Technical analysis of EUR/JPY for May 30, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair prints yet another low just below the 138.00 levels yesterday before pulling back to 138.50 levels. At the moment, the pair seems to be preparing to rally towards 139.10/30 levels as immediate short term target. It is recommended to remain long for now, risk remains at 137.75.

2. Support is seen at 138.00 (interim), followed by 136.50, 134.00 and lower, while resistance is seen at 139.30, followed by 141.00, 142.50/143.50 and higher up respectively.

3. The structure indicates that EUR/JPY could potentially rally from current levels; yesterdays' lows should hold at 137.96/97.

Trading recommendations:

Remain long, stop at 137.75, target is open.

Good luck!

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Technical analysis of GBP/CHF for May 30, 2014 Trend News

Technical outlook and chart setups:

1. As expected, the GBP/CHF pair broke below 1.5000 levels yesterday before a pullback. The 1.5050/60 levels should act as resistance for any intraday rally to be capped lower. The pair is expected to continue lower towards at least 1.4700 levels before the rally could resume. Recommendations are to continue holding short positions, risk remains at 1.5140.

2. Support is seen at 1.4900, followed by 1.4780, 1.4650 and lower while resistance is at 1.5050/60 (intraday) followed by 1.5140 respectively.

3. The structure indicates that GBP/CHF retracement is underway now and minimum expectations are towards 1.4700 levels.

Trading recommendations:

Remain short, stop at 1.5140, target is 1.4700/10.

Good luck!

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Technical analysis of EUR pairs for May 30, 2014 Trend News

EUR/USD

The pair is heading towards the crucial support at 50-week SMA at 1.35-1.3525, a break below this set gates open for 1.34 and 1.32. In the daily chart momentum oscillators are making positive divergence, hope the pair priced the action on the ECB decisions.

EUR/JPY

The pair has support at 137.70 below this it will fall to 136.70 (50-week SMA). If it breaks below 136.7, it will fall to 135 and 134.30 levels.

EUR/CHF

The pair is trading at 1.2211, yesterday's low was very crucial for this pair. If it closes below 1.2199, then it will fall to 1.2160 and 1.2140 levels.

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Technical analysis of GBP/CHF for May 30, 2014 Trend News

The pair has been in an uptrend from 1.4475 levels. It has been struggling to cross the 1.5122 levels. The 200-week EMA and the previous swing high paused the rally at 1.5115. If the pair crosses the last week's high at 1.5115, it will face rough road between 1.5122- 1.5190 levels. On the down side, the pair has strong support at 1.49, 1.4880 levels. The pair made a lower low and lower high as of now.

In yesterday's session, the pair took support at 1.4976 levels (21-day EMA) and made a high at 1.5018, as of now in today's Asia's session the pair is unable to cross yesterday's high and it made a double top at 1.5018 levels. Safe buyers can buy above 1.5018 for 1.5030, 1.5054 and 1.5084 levels. Sell below 1.4976 for 1.4946, 1.49 and 1.4852 levels. The selling pressure will increase below 1.4980.

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Daily analysis of Silver for May 30, 2014 Trend News

Overview

As shown in today's H4 chart, the metal failed to break the Support level of 18.75 yesterday and reversed its downward trend to trade below the Resistance level of 19.20. Currently, it is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 19.20 in case of bouncing from the Support level again to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.50. Then after breaking this Resistance level, silver would open the way towards the Resistance level of 19.75, which means more bullish signals, but as long as the metal trades below the Resistance level of 19.20 this cancels the bullish scenario.

Resistance and support levels: R3 (19.75), R2 (19.50), R1 (19.20), S1 (19.00), S2 (18.70).

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Technical analysis of USD/JPY for May 30, 2014 Trend News

In Asia, Japan will release the Household Spending y/y, National Core CPI y/y, Tokyo Core CPI y/y, Unemployment Rate, Prelim Industrial Production m/m, Housing Starts y/y, and the US will release some economic data such as Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Chicago PMI, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY's TECHNICAL LEVELS:

Resistance. 3: 102.14.

Resistance. 2: 101.94.

Resistance. 1: 101.74.

Support. 1: 101.50.

Support. 2: 101.30.

Support. 3: 101.10.

DESCRIPTION:

Please, pay attention to the levels of support 3 (101.10) and resistance 3 (102.14). 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.

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 EUR/USD for May 30, 2014 Trend News

When the European market opens, some economic news will be released such as German Retail Sales m/m, Italian Prelim CPI m/m.The US will release the economic data too such as the Core PCE Price Index m/m, Personal Spending m/m, Personal Income m/m, Chicago PMI, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3667.

Strong Resistance:1.3659.

Original Resistance: 1.3646.

Inner Sell Area: 1.3633.

Target Inner Area: 1.3601.

Inner Buy Area: 1.3569.

Original Support: 1.3556.

Strong Support: 1.3543.

Breakout SELL Level: 1.3535. DESCRIPTION:

Today EUR/USD has support and resistance at 1.3556 and 1.3646. The rate is accompanied by strong support at 1.3543 and by 1.3659 as strong resistance.

If EUR/USD breaks out and closes below the 1.3535 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3667 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 1.3569 and at 1.3633, a SELL position. In this case both targets should be placed at the level of 1.3601. Best regards, Arief Makmur Official Analyst of InstaForexGroup InstaForex Group http://instaforex.com email: Arief.jakarta@indo.instaforex.com For more analysis go to: blog.mt5.com/arief My Profile: http://www.mt5.com/forex_analysis_award/profile/index/arief 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 AUS/USD for May 30, 2014 Trend News

The pair gave an upside breakout during yesterday's session and closed above the 50-day SMA, which was a bullish factor. Today in Asia's session, it takes the support from 50-day SMA and moving towards the resistance level of 0.9334 (61.4 fib level), as of now the pair made a high at 0.9324 levels. If the pair is able to close above the 0.9334 levels, it can spike up to 0.9373 and 0.94 levels. On the down side, the pair has strong support at 0.92 and 0.916 (50 week SMA).

The trading pattern is framed between 0.93-0.9334. On the lower side, the pair has support at 0.9285, 0.9256 and 0.92 levels.

Intraday-

We favor sell side below 0.93 for 0.9275, 0.9256 and 0.9250 levels. Risky traders can trade at cmp with sl 0.9332 on a closing basis for 0.9280 and 0.9250 levels.

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Short-term forecast and weekly analysis (May 30-June 06) of USD/CHF Trend News

USD/CHF

Short-term forecast-

The pair has been in an uptrend from 0.87 levels. It rallied up to weekly 21EMA, again moved to the lower levels and made a double bottom at 0.87 levels. Currently it has rallied up to 40EMA and halted its journey at the 23.6 fib level at 0.90 levels. On the up side, if the pair closes above the 0.90 levels, the next bull run will take the pair towards 0.9059, 0.9080, above this, 0.9157 levels. On the down side, until the bar closes above the 0.90 level, it will correct up to 0.89, 0.8873 and 0.8812 levels.

Weekly review- May 30-June 6

The pair is trading at 0.8975. As we recommended earlier in our previous articles, hold shorts with sl 0.8990 on a closing basis, the pair exactly made a high at 0.8990 and fell to the previous swing high (0.8952), the breakout level gave enough support to close above this. The trading range is fixed between 0.895-0.90 levels. As per the daily momentum oscillators, we recommend holding shorts for the near-term purpose aiming at 0.8914, 0.8886 and 0.8860 (April 22 high and 50-day SMA). A day close below the 0.8860 level, we need to re-analyze the charts for new targets.

As per the above study, we recommend the following:

Sell with sl 0.90 on cb, panic below 0.8950 levels.

A week close above the 0.90 levels, a new trend will emerge.

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GBP/USD intraday technical levels and trading recommendations for May 29, 2014 Trend News

The pair has established recent support zone between 1.6765 and 1.6815 during February and March. These levels correspond to the previous tops in a successful Double Top pattern.

The depicted BLUE uptrend line remained intact since it was established in November 2013. However, this time the bulls failed to achieve a higher high above the recent one around 1.6995. Moreover, the bears broke-down this trend line challenging the recent bottom around 1.6730 which was established in mid March.

On the 4H chart, strong bearish rejection was expressed off 1.6920 leading to bearish breakdown of the depicted bullish channel as well as successive previous support levels now acting as resistance.

Moreover, four-Hour closure below 1.6825- 1.6800 gathered enough bearish momentum to push towards the prominent support level around 1.6750.

The long-term perspective remains bearish aiming to form another bearish limb that would extend below 1.6730 ( the most recent bottom ).

This expected bearish impulse is probably targeting at 1.6650 ( previous ascending top ).

Around 1.6650, price action should be watched then for a possible bullish corrective movement.

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Intraday technical levels and trading recommendations on GBP/USD for May 29, 2014 Trend News

Previously, the recent prominent bottoms around 1.6465 and 1.6555 (corresponding to the depicted uptrend line) prevented further bearish decline and provided enough buying pressure to keep pushing higher.

The bullish momentum wasn't strong enough to allow the bullish breakout above 1.6880-1.6900 to pursue towards further targets. Instead, this breakout lost its bullish momentum showing successive lower highs as a part of a bearish 123 reversal pattern as depicted on the chart.

Once before, the GBP/USD pair showed bullish recovery after testing of 1.6730. Thus, we mentioned it may constitute a DEMAND level on intraday basis. However, lack of bullish presence is witnessed during this bearish visit especially after the bears managed to achieve a daily closure at 1.6709 which is quite bearish.

If the bears manage to break-down the currently tested DEMAND level around 1.6700, the pair will have obvious targets around 1.6670 initially then 1.6600 to be followed.

The bulls managed to record a higher value above the recent one at 1.6900. However, the ongoing demand has been fulfilled around 1.6920 which led to a price decline again.

Bearish breakdown of 1.6825-1.6800 ( which means breakdown of the previous congestion zone as well ) exposed price level of 1.6740 which has already been hit Yesterday.

Price zone of 1.6750-1.6730 corresponded to lower limit of the ongoing channel. However, it has been broken down previously this week. This enhances the bearish momentum on the weekly-basis.

4H fixation below this price zone suggests a bearish limb towards 1.6650 immediately which is expected to be visited shortly after.

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Technical analysis of USD/JPY for May 29, 20143 Trend News

Overview:

USD/JPY is expected to trade with the bearish bias. It is undermined by the selling of yen crosses amid diminished investor risk appetite (VIX fear gauge rose 1.48% to 11.68, S&P closed down 0.11% after hitting all-time high 1,914.46 overnight) and lower U.S. Treasury yields (10-year fell to 2.434 overnight--lowest since July 3, 2013) and Japan's exporter sales. But USD/JPY losses are tempered by the demand from Japan importers and broadly stronger USD undertone (ICE spot dollar index last 80.54 versus 80.35 early Wednesday).

Technical Comment:

Daily chart is mixed as MACD is bullish, but stochastics is turning bearish.

Trading recommendation:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 101.20. A breach of this target will move the pair further downwards to 101.05. The pivot point stands at 101.90. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 102.15 and the second target at 102.35.

Resistance levels:

102.15

102.35

102.55

Support levels:

101.20

101.05

100.75

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Technical analysis of USD/CHF for May 29, 2014 Trend News

Overview:

USD/CHF is expected to consolidate with the bullish bias after hitting three-and-a-half month high at 0.8990 on Wednesday.It is underpinned by the stronger USD undertone, contagion from weak euro on CHF, franc sales on soft CHF/JPY cross, and dovish Swiss National Bank's monetary policy stance. But CHF sentiment are boosted by the stronger-than-expected Switzerland 1Q GDP growth (came in +2.0% on-year versus +1.8% forecast). USD/CHF gains are also tempered by the franc demand on soft EUR/CHF cross. Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is at the overbought zone, five and 15-day moving averages are advancing.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8935. A breach of this target will move the pair further downwards to 0.8920. The pivot point stands at 0.8990. In case the price moves in the opposite direction and bounces back from the support level, and then it moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9015 and the second target at 0.9030.

Resistance levels:

0.9015

0.9030

0.9065

Support levels:

0.8935

0.8920

0.89

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Technical analysis of GBPJPY for May 29, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range. It is undermined by the reduced investor risk tolerance, Japan exporter sales and weak euro sentiment. But GBP/JPY losses are tempered by the demand from Japan importers. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 169.40. A breach of this target will move the pair further downwards to 169.10. The pivot point stands at 170.25. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 170.60 and the second target at 170.95.

Resistance levels:

170.60

170.95

171.45

Support levels:

169.40

169.10

168.50

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Technical analysis of NZD/USD for May 29, 2014 Trend News

Overview:

NZD/USD is expected to consolidate with bearish bias after hitting two-month low at 0.8468 on Wednesday.It is undermined by the Kiwi sales on soft NZD/JPY cross amid waning investor risk appetite, broadly stronger USD undertone, soft commodity prices, the ANZ New Zealand May business confidence survey showing confidence at a seven-month low, and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five and 15-day moving averages are declining.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.8570. A breach of this target will move the pair further downwards to 0.8495. The pivot point stands at 0.8525. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its pivot point, it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8430 and the second target at 0.8400.

Resistance levels:

0.8570

0.8595

0.8620

Support levels:

0.8430

0.84

0.8370

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Technical analysis of GBP/USD for May 29, 2014 Trend News

Trading recommendations :

• According to the previous events, the price of the GBP/USD pair has still been trapped between 1.6753 and 1.6710. The resistance has already set at the level of 1.6760. Additionally, it should be noted that if the trend is ascending, then the strength of the currency will be defined as follows: GBP is in uptrend and USD is in downtrend. Therefore, it will be of the insight to sell in this area (1.6760) with the first target at 1.6669 in order to try to break the weekly support one, then the price will be able to continue in downtrend towards 1.6625 (a new double bottom is going to be formed at the level of 1.6625 in H1 chart). On the other hand, the stop losses should be placed above 1.6780.

Intraday technical levels :

Date and Time: 29/05/2014 14:18

Pair: GBP/USD

• R3: 1.6784


• R2: 1.6761


• R1: 1.6737


• PP: 1.6714


• S1: 1.6690


• S2: 1.6667


• S3: 1.6643

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Elliott wave analysis of EUR/NZD for May 29, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6179

R2: 1.6104

R1: 1.6058

Current spot: 1.6013

S1: 1.5978

S2: 1.5948

S3: 1.5907

Technical summary:

We have seen a test of the trendline resistance near 1.6058, this trendline held on the first attempt, but we do not believe it will be able to protect the upside on the next attempt and a break above minor resistance at 1.6058 should accelerate prices higher towards 1.6179 and higher in the long term.

In the short term support is found at 1.5978 or slightly below, which ideally will protect the downside for the next test to break above the trendline resistance near 1.6058.

Trading recommendation:

Stay long in EUR from 1.5858 and keep your stop at 1.5905. If you are not long in EUR yet, then buy EUR near 1.5978 or upon a break above 1.6058 with the same stop at 1.5905.

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Elliott wave analysis of EUR/JPY for May 29, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.36

R2: 138.81

R1: 138.50

Current spot: 138.09

S1: 137,69

S2: 137.20

S3: 136.67

Technical summary:

We have seen the expected break below support at 138.56 confirming that blue wave v lower is developing. Even though we are looking for a move closer to 137.69, caution should be warranted here, as this will be the last wave to finish red wave iii and will be followed by a correction towards at least 139.03 and maybe even closer to 139.36 before lower in red wave v.

As long as minor resistance at 138.45 protects the upside, we will be looking for a move closer to 137.69, but from 137.69 or upon a break above 138.45, the short-term risk will be towards the upside for a correction.

Trading recommendation:

We are short in EUR from 138.73 and will move our stop lower to 138.45 and place take profit at 137.80.

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#USDX Technical analysis for May 29, 2014 Trend News

The Dollar index continues its upwards trend as prices are making higher highs and higher lows. The index is now approaching major resistance of 80.70. The bullish momentum of the index implies that Dollar strength will continue and that it has more upside.

Price continues to trade above the Ichimoku cloud and above the trend line support. Short-term support is found at 80.35 and short-term resistance is at 80.70. If support is broken I expect the Dollar index to fall towards the Ichimoku cloud support at 80.20.

In the daily chart as we mentioned in previous analysis, the Dollar index has managed to break above the Ichimoku cloud. Now it has also managed to move above the long-term blue upward sloping trend line that was resistance. A close above this trend line will support bulls. The trend is up. Long-term critical support is now found at 80. Breaking below this support level will cancel any long-term trend reversal sign given by recent price action. We still believe that this trend is reversing upwards in the longer term.

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Gold technical analysis for May 29, 2014 Trend News

Gold price has broken below the $1,260 support and is now heading lower. The trend is down. Prices are moving lower without being able to stage a considerable bounce upwards. Price is below Ichimoku cloud in our time frames. Price is heading towards our target of $1,240. Any possible bounce will find resistance at $1,265-70.

The triangle break out was clear and we took a short position according to the plan. We warned several days ago that volatility was expected to rise because the tightening range of the triangle was about to see a break out. Price has broken the triangle and we followed our plan. We remain short targeting $1,240. I expect a bounce to come from $1,240. Short-term support is at $1,238-$1,228 and short-term resistance is at $1,270 and $1,290.

If Gold price is making a bigger triangle pattern, then we should expect to see another bounce upwards near $1,240, maybe towards $1,330-40. If however we are not inside another bigger triangle, we should expect price to reach $1,200-$1,180 support. In the longer term we remain bearish and expect Gold to fall towards $1,000. However I prefer to close half of positions near $1,240 and lower my stop for the rest of my positions to protect profits.

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Technical analysis of USD/CAD for May 29, 2014 Trend News

General overview for 29/05/2014 09:10 CET

The target for long positions indicated on Monday was hit during yesterday's New York session. Currently, the market is moving in red channel trying to develop an impulsive breakout to the upside. The main resistance area for bulls is the grey rectangle supply zone between the levels of 1.0904 - 1.0908. A breakout above this zone will open the road to the recent swing high - top of the wave (a) blue. On the other hand, to invalidate the bullish scenario and confirm the downside wave progression, a breakout below the technical support at the level of 1.0834 is needed.

Support/Resistance:

1.0940 - Wave (a) blue High

1.0910 - WR1

1.0904 - 1.0908 - Intraday Supply Zone

1.0879 - Weekly Pivot

1.0867 - Intraday Resistance

1.0848 - Intraday Support

1.0834 - Technical Support

Trading recommendations:

Daytraders should consider opening a buy stop order if the level of 1.0867 is broken, with SL below the level of 1.0848 and TP at the level of 1.0904 with a possible extension to the level of 1.0940. Only a clear breakout above the level of 1.0881 is a valid signal to add to the long position.

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Technical analysis of EUR/JPY for May 29, 2014 Trend News

General overview for 29/05/2014 08:30 CET

The current wave progression still has not ruled out the possibility of a more complex and time-consuming corrective wave 2 black as the current downward impulsive wave might still be a part of an alternate count. Wave alt:(b) blue would be here a three wave corrective wave just because the possible triangle in wave b purple of this progression is very characteristic of corrections and not of an impulsive wave. This is why I still keep in mind and on the chart that possibility that if alternate count is correct, then the market should break out from the red descending channel above the weekly pivot and try to test the highs of the wave 2 black (alt:(a)). Any failure of such a wave progression would result in more shallow corrective cycle here and the downside will continue to hit the lower price targets.

Support/Resistance:

137.65 - WS2

138.14 - Wave b purple Low

138.31 - WS1

138.58 - Intraday Resistance | Key Level |

138.80 - Weekly Pivot

139.35 - Wave 2 High

Trading recommendations:

Daytraders should consider opening a buy stop order if the level of 138.60 is broken, with SL below the level of 138.41 and TP at the level of 138.80 with a possible extension to the level of 139.35.

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Daily analysis of USDX for May 29, 2014 Trend News

Daily chart: The USDX is consolidating above the 200-day moving average, so now the USDX will try to make a breakout at the resistance level of 80.62. If successful, it is expected to rise to the level of 81.50 in the long term. However, it is likely that the USDX will make a pullback on the 200-day moving average to form a bullish pattern. The MACD indicator is in positive territory.

H4 chart: The USDX remains above the support level of 80.35. If the USDX does make a breakout on the resistance level of 80.60, it's expected to rise to the level of 81.65, where the bullish trend line is. However, if the USDX does make a breakout at the support level of 80.35, it's expected to fall to the level of 80.15. The MACD indicator is entering neutral territory.

H1 chart: The USDX has made a successful breakout at the level of 80.35 and now the USDX is finding resistance at the 80.59 level. However, if the USDX does make a breakout at that level, it would be expected to rise to the level of 80.73. The MACD indicator is in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 80.35, take profit is at 80.59, and stop loss is at 80.10.

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Daily analysis of GBP/USD for May 29, 2014 Trend News

Daily chart: The GBP/USD has made a breakout at the support level of 1.6766, so the bearish trend could extend for several days in this pair. If GBP/USD manages to make a breakout at the support level of 1.6663, it's expected to fall to the level of 1.6540. However, it is very likely that this pair begin to form a higher low pattern. The MACD indicator is in negative territory.

H4 chart: This pair has consolidated below the 200-day moving average, so it is very likely that the GBP/USD will make a bearish breakout through the trend line resistance there near the level of 1.6731. However, if the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6762. The MACD indicator is in negative territory.

H1 chart: The GBP/USD has made a bullish rebound above the point of control that is formed at the support level of 1.6700. However, this could be the beginning of the formation of a bearish pattern. If the pair manages to make a breakout at that level, it would be expected to fall to the level of 1.6629. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6700, take profit is at 1.6629, and stop loss is at 1.6770.

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Technical analysis of GBP/CHF for May 29, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair finally follows up on the bearish evening star trading signal produced earlier on. The 1.5000 levels is about to break down, opening way towards 1.4700 levels in the sessions to come. Recommendations are to remain short for now, risk remains at 1.5140.

2. Support is seen at 1.4900, followed by 1.4780, 1.4650, 1.4550 and lower, while resistance is seen at 1.515120/30 respectively.

3. The structure indicates that GBP/CHF has begun retracement towards 1.4700 levels. Please note that this fall could be just a retracement before the next rally begins.

Trading recommendations:

Remain short, stop at 1.5120/30.

Good luck!

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