Daily analysis of USDX for December 26, 2014 Market Analysis Review

The USDX has found resistance at the 90.16 level. During the meeting of December 24, this instrument formed a fractal next to that area. Therefore, the USDX could conduct a breakout at that level to try to achieve the bullish trend line at the level of 91.10. On the H4 chart, we can see that this instrument is alive in the bullish outlook, although the MACD indicator is moving into the negative territory.

H4chart's resistance levels: 90.16 / 91.10

H4chart's support levels: 89.55 / 89.05

On the H1 chart, the USDX has made a retracement below the resistance level of 90.01. For now, this instrument is trying to gain bullish momentum to try to consolidate back above that area and go up to the level of 90.26 in the short term . For now, the USDX remains above the 200-day moving average.

H1 chart's resistance levels: 90.01 / 90.26

H1 chart's support levels: 89.76 / 89.51

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 90.01, take profit is at 90.26, and stop loss is at 89.76.

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Daily analysis of GBP/USD for December 26, 2014 Market Analysis Review

On the H4 chart, the GBP/USD pair is trying to consolidate back above the support level of 1.5541 and next to the current levels. This pair has formed a fractal, which has allowed the GBP/USD pair to form a bearish pattern to continue falling. However, GBP/USD may perform a retracement until the resistance level of 1.5589. The MACD indicator is moving into the positive territory.

H4 chart's resistance levels: 1.5589 / 1.5698

H4chart's support levels: 1.5541 / 1.5512

During the meeting of December 24, GBP/USD made a breakout at the level of 1.5534, because this pair is trying to climb to the resistance level of 1.5590 in the short term. For now, the bearish bias still remains intact and the GBP/USD pair could try to consolidate back below the 1.5534 level to strengthen the bearish road. The MACD indicator is entering the overbought area.

H1 chart's resistance levels: 1.5590 / 1.5632

H1 chart's support levels: 1.5534 / 1.5501

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 1.5534, take profit is at 1.5501, and stop loss is at 1.5568.

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Daily analysis of major pairs for December 26, 2014 Market Analysis Review

EUR/USD: The markets are not currently active. There are also no strong fundamental figures coming out today, but it is very interesting to note the current situation of the major pairs before momentum returns to the markets. The EUR/USD pair is on a bearish note and price could continue going further downwards next week.

USD/CHF: The USD/CHF pair is now consolidating in the context of an uptrend, being above the support level at 0.9850. The ultimate target remains at the resistance level of 0.9900, and it could even be breached to the upside.

GBP/USD: This is a weak market and it could continue its weakness. There is a Bearish Confirmation Pattern in the market and the price is below the distribution territory at 1.5600, which should act as a serious barrier to the bulls’ interest. From the current position, the price may dive further, reaching the accumulation territory at 1.5500 again. This accumulation territory has once been tested this week.

USD/JPY: This currency trading instrument is bullish and it ought to continue as such. The price is above the EMA 56 and the RSI period 14 is above the level 50. The bullish outlook is very strong and there is a high probability that when momentum returns to the market, it would help push the price further upwards. The ultimate target is at the supply level at 121.00.

EUR/JPY: The EUR/JPY pair is currently in a precarious situation; for the price is now between the supply zone at 147.00 and the demand zone at 146.00. It is either the price breaks above the supply zone upwards or it breaks below the demand zone downwards. However, a break above the supply zone at 147.00 is more likely.

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Technical analysis of GBP/USD for December 26, 2014 Market Analysis Review

Overview:

• According to the previous events, the price of the GBP/USD pair will probably move between the levels of 1.5590 and 1.5511. The resistance has already set at the level of 1.5600 which coincides with the ratio of 38.2% Fibonacci retracement levels. 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 an uptrend and USD is in a downtrend. Therefore, it will be of the insight to sell in this area (1.5600) with the first target at 1.5520 in order to try to break the weekly support one, then the price will be able to continue in a downtrend towards 1.5485 (a double bottom is going to be formed at the level of 1.5485 on H1 chart). However, the stop loss should be placed above the resistance of 1.5600.
  

Intraday technical levels :

Date: 26/12/2014

Pair: EUR/USD

• R3: 1.5712


• R2: 1.5660


• R1: 1.5589


• PP: 1.5537


• S1: 1.5466


• S2: 1.5414


• S3: 1.5343

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Technical analysis of EUR/USD for December 26, 2014 Market Analysis Review

Overview :

• The EUR/USD pair broke major resistance at 1.2339 this week. Also, the pivot point is calculated at 1.2339 and the pair has been falling from this area for three days. Therefore, it will probably start a downside movement at this area and recover again. So, the market will indicate a bearish opportunity at the level of 1.2339 or 1.2323 (23.6% of Fibonacci retracement levels on H4 chart), for that it will be a good sign to sell at this spot with the first target of 1.2164 (the double bottom), and continue towards 1.2105 in order to test the support one. On the other hand, if a break of 1.2340 happens, then it will be a good location for placing stop loss.
  

Trading recommendations :

• In the long term, the price of EUR/USD pair is still moving between 1.2320 and 1.2155. But, it should be noted that the price has set below the resistance since the 22nd of December, 2014. Hence, below the level of 1.2339 (resistance), look for further downside with the 1.2164 and 1.2105 targets.

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Daily analysis of GBP/JPY for December 25, 2014 Market Analysis Review

Overview

Proceeding from the today's H4 chart, the pair is still trading between the support level of 186.70 and the resistance level of 187.70, and currently the pair fails again to break the resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the resistance level of 187.70 untill the H4 closure above the resistance level of 188.50 as a target level. Then we should wait for breaking this resistance level to continue the upward move and open the way towards the resistance level of 189.30. On the other hand, if the pair fails to break the resistance level of 187.70 and bounces from it, it may take a downward trend, which will enable the support level of 186.70 again. Therefore, we suggest waiting for the next closure before making a decision.

Resistance and support levels: R3 (189.30), R2 (188.50), R1 (187.70), S1 (186.70), S2 (185.80), S3 (185.00).

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Silver daily analysis for December 25, 2014 Market Analysis Review

Overview

In the today's H4 chart, silver has stabilized above the support level of 15.50 and could not break it, and currently it is bouncing towards the resistance level of 16.00 to test it. So, we still suggest waiting for closing above the resistance level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.50, then after breaking this resistance level, silver would open the way towards the resistance level of 16.75, which means more bullish signals, but as long as the metal trades below the resistance level of 16.00, it cancels the bullish scenario.

Resistance and support levels: R3 (16.75), R2 (16.50), R1 (16.00), S1 (15.70), S2 (15.40), S3 (15.00).

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