H4 chart. Therefore, the price movement will be trapped between 0.8275 and 0.8390. Additionally, the price has been set above this level a long time ago, for that the market will indicates a bullish opportunity at the level of 0.8275, with a target of 0.8350, then if it breaks the first target, it will be a breakout above this level with the second target towards 0.8440. However, the best location for placing a stop loss should be below 0.8237.

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GBP/USD intraday technical levels and trading recommendations for January 16, 2014 Trend News

The daily chart shows multiple bearish rejections at the upper limit of the ongoing channel resulting in an atypical bearish head and shoulders pattern.

Despite Tuesday's bullish reversal towards 1.6460 intraday resistance, a bearish engulfing daily candlestick was expressed Yesterday indicating the strength of this price level as resistance.

Sellers should be watching for today's daily closure. Yesterday's daily candlestick failed to close below 1.6333 showing some temporary bullish rejection that's taking place until now.

Daily closure below 1.6333-1.6300 is a must to collect further bearish momentum to push towards 1.6230-1.6200.

On the other hand, daily fixation above 1.6330 will probably allow another bullish impulse towards 1.6480 and probably 1.6600 to occur thus invalidating the current SELL position.

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USD/CAD intraday technical levels and trading recommendations for January 16, 2014 Trend News

The USD/CAD bulls are pushing towards new price levels (1.0980) that haven't been reached since September 2009 asMonetary market suspicions are being stressed byquite weak fundamental conditions in Canada.

The USD/CAD pair achieved multiple breakouts of several resistance levels, allowing the pair to push towards 1.1100 (hasn't been hit yet)

The next prominent resistance level is around 1.1230 corresponding to 50% Fibonacci Level of the depicted bearish movement between March 2009 and July 2011. Temporary resistance off the price level of 1.1000 is being expressed now.

The USD/CAD pair has a prominent supply zone at 1.0700 which represents the upper limit of consolidation range that got broken this month.

Yesterday, the bulls failed to hit 1.1000. On the other hand, the bears managed to express a shooting-star daily candlestick indicating a possible bearish retracement to take place.

On the downside, the price level of 1.0840 represents the most recent support level which held price above during bearish retracement that took place on Monday.

In case of breakdown of 1.0840, price zone 1.0740-1.0700 will be the next target for the bears.

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Intraday technical levels and trading recommendations for EUR/USD for January 16, 2014 Trend News

Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904).

Breakdown of the depicted bullish channel took place shortly after. This led to sliding towards 1.3600 then 1.3550 where a temporary low was recorded.

Yesterday, the EUR/USD pair expressed a strong bearish engulfing daily candlestick which puts further bearish pressure on 1.3600.

The daily chart outlook is bearish probably targeting at 1.3470-1.3400 (prominent DEMAND zone on the DAILY chart).

Yesterday, the EUR/USD pair consolidated around 100-SMA (located at 1.3660) showing indecision. As expected, this led to a corrective bearish movement towards 1.3600 yesterday.

Price level of 1.3580 showed some bullish rejection yesterday. However, the bears are pushing again below 1.3600.

Breakdown of 1.3600 opens the way directly towards temporary support located around 1.3560 (backside of a broken downtrend line).

Price zone of 1.3500-1.3520 is considered a prominent DEMAND being the lower limit of the ongoing bearish channel as well as psychological support.

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Intraday technical levels and trading recommendations for GBP/USD for January 16, 2014 Trend News

Bearish pressure was applied near the level of 1.6600 (the upper limit of the expanding wedge) resulting in a double-top pattern which achieved its projection target (1.6350) one week later.

The failure of the GBP/USD pair to break down 1.6350 allowed enough bullish momentum to be gathered to push again towards 1.6460. This price level provided a SELL entry as expected on Friday.

Further bearish pressure was applied on the pair this week as the bears established new lower highs around 1.6450 and 1.6375. This enhances our bearish scenario increasing the probability of the bears to hit new lows below 1.6350.

Estimated bearish targets are located at 1.6280-1.6230 (prominent DEMAND zone). The bears need to achieve 4H fixation below 1.6350 to gather enough bearish momentum.Otherwise, the bulls will be shooting at 1.6460 again.

Price action should be watched carefully at 1.6250-1.6230 to catch a BUY entry to make profits of the ongoing long-term bullish direction.

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Daily analysis of Silver for January 16, 2014 Trend News

Overview

As shown in today's H4 chart, the metal is stabilizing between the Support level 20.00 and the Resistance level 20.20 after its failure to break the Support level again last week. Currently, we should wait for it to retest the Support level 20.00 again and close below in order to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the Support level till testing the next Support level of 19.75. Therefore, we can consider our first target few pips above this Support level, but in case the price remains above the Support level 20.00, it will cancels the bearish move scenario.

Resistance and support levels:R3 (20.75), R2 (20.50), R1 (20.20), S1 (20.00), S2 (19.75), S3(19.50)

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Daily analysis of GBP/JPY for January 16, 2014 Trend News

Overview

From the today's H4 chart, yesterday's closing below the Resistance level 152.85 gives the price an opportunity for a bearish move after its failure to break the Resistance level once again. As shown in the chart, the price is trying to continue its bearish movecurrentlyby breaking the Support level 170.50 and closing 4h below. In that case we may get another opportunity for more sell signals and it opens the way towards 169.80 as the first target. Then, the price should test the Support level to continue its bearish move. But in case the price stabilizes above the Support level of 170.50, it will cancels the first scenario.

Resistance and Support levels:R3 (173.00)R2(172.20) R1(171.50), S1 (170.50) S2(169.80) S3(169.00)

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Elliott Wave Analysis of AUD/USD for January 16, 2014 Trend News

AUD/USD Elliott Wave
The AUD/USD pair continued trading downwards yesterday, wave i (coloured blue) of thebigger wave (v) (coloured red) was developing. In the 1-hour chart above you cansee that we are looking at the downward move from the 0.9085 level, as the first extendedwave of the final (v) wave, RSI is showing divergence and that is why we are going tolook for a short-term pullback towards 0.8889 and 0.8926, 50-61,8% of the wave i(coloured blue), before we see more downward reaction in this major pair. Intradaytraders can wait for a break above the 0.8816 level that will give as fresh buyingsignal to catch pullback in the wave ii, and swing traders need to wait 0.8926 before wejoin the sellers in the iii wave. In accordance with our wave rules and taking intoaccount that wave 5 should retrace 161.8% of wave 4, we can define the potential targetswith measuring wave 4 with take profit at 0.8647 (161.8% of wave 4).

Support and Resistance
(S3) 0.8794 (S2) 0.8841 (S1) 0.8877 (PP) 0.8924 (R1) 0.8960 (R2) 0.9007 (R3) 0.9043

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downwardmovements. That is why short positions at level 0.8925 with stop loss at 0.9050 and takeprofit at 0.8647 are recommended.

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GOLD analysis for January 16, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,242.70 on average volume.We can also observe that demand has entereted the market at 1,233.80 which caused the price to start small bullish movement. If the price breaks the level of 1,256.00 (FE 61.8) on high volume, we may see testing next upper stations at 1,279.00 and 1,295.00.Do not forget, gold is in bearish trend and we are now in bullish corrective phase.We may see testing levels around 1,232.00-1,227.00, before another bullish movement. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw demand on the high volume in the background.Watch for buying opportunities above the level of 1,256.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,243.00

R2: 1,245.26

R3: 1,248.93

Support levels:

S1: 1,235.66

S2: 1,233.40

S3: 1,229.73

Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.

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EUR/NZD analysis for January 16, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6393 on volume above the average. As you can see in the chart, our FR 61.8 % at 1.6270 held successfully and the price started upward movement from that point. We can observe that strong demand on high volume had entered the market at 1.6300 and caused the price to start upward movement. The price reached our first upper station at 1.6350. If it breaks 1.6400 on high volume, we may see testing of FE 161.8 % at 1.6480. Do not forget EUR/NZD is in short-mid term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities and try to catch bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6349

R2: 1.6373

R3: 1.6410

Support levels:

S1: 1.6274

S2: 1.6250

S3: 1.6212

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch bullish continuation phase.

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Technical analysis of USD/CAD for January 16, 2014 Trend News

General overview for 16/01/2014 11:00 CET

Another high has been made yesterday and it has been labeled as the current top for the wave V black.

From that high price has made an impulsive decline that looks like a Leading Diagonal structure and currently market is in the corrective cycle of wave 2 red.

Any breakout above intraday resistance at the level of 1.0956 means thet the correction has not been finished yet.

On the other hand, any breakout below the level of intraday support at the level of 1.0917, means that Weekly Pivot might be tested at any point of time.

Support/Resistance:

1.0990 - Swing High

1.0956 - Intraday Resistance

1.0917 - Intraday Support

1.0840 - Weekly Pivot

Trading recommendations:

For intraday scalpers: typical range breakout strategy should be applied with a slight bias to the downside. The entry is below the level of 1.0916, SL at the level of 1.0957 with TP at the level of 1.0840.

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Technical analysis of EUR/JPY for January 16, 2014 Trend News

General overview for 16/01/2014 10:40 CET

The anticipated yesterday move upwards in this pair has been initialized after corrective cycle of abc Irregular Flat subwave had been done.

The current target for this move is the SUPPLY ZONE, but first the intraday resistance at the level of 142.90 must be taken out.

On the other hand, any breakout below the intraday support would expose the Weekly Pivot and if this is broken, then the low of the wave (ii) at the level of 141.80 might be tested.

Support/Resistance:

143.31 - 143.15 - SUPPLY ZONE

143.06 - WR1

142.90 - Intraday Resistance

142.42 - Intraday Support

142.28 - Weekly Pivot

141.80 - Low of the wave (ii)

Trading recommendations:

Buying on dips is advised as the corrective wave 4 purple looks done and there is more to the upside possible. Play the breakout to the upside: the entry is at the level of 142.90, tight SL in case of takeout, and TP is at the level of 143.15

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#USDX analysis for January 16, 2014 Trend News

The Dollar index is trading near its short-term resistance area of 81.15. Prices have stopped their rise just below the resistance as it proves to be a very strong obstacle. Bulls will need to show more signs of strength in order for the upward move to continue.

The price formation from 80.40 looks impulsive but the rise has stopped right on resistance. Breaking above 81.15 will help prices rise towards 81.50 which is the previous important high. For now as long as prices trade above 80.40 bulls will have more chances of success. Breaking below 80.40 will push prices towards 79.80.

Nothing new in our daily chart. Prices are trading within the strong resistance area. 80.40 is important support and bulls should use it as a stop. Our MA are starting to take a positive slope and this is good for our bullish scenario which expects prices to rise towards 83. We remain long as long as prices trade above 80.40 and we target 83.

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Gold analysis for January 16, 2014 Trend News

Gold prices have made a small impulsive move down from $1,256 to $1,233. An upward bounce has followed that made a lower high. Now prices are turning down again and are going to test the lows. If prices manage to break the lows as shown by the red solid area in the chart below, then we will have the start of a bearish pattern with lower lows and lower highs.

If this happens, then we will have seen the first bearish signals of a new downward move at its beggining. We also want prices to break below the intermediate low at $1,220 in order to confirm that the rise from $1,180 is corrective and consists of 3 waves. Short-term resistance is found at $1,256 and short term support at $1,233. Breaking the support levels will push prices towards $1,220. If resistance is broken, we should anticipate prices to test $1,270.

The daily chart continues to support our bearish view. Prices seem weak and unable to break above the black neckline resistance. Additionaly, prices seem unable to reach the important resistance trend line at $1,270. Breaking below $1,228 on a daily level will also confirm our bearish view and that the trend has turned downwards once more. Our longer-term target of $1,140 remains valid.

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Technical analysis of Silver for January 16, 2014. Trend News

Technical outlook and chart setups:

1. Silver has taken out the $20.50 resistance, as expected. It is recommended to hold on to long positions taken earlier and also add further on dips.

2. Immediate resistance is at $21.00, followed by $22.00, while support is at $19.40/50, followed by $19.00/10 and $18.75 respectively.

3. The structure reveals that Silver should be heading towards $23.20/30 and $21.70/80, after a possible pullback. It is quite possible that a meaningful higher bottom is in place at $18.70/75.

Trading recommendations:

Hold on to long positions, stop at $18.60, target is at $21.70.

Good luck!

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Technical analysis of Gold for January 16, 2014. Trend News

Technical outlook and chart setups:

1. Gold retraced yesterday and possibly bottomed out at $1,234.00. A rally should push prices above $1,255.00 mark, towards the $1,267.00/70.00 region. Recommendations are to watch out for any bearish formations at $1,267.00 and initiate short positions.

2. Immediate resistance is at $1,267.00, while supports are spread through $1,234.00 (intermediary), followed by $1.220.00 and $1,182.00 respectively.

3. Structure reveals that Gold might be headed towards $1,267.00/70.00 before pulling back. A failure there could be encouraging for bears.

Trading recommendations:

Remain flat for now. Looking to initiate short positions at $1,267.00/70.00 levels.

Good luck!

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Technical analysis of EUR/JPY for January 16, 2014. Trend News

Technical outlook and chart setups:

1. EUR/JPY has rallied through the fibonacci 0.382 resistance at 142.90, as seen here. It is recommended to hold long positions for now and move risk to break even. A push through 142.90 should see 143.50/70, the fibonacci 0.618 resistance.

2. Immediate resistance is at 145.50, while supports are spread through 140.50 (intermediary), followed by 138.50, 134.50 and lower respectively.

3. The structure reveals that a failure below 144.00 levels, should see the down swing continue towards atleast 137.00. A sustained break above 144.00 levels would nullify the bearish tone.

Trading recommendations:

Hold long positions, move stop to breakeven levels. A bearish bounce at 143.50/70 should be sold.

Good luck!

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Technical analysis of GBP/CHF for January 16, 2014 Trend News

Technical outlook and chart setups:

1. The single currency pair has rallied through the 1.4900's region as expected. Please note that 1.4900 is the 0.618 fibonacci resistance of the fall from 1.5020 to 1.4720/30 recently. It is recommended to take profits on long positions for now.

2. Resistance is at 1.5020, while supports are spread through 1.4700/20 (intermediary), followed by 1.4550 and 1.4350 respectively.

3. The structure reveals that till prices are below 1.5020, the down swing would continue towards 1.4550 atleast.A failure to break the recent lows at 1.4700 would be favorable to bulls.

Trade recommendations:

Book profits on long positions taken. Aggressive trade setup would be to initiate 50% short positions now, stop at 1.5020, target 1.4550.

Good luck!

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