Technical analysis of GBP/CHF for June 02, 2014 Trend News

Technical outlook and chart setups

1. The GBP/CHF pair reversed from 1.5120 levels last week, remaining just shy of 1.5130/40 resistance. Minimum implications are that the pair could fall towards 1.4700/20 levels. Intraday rallies should remain well capped below 1.5130/40 levels from here on.

2. Support is seen at 1.4900, followed by 1.4780, 1.4650 and lower, while resistance is seen at 1.5140 levels respectively.

3. The structure indicates that GBP/CHF still remains fairly in control of bears till prices remain below 1.5130 levels. 1.4700 levels would remain of interest.

Trading recommendations:

Remain short, stop at 1.5140/50, target is open.

Good luck!

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Daily analysis of major pairs for June 2, 2014 Trend News

EUR/USD: The bearish bias on this pair is still present, although there is a shallow rally in the market. The rally in the context of a downtrend is not supposed to take the price above the resistance line at 1.3700 – a point at which it would be clear that the bearish bias is no longer valid and it would be logical to seek short trades.

USD/CHF: There is a temporary pullback on the USD/CHF, which ought not to take the price below the support level at 0.8900, so that the bullish bias can remain valid. The price may go further upwards after the pullback has ended. On the other hand, a movement below the aforementioned support level would render the bullish outlook invalid.

GBP/USD: On the Cable, there is now a serious rally in the context of a downtrend. From the accumulation territory at 1.6700, the price rallied and closed above the accumulation territory at 1.6750. Further rally should be contained at the distribution territories at 1.6800 and 1.6850. Otherwise, the long-term bearish bias would be in jeopardy.

USD/JPY: This market is a classical example in which false breakouts are no longer a curiosity. In addition, sustained trending moves are rather rare. It would be OK to stay away from the market unless there is a protracted directional move.

EUR/JPY: This market, which bounced upwards after testing the demand zone at 138.00, would have the upward bounce contained at the supply levels at 139.00 and 139.50. Further southward movement is expected from here.

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Daily analysis of USDX for June 02, 2014 Trend News

Daily chart: The USDX is trying to consolidate again below the 200 SMA, although we must bear in mind that the USDX could be performing a corrective movement towards a bullish trend. If the USDX does make a breakout at the support level of 80.11, it's expected to fall to the level of 79.19. The MACD indicator is in the overbought zone.

H4 chart: The USDX is finding support at the 80.35 level. Now, it is likely to make a bullish rebound USDX at this level, although this area has resulted in the sideways movements for the USDX. For now, we recommend caution when placing buy orders below the resistance level of 80.60. The MACD indicator is in negative territory.

H1 chart: The USDX has made a bullish rebound above the 200-day moving average, after falling below the level of 80.50. Now, one would expect that the USDX will try to climb back up to the resistance level of 80.59. 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 neutral 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 June 02, 2014 Trend News

Daily chart: The GBP/USD has bullish momentum above the support level of 1.6663. This pair could make a breakout at the resistance level of 1.6766, so we must be careful when placing sell orders, as the GBP/USD may have more room to rise. The MACD indicator is in negative territory.

H4 chart: This pair is now forming a bullish pattern below the resistance level of 1.6762, so that the GBP/USD could conduct a breakout at that level to go up to where the 200 SMA is. However, it is also likely that the GBP/USD will make a pullback to fall back to the support level of 1.6731. The MACD indicator is in positive territory.

H1 chart: The GBP/USD has consolidated above the support level of 1.6750, so that the current direction of this pair points towards the 200 SMA, where the resistance level of 1.6800 is. If the pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6850. The MACD indicator is in the overbought zone.

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 1.6750, take profit is at 1.6700, and stop loss is at 1.6800.

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Weekly technical levels of GBP/USD for June 2-6, 2014 Trend News

Weekly technical levels of GBP/USD pair.

Forecast :

• According to the previous events, the price of GBP/USD pair has still been trapped between 1.6787 and 1.6730. The level of 1.6840 is representing strong resistance. Also, it should be noted that the price of 1.6841 is coinciding with the ratio of 78.6% Fibonacci retracement levels. The minor support has set at the level of 1.6740. Hence, we expect a range about 90 pips. Therefore, the market is going to call for uptrend from the level of 1.6740. Thus, buy above the level of 1.6740 in the long term with the first target of 1.6790, it might resume to 1.6840 if the trend will be able to break the weekly pivot point.

Notes :

• Major support will set at 1.6703 on June 2, 2014.


• The level of 1.6769 is representing the weekly pivot point.


• Major resistance has already set at the price of 1.6840.


• It should be noted that the weekly range was not very large for the last four weeks.


• According to our statistics, it found that the range was between 120 pips and 190 pips and the average range was around 160 pips.

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Weekly technical levels of EUR/USD for June 2-6, 2014 Trend News

The weekly technical levels of EUR/USD.

Review :

• The EUR/USD pair called for the bearish market from the price of 1.3668 towards the level of 1.3885; but the EUR/USD pair recovered again to start going upwards close to 1.3633 last week.


• It should be noted that the range of the last week was very narrow.


• The support will set at the level of 1.3589, but the double bottom is going to set at 1.3585 today.


• The minor resistance has set at 1.3672; and the price of 1.3691 is representing strong resistance.


• We expect volatility of more than 125 pips this week. As a rule, the market is highly volatile if the last day had a huge volatility.


• If the trend is of an upside character, then the strength of the currency will be defined as following: EUR is in uptrend and USD is in downtrend.

Note :

• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account. Fibonacci is in a range trade; it looks like the trend is trapped and going up or down. If you sell or buy in the long term in this period, you will surely lose your profit.

Weekly technical level s:

Date: 1/06/2014

Pair: EUR/USD

• Projected high: 1.3836


• Breakout (buy stop): 1.3781


• Strong resistance (sell limit): 1.3751


• Current pivot: 1.3627


• Strong support (buy limit): 1.3502


• Breakout (sell stop): 1.3477


• Projected low: 1.3427

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