Intraday trading recommendations for GBP/JPY for September 24, 2014 Market Analysis Review

The pair gave a strong close in yesterday's session. But today the pair during Asia's session was unable to breach the previous high. Hourly tarders can use sl 178.46 selling at cmp 178.35 for a target of 177.50. For an intraday view, the prices are closed below 35DEMA. The prices have been holding 12ema at 178, below this, 177.80 and 177.30 are the major support levels. The pair will face some selling pressure below 177.30 towards 176.65, 176.40 and 175 levels. On the other hand, the pair has resistance at 178.73, above this, it can fly up to 179.90 levels. We can see strong upmove above 179.90 levels.

For the short-term view, the pair managed to breach the 200MSma for the first time in the monthly chart after the 2008 fall. In case of a monthly close above 177.65, 200MSma leads to further bullishness in the short term. If the USD index breaches the $85 mark, the yen will weaken further in the future, that adds bullish outlook in this pair in the short term towards 183 and 185-186. This view adds fuel once the pair is able to close above 200MSma on a monthly basis, still 6 trading days left. The pair has strong support at 170 for the short- and medium- term basis.

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Technical analysis of EUR/USD for September 24, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Ifo Business Climate, Belgian NBB Business Climate. The US will release economic data too such as the New Home Sales, Crude Oil Inventories, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2910.

Strong Resistance:1.2903.

Original Resistance: 1.2890.

Inner Sell Area: 1.2877.

Target Inner Area: 1.2847.

Inner Buy Area: 1.2817.

Original Support: 1.2804.

Strong Support: 1.2791.

Breakout SELL Level: 1.2784.

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 September 24, 2014 Market Analysis Review

In Asia, Japan will release the Flash Manufacturing PMI and the US will release some economic data such as New Home Sales, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 109.25.

Resistance. 2: 109.04.

Resistance. 1: 108.83.

Support. 1: 108.57.

Support. 2: 108.36.

Support. 3: 108.14.

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 GBP/CHF for September 24, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF is stalling around 1.5400 levels, just ahead of resistance at 1.5450 levels for now. The pair could be carving out a lower top, and preparing to drift lower into 1.5230 levels before rallying again. Please also note that 1.5230 is fibonacci 0.618 support of the rally between 1.5093 and 1.5450 as seen here. Furthermore, it is also converging with the past resistance turned support region, depicted here as 1.5220/30. An aggressive trade strategy would warrant a short position now, with risk above 1.5450 while a conservative way would be to remain flat for now and wait for prices to come towards 1.5230 levels before turning long. Chart support is seen at 1.5090, followed by 1.4975 and lower, while resistance is seen at 1.5450 respectively.

Trading recommendations:

Remain flat for now and look to enter around 1.5230 OR Initiate short positions, stop above 1.5450 target is 1.5230/40.

Good luck!

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Intraday trading recommendations for EUR/JPY for September 24, 2014 Market Analysis Review

The pair made a double top at 140.45 in the daily chart and is going through a healthy correction. The pair hit the breakout upper end of the trend line many times, now it is acting as a current support trend line on a closing basis. The pair has managed to close above 200Dsma for 3 days. The pair opened today's session at 139.88 and is trading at 139.75, near 20Dsma. Until the pair trades below 140.20, the pair looks weak attracting bears. The trading pattern is framed between 140.20-139.27 levels. A daily close below 200Dsma or the top end of the triangle, in the near term the pair will favor profit booking.

Support: 139.27-139.16, 138.45, 138.25.

Resistance: 140.21, 140.45, 141.80.

For an intraday view, the prices are closed below the 35DEMA and 12ema represents some weakness in the hourly chart. Sellers (sl 140.21) can short at the cmp. The weakness will double below 139.27 towards 139.18, 139.10 and 138.46. Safe sellers can sell only below 139.10. Above 140.21 it can fly to 141 levels.

In case of a weekly close below 139.10, the bears will have an upper hand.

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Technical analysis of Silver for September 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has pulled back from sub $18.00 levels yesterday as seen here. It is also the fibonacci 0.382 resistance of the drop between $18.90 and $17.30 levels as depicted. A 1H chart view has been presented here for a closer look into the wave structure. It clearly indicates that the metal remains very much into the sell zone of resistance line. The immediate resistance is seen at $18.60/90 region, followed by $19.10/20 while support is at $17.30 (interim). It is recommended to still remain flat since bulls need to clear at least $18.60/90 before a bullish reversal could be confirmed. Downside risk remains but the metal is soon approaching its major support region around $16.00 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for September 24, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold rallied into the $1,234.00/35.00 levels yesterday before retracing back towards $1,221.00/22.00 at close. A 1H chart view has been presented here for a closer look at the smaller wave structures. As seen here, a short-term resistance at $1,228.50, has been taken out by bulls. Furthermore the line of resistance from the $1,270.00 levels had also been broken on the higher side and the metal is testing its back side, which is resistance turned support at the moment, around $1,220.00. Also the fibonacci 0.50% support is passing through the same region as depicted here. All above indications are proof enough to support the view of a rally into at least $1,250.00 levels if not higher.

Trading recommendations:

Initiate long positions now ($1,222.00), stop at $1,201.50, target is open.

Good luck!

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Intraday trading recommendations for Gold for September 24, 2014 Market Analysis Review

The metal took parallel support at the July 2013 low of $1,207.90 and managed to trade above that. The metal hit 200MEma on an intraday basis, but managed to pull back. The metal has a resistance zone between $1,240-$1,242 levels. On the down side, the metal has support below $1,207.90 at $1,200, $1,188-$1,185 and $1,150 levels, maybe even $1,120 levels. Until the metal closes above $1,242, sell on an upmove towards the lower targets. A monthly close below $1,212, the weakness adds the pressure to drive lower levels.

Support $1,207.90 $1,185-$1,180 $1,150

Resistance $1,242 $1,249 $1,262

For an intraday level, the prices closed below 34hrsma ($1,224.50) and are holding 21hrsma ($1,219.50), below this, it can fall to $1,215.50 levels. For an hourly trading view gold looks weak below $1,215, panic is expected below $1,207, and the metal looks strong above $1,226 levels.

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Daily analysis of USDX for September 24, 2014 Market Analysis Review

Daily chart: The USDX has not had significant movements affecting the current trend in this instrument. Now, the USDX has made a rebound on the support level of 84.29, so it is very likely that the USDX will attempt to climb to the resistance level of 85.18. The MACD indicator is entering negative territory.

H4 chart: The USDX continues to find support on the bullish trend line at the level of 84.52, so the next target for the USDX would be the resistance level of 85.06 in the short term. If this instrument manages to consolidate above this level, it would be expected to rise to the level of 86.10. The MACD indicator remains in negative territory.

H1 chart: The USDX has made a rebound on the support level of 84.37, where this instrument has formed a fractal. Now, the USDX is forming a bullish pattern above the support level of 84.60. If the USDX does make a breakout at the 84.81 level, it is expected to rise to the resistance level of 85 03. The MACD indicator remains in positive 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 84.81, take profit is at 85.03, and stop loss is at 84.59.

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Daily analysis of GBP/USD for September 24, 2014 Market Analysis Review

Daily chart: The GBP/USD has found strong support at the level of 1.6326, and now this pair is trying to climb up to the resistance level of 1.6447. If the GBP/USD makes a pullback at this level, it would be expected to fall back to the support level of 1.6326. For now, the GBP/USD is finding strong support to try to go up to the 200-day moving average. The MACD is in positive territory.

H4 chart: This pair has made a rebound on the 200-day moving average, which is close to the support level of 1.6338. Now, the GBP/USD is forming a higher high pattern above the support level of 1.6375. If this pair does make a breakout at the level of 1.6419, the next target would be the level of 1.6464. The MACD indicator remains in neutral territory.

H1 chart: This pair has made a rebound on the 200-day moving average, which is close to the support level of 1.6338. Now, the GBP/USD is forming a higher high pattern above the support level of 1.6375. If this pair does make a breakout at the level of 1.6419, the next target would be the level of 1.6464. The MACD indicator remains in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance is at 1.6375, take profit is at 1.6419, and stop loss is at 1.6329.

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USDCAD Daily Analysis - September 24, 2014 Forex Analysis

USDCAD is facing 1.1098 resistance, a break of this level will signal resumption of the uptrend from 1.0810, then next target would be at 1.1200 area. Support is at 1.0985, only break below this level could trigger another fall to 1.0850 area.

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USDCHF Daily Analysis - September 24, 2014 Forex Analysis

USDCHF stays above the upward trend line on 4-hour chart, and remains in uptrend from 0.8997, the fall from 0.9432 is likely consolidation of the uptrend. Near term support is located at the trend line and the key support is at 0.9300, as long as this level holds, the uptrend could be expected to resume, and next target would be at 0.9600 area. Only break below 0.9300 support could signal completion of the uptrend.

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USDJPY Daily Analysis - September 24, 2014 Forex Analysis

USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 101.50, the fall from 109.45 could be treated as consolidation of the uptrend. Key support is now at 108.24, as long as this level holds, the uptrend could be expected to resume, and next target would be at 110.00 area. On the downside, a breakdown below 108.24 support will indicate that the uptrend had completed at 109.45 already, then deeper decline to 106.50 area could be seen.

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AUDUSD Daily Analysis - September 24, 2014 Forex Analysis

AUDUSD remains in downtrend from 0.9401, and the fall extended to as low as 0.8831. Near term resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8700 area. Key resistance is now at 0.8950, only break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - September 24, 2014 Forex Analysis

GBPUSD remains in uptrend from 1.6051, the fall from 1.6524 is likely consolidation of the uptrend. Near term support is at the upward trend line on 4-hour chart, and the key support is at 1.6283, as long as this level holds, the uptrend could be expected to resume, and next target would be at 1.6700 area. Only break below 1.6283 support could signal completion of the uptrend.

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EURUSD Daily Analysis - September 24, 2014 Forex Analysis

EURUSD failed to break above the downward trend line on 4-hour chart, indicating that the pair remains in downtrend from 1.3411. As long as the trend line resistance holds, further decline could be expected, and next target would be at 1.2600 area. Key resistance is at 1.2994, only break above this level will signal completion of the downtrend.

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Technical analysis of USD/JPY for Sep 23, 2014 Market Analysis Review

Fundamental Overview:

USD/JPY is expected to consolidate with a bearish bias. Liquidity was thin in Asia Tuesday as financial markets in Japan were shut today for a public holiday. USD/JPY is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 13.05% to 13.69, S&P 500 closed 0.8% lower at 1,994.29 overnight) as worries mount over global growth after China's Finance Minister Lou Jiwei said the Chinese economy is facing downward pressure, but Beijing won't "make major policy adjustments" due to changes in any individual economic indicator, dampening hopes for aggressive easing of policies. USD/JPY is also weighed by the buy-yen orders from Japan exporters, lower U.S. Treasury yields (10-year at 2.566% versus 2.587% late Friday) and weaker dollar sentiment (ICE spot dollar index last 84.68 versus 84.74 early Monday) after surprise 1.8% drop in U.S. existing home sales to 5.05 million in August (versus forecast of 1.0% increase to 5.2 million), fall in Chicago Fed's National Activity Index to minus 0.21 in August from plus 0.26 in July. But USD/JPY losses are tempered by the sell-yen orders from Japanese importers and ultra-loose Bank of Japan's monetary policy.

Technical comment:
The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are advancing, although inside-day-range pattern was completed on Monday.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 109.15 and the second target at 109.45. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 108.15. A break of this target would push the pair further downwards and one may expect the second target at 107.65. The pivot point is at 108.45.

Resistance levels:

109.15

109.45

110

Support levels:

108.15

107.65

107.10

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Technical analysis of USD/CHF for Sep 23, 2014 Market Analysis Review

Fundamental Overview:

USD/CHF is expected to consolidate with a bearish bias. It is supported by the franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross and dovish Swiss National Bank's monetary policy. But USD/CHF upside is limited by the lower U.S. Treasury yields (10-year at 2.566% versus 2.587% late Friday), weaker dollar sentiment (ICE spot dollar index last 84.68 versus 84.74 early Monday) after surprise 1.8% drop in U.S. existing home sales to 5.05 million in August (versus forecast of 1.0% increase to 5.2 million), fall in Chicago Fed's National Activity Index to minus 0.21 in August from plus 0.26 in July, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential.

Technical Comments:
The daily chart is still positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, five and 15-day moving averages are advancing.

Trading recommendations:

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 0.9340. A break of this target will move the pair further downwards to 0.9295. The pivot point stands at 0.9410. In case the price moves in the opposite direction and bounces back from the support level, then it will 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 0.9435 and the second target at 0.9460.

Resistance levels:

0.9435

0.9460

0.9480



Support levels:

0.9340

0.9295

0.9270

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Technical analysis of NZD/USD for Sep 23, 2014 Market Analysis Review

Fundamental Overview:

NZD/USD is expected to consolidate with a bearish bias. NZD/USD is undermined by Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion and weak commodity prices. But NZD/USD losses are tempered by the lower U.S. Treasury yields (10-year at 2.566% versus 2.587% late Friday), weaker dollar sentiment (ICE spot dollar index last 84.68 versus 84.74 early Monday) after surprise 1.8% drop in U.S. existing home sales to 5.05 million in August (versus forecast of 1.0% increase to 5.2 million), fall in Chicago Fed's National Activity Index to minus 0.21 in August from plus 0.26 in July, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential.

Technical Comment:
The daily chart is negative-biased as MACD is bearish, stochastics stays suppressed in the oversold zone, 5 and 15-day moving averages are falling.

Trading recommendations:
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 176.75. A break of this target will move the pair further downwards to 175.80. The pivot point stands at 178.75. In case the price moves in the opposite direction and bounces back from the support level, then it will 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 179.15 and the second target at 179.90.

Resistance levels:

0.8145

0.8180

0.82

Support levels:

0.8045

0.8

0.7975

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Technical analysis of GBP/JPY for Sep 23, 2014 Market Analysis Review

Fundamental Overview:

GBP/JPY is expected to trade in a lower range. It is weighed by the increased investor risk aversion. Downside movement is dented by the GBP demand on buoyant GBP/AUD, GBP/NZD, GBP/CAD crosses, weaker USD sentiment and sterling demand on soft EUR/GBP cross.

Technical Comment:
The daily chart is mixed as MACD is bullish, five day moving average is above 15-day MA and is advancing but stochastics is bearish in the overbought zone.

Trading recommendations:
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 176.75. A break of this target will move the pair further downwards to 175.80. The pivot point stands at 178.75. In case the price moves in the opposite direction and bounces back from the support level, then it will 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 179.15 and the second target at 179.90.

Resistance levels:

179.15

179.90

180.35

Support levels:

176.75

175.80

175.05

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Technical analysis of USD/JPY for September 23, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/JPY looks to be setting up for a correction into 105.20/30 levels at least before rallying higher towards fresh highs. Please note that 105.20/30 is also resistance turned into support as depicted here on the daily chart view. The USD/JPY pair has has potential to push through 110.00 levels and higher as well, but a meaningful correction could be due for now. Immediate support is seen at 106.20/30 (fibonacci), followed by 105.20, 103.00 and lower, while resistance is at 109.40/50 (interim) for now. It is recommended to remain flat for now and initiate long positions on a dip. Aggressive trade setup is to initiate short positions now, risk remains above 109.50.

Trading recommendations:

Aggressive trade setup is to go short now (108.60), stop above 109.50, target 105.40/50.

Conservative trade setup is to remain flat, look to buy lower around 105.20/30.

Good luck!

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Technical analysis of GBP/USD for September 23, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/USD is already set to have resumed a structural bull run since 1.4800 levels (a double bottom was confirmed in July 2013) as seen on the daily chart view here. Since July 2014, the pair has been correcting itself and it looks like it has just completed its first corrective leg at the 1.6100 level before bouncing back. The current rally could extent up to the 1.6800/1.6900 levels before the pair resumes the final corrective wave towards 1.5700/50 levels. Please also note that 1.5700/50 levels converge with the fibonacci 0.618 support of the entire rally from 1.4800 to 1.7100 as depicted here. It is recommended to initiate long positions around 1.6250/1.6300 levels, for an extended pullback higher.

Trading recommendations:

Flat for now, look to enter long around 1.6250/1.6300, stop below 1.6100, target 1.6800/1.6900.

Good luck!

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EUR/NZD analysis for September 23, 2014 Market Analysis Review

Overview:

Since our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5913. Our Fibonacci expansion 100% at the price of 1.5760 held successful, which caused price to start bullish continuation. We may expect testing the level of 1.5930 (swing high like resistance). Anyway, if the price breaks the level of 1.5930 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). Be careful when selling and watch for potential buying opportunities after retracement. According to the 4H time frame, we can observe demand in a volume above average, which is a good sign for potential bullish continuation.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5852

R2: 1.5884

R3: 1.5936

Support levels:

S1: 1.5748

S2: 1.5716

S3: 1.5664

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.

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GBP/USD intraday technical levels and trading recommendations for September 23, 2014 Market Analysis Review

In July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending limited by the depicted downtrend line.

Two successive bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the trend line.

Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Bullish rejection was witnessed in the recent daily candlesticks ( note the bullish engulfing daily candlestick which emerged on Thursday). This led to a bullish weekly closure ( above the weekly support level around 1.6250 ).

Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse is expected to be applied offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6460.

This price zone corresponds to the upper limit of the depicted channels as well as prominent Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.

This probably offers a valid SELL opportunity as long as the bears keep defending price zone of 1.6480-1.6530 ( 23.6% Fibonacci level and previous bottom ).

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Technical analysis of USD/CAD for September 23, 2014 Market Analysis Review

Overview :

• The key level of USD/CAD pair has set at the level of 1.0990. Therefore, this level is going to act as the strong orbit price today. As it is known, history will probably repeat itself at this level again. According to the previous events, the USD/CAD pair is still moving between 1.1040 and 1.0990. Just like that, the supports have set at the levels of 1.0990, 1.0960 and 1.0930 which coincides with the ratios of 61.8%, 50% and 38.2% Fibonacci retracement levels respectively. On the other hand, resistance has already placed at the price of 1.1040 near the ratio of 78.6% Fibonacci which represents strong resistance on 23 September 2014. Sell at the price of 1.1040 with the first target at 1.0990, then it will continue towards 1.0960 in order to test the weekly support 2. However, the trend could to fail to close below the level of 1.0960 in H1 chart. Consequently, buy above the 1.0960 or/and 1.0930 prices with the target at 1.1035. It should also be noted that the level of 1.1040 represents the weekly resistance 1. Notwithstanding, it has to review the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

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Elliott wave analysis of EUR/NZD for September 23 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5900

R2: 1.5872

R1: 1.5859

Current spot: 1.5825

S1: 1.5814

S2: 1.5794

S3: 1.5774

Technical summary:

We have seen the first impulsive rally from 1.5717 to 1.5857. The pair is currently consolidating and building strength to the next impulsive rally higher towards 1.6203 on the way higher to 1.6407. In the short term, we should ideally see minor support at 1.5814 to protect the downside for a break above 1.5859 confirming that the next impulsive rally is building. Only a break below 1.5813 will delay the expected rally for more consoldiation and a move closer to 1.5788 before higher again.

Trading recommendation:

We are long in EUR from 1.5826 with stop placed at 1.5735. If you are not long in EUR yet, then buy here or upon a break above 1.5859 with the same stop.

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Technical analysis of USD/CHF for September 23, 2014 Market Analysis Review

Overview :

• According to previous events, the price of the USD/CHF pair has still been moving between 0.9390 and 0.9350. Also it should be noted that the psychological level has set at the 0.9320 price which represents a strong support on 22 September 2014. As it is shown in H1 chart resistance has already set at the level of 0.9415 and the double top placed at the 0.9432 level. Therefore, sell deals are recommended below the 0.9432 - 0.9415 spot with targets at the level of 0.9360. Moreover, the price of the USD/CHF pair is going to try break the daily pivot point at 0.9360 to call for the bearish market below 0.9360. Hence, the price will continue moving towards the level of 0.9320 in order to form a double bottom at this level in H1 chart. On the other hand, the stop loss should always be in account, so it will be wise to set your stop loss at the 0.9450 price.

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Elliott wave analysis of EUR/JPY for September 23 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 140.40

R2: 140.20

R1: 139.87

Current spot: 139.64

S1: 139.51

S2: 139.27

S3: 139.05

Technical summary:

The correction in wave ii has become slightly more complex, than first anticipated. However, it does not change anything in the slightly larger picture. So, it should be just a matter of time before we see a break above minor resistance at 139.87 and more importantly above resistance at 140.20 for a new rally higher to 141.22 on the way towards strong resistance at 143.79, which is where the real battle will be fought. Only an unexpected break below support at 138.46 will invalidate the imediately bullish count.

Trading recommendation:

We are long in EUR from 135.95 with stop placed at 139.05. If you are not long in EUR yet, then buy a break above 139.87 with the same stop at 139.05.

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For detail explanation and best discovery on daily market trends and news you may visit via Elliott wave analysis of EUR/JPY for September 23 - 2014 . Thanks for your support.

Intraday analysis of USD/CHF for September 23, 2014 Market Analysis Review

As of now this week, the pair made a double top at 0.9412 and is trading below 200WEma in the weekly chart. The US dollar is facing strong resistance at the level of $85. If this taken off, huge potential upside will appear. On the downside, the pair has support at 0.9380, below this some selling will take place towards the nearest support zone between 0.9330-0.93. If a daily close is below 0.93, bears will have an upper hand in the near-term future. The daily Stochastics is indicating a bullish sign.

For an intraday view, the pair is trading at 0.9393. The prices are trading between 35DEMA and 21hrsma. The pair will face some selling pressure below 0.9380 and towards 0.9360. Strong selling will emerge only below 0.9360 with downside targets at 0.9350, 0.9340, and 0.9330.

Fresh buy only above 0.9455 strong up move will take once it breach the 0.9455

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