Daily analysis of major pairs for September 8, 2014 Market Analysis Review

EUR/USD: The EUR/USD pair trended southward in a significant mode last week. This trend has a high probability of continuing this week, but the possibility of rally attempts cannot be ruled out. The attempted rallies may cause the price to reach the resistance lines at 1.3050 and 1.3100 successively.

USD/CHF: The strength in USD/CHF has continued, although there was a shallow bearish retracement in the chart on Friday, September 5, 2014. The price closed at 0.9310, and it is expected that it may go further upwards this week. It may reach the supply level at 0.9350.

GBP/USD: The Cable also dived significantly last week – in a clean positive correlation with its EUR/USD counterpart. The dive might continue this week, taking the price towards the accumulation territory at 1.6250. Meanwhile, the distribution territories at 1.6400 and 1.6450 ought to act as barriers to the bulls’ machinations along the way.

USD/JPY: The USD/JPY pair has always been making bullish effort in recent times, with a measure of success. Since the model used in this analysis gave a ‘buy’ signal on August 11, 2014, the price has gone upwards by around 300 pips. The trend may not yet be over, for the price might test the supply level at 106.00 this week.

EUR/JPY: The massive sell-off that happened on this cross last week has resulted in a Bearish Confirmation Pattern in the chart. The weakness may likely continue, taking the price towards the demand levels at 135.50 and 135.00. However, it would take far more weakness in the EUR to accomplish it. Should the EUR recovers from its present weakness, the trend might change.

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Technical analysis of EUR/JPY for September 08, 2014 Market Analysis Review

Technical outlook and chart setups:

1. The EUR/JPY pair had broken out of the sloping resistance line earlier and printed highs at 138.30 levels. The pair has fallen back at resistance turned support line and is seen to be testing around 136.00/10 levels again. A bullish reversal here could still possibly extend gains towards 139.30 and 139.90 levels, at least. It is therefore recommended to remain long and also look to initiate fresh long positions at current levels.

2. Support is seen at 136.00/135.80 (interim) and lower, while resistance is seen at 139.30, followed by 140.00 and higher respectively.

3. The structure indicates that EUR/JPY pair could still potentially reverse from the current level (136.10) towards the level of 140.00 in the coming sessions.

Trading recommendations:

Remain long, stop below, 135.80, target is 140.00.

Good luck!

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Technical analysis of GBP/CHF for September 08, 2014 Market Analysis Review

Technical outlook and chart setups:

1. The GBP/CHF pair is seen to be bouncing lower from the line of resistance here. As expected, the pair has reversed from 1.5250/75 levels last week and has also re-tested the same. Currently trading at 1.5100/10 levels, the pair is expected to continue drifting lower to the 1.4900 and subsequently to 1.4800 levels. On the flip side, only a push above 1.5350 levels would be of concern to bears.

2. Support is seen at 1.4960, followed by 1.4760 levels and lower while resistance is seen at 1.5350/60, followed by 1.5430/50 respectively.

3. The structure indicates that GBP/CHF could remain in control of bears till 1.49/1.48 levels at least.

Trading recommendations:

Remain short for now, stop at 1.5350, target is 1.4800 levels.

Good luck!

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Technical analysis of Silver for September 08, 2014 Market Analysis Review

Technical outlook and chart setups:

1. Silver is seen to have formed an engulfing bullish pattern around sub $19.00 levels, thus indicating a bullish reversal here. The metal is bouncing off from the fibonacci 0.786 support of the entire rally from $18.60 to the level of $21.60 as seen here. It is recommended to remain long and also look to initiate fresh positions at current levels; a push through the $19.90/$20.00 levels would confirm that bulls are in control.

2. Support is seen at $19.00 levels (interim), followed by $18.60 and lower, while resistance is seen at $19.90/$20.00 levels (interim), $21.20/30, $21.70 and higher respectively.

3. The structure indicates that Silver could be reversing from current levels and bulls are about to take back control. A push above $20.00, confirms.

Trading recommendations:

Remain long and look to initiate fresh positions, stop below $19.00 with target remaining open.

Good luck!

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Technical analysis of Gold for September 08, 2014 Market Analysis Review

Technical outlook and chart setups:

1. Gold is carving out a right shoulder of a potential inverted head and shoulder reversal pattern here, as seen on the daily chart view. The metal has formed an engulfing bullish candlestick signal at the level of $1,268.00 on Friday, thus indicating a possible bullish reversal from current levels. It is recommended to initiate fresh long positions at current levels for a long term bullish reversal possibility.

2. Support is at $1,258.00 (interim), followed by $1,240.00 and lower, while resistance is seen at $1,296.00 (interim), followed by $1,325.00, $1,340.00 and higher up respectively.

3. The structure indicates that Gold could turn bullish from current ($1,268.00) levels, forming and completing an inverted head and shoulder reversal.

Trading recommendations:

One could initiate fresh long positions at current levels, stop at $1,240.00, target is open.

Good luck!

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Daily analysis of USDX for September 08, 2014 Market Analysis Review

Daily chart: the USDX remains above the support level of 83.74, where this instrument is trying to form a higher high pattern up to the resistance level of 84.29. However, the USDX could begin to move in the range because it is overbought. The MACD indicator stays in positive territory.

H4 chart: The USDX is trying to form a bullish pattern above the support level of 83.65, where the USDX could make a rebound and is likely to try a breakout at the bullish trend line. If it succeeds, it would be expected that to climb up to the resistance level of 84.47. This MACD indicator entering overbought zone.

H1 chart: The USDX is moving in the range above the support level of 83.52, and now, the USDX is trying to again make a breakout at the resistance level of 84.03. If it succeeds, the next goal would be the level of 84.37. The MACD indicator is entering 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 82.85, take profit is at 82.97, and stop loss is at 82.72.

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Daily analysis of GBP/USD for September 08, 2014 Market Analysis Review

Daily chart: GBP/USD opened the week with a strong bearish gap below the resistance level of 1.6235, by what this pair could rise to the level of 1.6326 to fill that gap. However GBP/USD could lose the bullish momentum at 1.6235 and is likely to fall to the support level of 1.6146. The MACD indicator remains in negative territory.

H4 chart: The GBP/USD is below the resistance level 1.6247, and it is likely that this pair tries to make a breakout at that level to climb to the resistance level of 1.6350 to fill the bearish and try toform a bearish pattern more clearly. GBP/USD is kept below the 200-day moving average and the MACD indicator stays in negative territory.

H1 chart: As the result of the bearish gap, GBP/USD has formed a fractal at the support level of 1.6170 and now, the GBP/USD is trying to make a breakout at the resistance level of 1.6252. If it succeeds, it would be expected that it goes up the resistance level 1.6338, so the GBP/USD would have a recovery in its value due to the recent surveys by newspapers in which the Scots may would be voting in favour of the independence of Scotland from the United Kingdom.

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 1.6578, take profit is at 1.6544, and stop loss is at 1.6611.

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