Technical analysis of USD/CHF for January 23, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is to trade in a higher range. It is underpinned by the positive dollar sentiment (ICE spot dollar index hit nine-year high 94.497 overnight, last at 94.21 versus 92.75 early Thursday) on divergent U.S. monetary policy stance versus other major central banks, negative Swiss interest rates, and threat of SNB CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:
Daily chart is mixed as MACD is in bearish mode, but stochastics is neutral, inside-day-range pattern was completed on Thursday.

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 0.8780 and the second target at 0.8840. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.8445. A break of this target would push the pair further downwards and one may expect the second target at 0.8360. The pivot point is at 0.8520.

Resistance levels:

0.8780

0.8840

0.8910

Support levels:

0.8445

0.8360

0.83

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Technical analysis of NZD/USD for January 23, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with a bearish bias after hitting a two-and-a-half year low at 0.7476 on Thursday. It is undermined by the expectations that the Reserve Bank of New Zealand will leave rates on hold longer after soft New Zealand 4Q CPI and surprise interest rate cut by the Bank of Canada. NZD/USD is also weighed by the positive dollar sentiment and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the positive global risk sentiment and positions adjustment ahead of the weekend. Daily chart is negative-biased as MACD and slow stochastic indicators are bearish, five and 15-day moving averages are declining.

Technical comment:

Daily chart is negative-biased as MACD and slow stochastic indicators are bearish; five and 15-day moving averages are declining.

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 the pivot point. Short positions are recommended with the first target at 0.7445. A break of this target will move the pair further downward to 0.74. The pivot point stands at 0.7625. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7710 and the second target at 0.7785.

Resistance levels:

0.7710

0.7785

0.7810

Support levels:

0.7445

0.74

0.7375

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Technical analysis of GBP/JPY for January 23, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expectd to consolidate with a bearish bias. It is undermined by the negative euro sentiment after larger-than-expected ECB quantitative easing program and Japan's export sales. But GBP/JPY losses are tempered by the reduced safe-haven appeal of the yen amid the positive global risk sentiment and demand from Japan's importers and positions adjustment ahead of the weekend.

Technical comment:
Daily chart is negative-biased as bearish outside-day-range pattern was completed on Thursday, MACD is bearish, stochastics stays suppressed at oversold levels, five and 15-day moving averages are declining.

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 the pivot point. Short positions are recommended with the first target at 176.95. A break of this target will move the pair further downward to 176.45. The pivot point stands at 178.85. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 179.45 and the second target at 180.20.

Resistance levels:

179.45

180.20

180.90

Support levels:

176.95

176.45

176

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Technical Analysis of USD/CAD for January 23, 2015 Market Analysis Review

The US unemployment claims decreased by 10,000 to 307,000 in the week ended January 17. The USD soared to the highest level in six years against the CAD. Today, the focus has shifted to Canadian core CPI, core retail sales, US flash manufacturing PMI, and existing home sales. The pair made a high at 1.2420, the nearest resistance exists 1.2435 levels. We recommend fresh buying above 1.2440 for another 100 and 150 pips. The pair has intraday support exists at 1.2300 levels. In case if the pair corrects below 1.2300, the immediate supports exists at 1.2190 and 1.2100. Until the pair holds at 1.2100 traders, can use every dip to buy.

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Technical Analysis of GBP/USD for January 23, 2015 Market Analysis Review

The confederation of British industry reported yesterday the UK factories expect their export orders on a weak note. On the other hand, the USD inches up to new highs after the ECB extends its QE. Today, the focus has shifted to the retail sales survey. We expect a downtick. The cable has strong support at 1.4800. The 20Dsma exists at 1.5231. Until the prices close above it, use every rise to sell. The pair has intraday resistance at 1.5040, 1.5075. and 1.5100. In case if the cable moves towards 1.5075, start selling between 1.5075 and 1.5100, sl to be set at 1.5140. We recommend safe selling below 1.5000 only with the targets at 1.4950 and 1.4800.

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Technical Analysis of Gold for January 23, 2015 Market Analysis Review

The ECB latest announcement supported gold. The yellow metal attracts inflows followed after the larger than expected QE program from the ECB. The yellow metal has been extending its upward journey a third week in a row. Currently, gold is trading on a muted mode after the Saudi King Abdullah’s death. Besides, the HSBC China flash manufacturing PMI data was released. The data indicated ongoing slowdown in the manufacturing sector. Flash China Manufacturing PMI™ was at 49.8 in January (49.6 in December) hitting a 2-month high. Despite the fact that the metal breached Wednesday’s high at $1,304.70, it failed to keep above it at yesterday’s session. The metal gave an invested h&s breakout and is aiming for $1,340.00 odd levels in the near term. On the h4 chart, the metal closed and is trading below 35DEMA levels. The metal has support at $1,295.00 and $1,292.00. On the higher side, the resistance exists at $1,304.00 and $1,309.00. We can see fresh buying above $1,309.00 with the targets at $1,322.00, $1,324.00, $1,330.00, and $1,340.00. The metal has a strong support zone at $1,282.00 and $1,279.00. We recommend buying above $1,304.00; safe buying will trigger above $1,309.00.

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Technical Analysis of EUR/USD for January 23, 2015 Market Analysis Review

The Euro stumbles to an 11-year low at 1.1317. Yesterday’s meeting ended up announcing the decision on purchases of bonds issued by euro area, central governments, agencies, and European institutions. Total monthly asset purchases are to amount to €60 billion. Purchases are scheduled to be carried out until at least September 2016. The pair has nominal support at 1.1300, below this another 100-pips fall can take place towards 1.1200 or 61.8 fib level from 2000 October lows to 2008 highs. In case if 1.1200 is also taken off straight away, we can see 1.1000 in the short to medium term. At yesterday’s meeting, the ECB Governing Council decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively. On the other hand, the US unemployment claims decreased by 10,000 to 307,000 in the week ended January 17. In our yesterday’s report, we recommended selling below 1.1540 would give good money. The hourly resistance exists at 1.1400 and 1.1460. For purely speculation perspective, we can recommend a trade for buying above 1.1400 with the targets at 1.1450 and 1.1460. Today, traders are focused on French & German Flash manufacturing PMI .

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Elliott wave analysis of EUR/NZD for January 23 - 2015 Market Analysis Review

Technical summary:

A high was found at 1.5437 just below the 50% corrective target at 1.5475. Now, we are ready for a test of important short-term support at 1.5064. A break below this support will confirm more downside towards 1.4881 and ideally lower to 1.4730 to end the decline from 1.6207. After a minor correction towards 1.5176, we expect support at 1.5064 to be challenged and a break below here will call for a continuation lower towards 1.4881 and ideally lower to 1.4730 to end this decline. Only a break above 1.5205 will be of concern, but it will take a break above 1.5330 to invalidate the bearish count.

Trading recommendation:

We are short EUR from 1.5145 and will lower tops to 1.5210 and place take profit at 1.4900.

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Elliott wave analysis of EUR/JPY for January 23 - 2015 Market Analysis Review

Technical summary:

We are back at the "Make it or break it" point at 134.13 (the low till now has been 134.21). As long as we stay above support at 134.13, the bullish scenario is still the preferred count, but a break above minor resistance at 135.22 is needed to signal a bottom could be in place. To confirm that a bottom indeed is in place, a break above resistance at 137.01 is needed. If however, important support at 134.13 is broken, the the entire rally from 94.10 needs to be reviewed and a continuation lower towards 128.37 should be expected.

Trading recommendation:

We took a small loss at 136.20. We will buy EUR upon a break above 135.22 with a stop+reverse at 134.10

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Technical analysis of EUR/USD for January 23, 2015 Market Analysis Review

When the European market opens, a batch of economic reports will be released such as Belgian NBB Business Climate, Flash Services PMI, Flash Manufacturing PMI, German Flash Services PM, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will release some economic data too such as the CB Leading Index m/m, Existing Home Sales, and Flash Manufacturing PMI. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1418.

Strong Resistance:1.1411.

Original Resistance: 1.1400.

Inner Sell Area: 1.1389.

Target Inner Area: 1.1362.

Inner Buy Area: 1.1335.

Original Support: 1.1324.

Strong Support: 1.1313.

Breakout SELL Level: 1.1306.

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 January 23, 2015 Market Analysis Review

In Asia, Japan will release the Flash Manufacturing PMI. The US will publish some economic data such as CB Leading Index m/m, Existing Home Sales, and Flash Manufacturing PMI. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Resistance. 3: 118.97.

Resistance. 2: 118.74.

Resistance. 1: 118.50.

Support. 1: 118.22.

Support. 2: 117.99.

Support. 3: 117.75.

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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Daily analysis of USDX for January 23, 2015 Market Analysis Review

During the last session, the USDX had a strong bullish momentum above the support level of 93.02. Because of it, this instrument already reached the resistance level of 94.18. But we need to bear in mind that the USDX could start forming a higher high pattern. Because of the overbought levels, this instrument is currently holding on lower timeframes.

On an intraday basis, the USDX formed a fractal next to the resistance level of 93.44, where this instrument is trying to move in a range to develop a bullish pattern. We can see the USDX did a rebound at the 200 SMA on H1 chart. Also, the price action showed us that the USDX has always tried to stay above that SMA during the last days, favoring the bulls' force.

Daily chart's resistance levels: 94.18 / 97.52

Dailychart's support levels: 93.02 / 91.88

H1 chart's resistance levels: 94.33 / 95.63

H1 chart's support levels: 94.02 / 93.05

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 94.33, take profit is at 95.63, and stop loss is at 93.03.

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Daily analysis of GBP/USD for January 23, 2015 Market Analysis Review

On the daily chart, we can see a dominant bearish trend on the GBP/USD pair, because during yesterday's session, this pair fell to the support zone of 1.5025. This could activate massive sell orders in the medium term, because the GBP/USD pair has already completed the formation of a lower low pattern. The MACD indicator is entering the neutral zone.

The GBP/USD pair did a pullback at the 200 SMA on the H1 chart and the bearish bias is currently doing a clear domination of the pair's trend, at least in a short-term basis. The GBP/USD pair is trying to develop a bearish pattern above the psycological level of 1.5000, where this pair needs to do a breakout to fall until the support level of 1.4927, that could be a good trade because of the trend-following trading's motto.

Daily chart's resistance levels: 1.5247 / 1.5424

Dailychart's support levels: 1.5025 / 1.4821

H1 chart's resistance levels: 1.5084 / 1.5128

H1 chart's support levels: 1.5000 / 1.4927

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 1.5000, take profit is at 1.4927, and stop loss is at 1.5073.

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Daily analysis of major pairs for January 23, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair slid further downwards on Thursday, in solidarity with the ongoing bearish bias. The price closed below the resistance line at 1.1400, having rendered the effort of bulls useless. There is a clear possibility that the price may go further downwards, increasing the probability of the EUR reaching parity with the USD.

USD/CHF: The outlook on this special market remains unchanged. The outlook on this current abnormal market is bearish but the bullish correction is expected to continue gradually in spite of occasional large bearish corrections. Therefore, the USD/CHF pair would move upwards by at least, 500 pips this week. Some fundamental figures are expected today and they would have some impact on the markets.

GBP/USD: One nice thing about the Cable is that it is now going in a clean positive correlation with the EUR/USD pair. The two pairs tend to go in positive correlation with each other – an established habit. On Thursday, the price dived towards the accumulation territory at 1.5000 and it may go further downwards from here.

USD/JPY: Unlike certain JPY pairs, this currency trading instrument is trying to harness some stamina. It is sensed that the reason behind this is the stamina in the Greenback itself. It is no longer wise to seek short trades here, for the price is above the EMA 56 and the RSI period 14 is above the level 50, showing that the bias has turned bullish.

EUR/JPY: This is a weak market as a result of the palpable weakness in the EUR. There is a very strong Bearish Confirmation Pattern on the chart and the price may fall further from here.

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USDCAD Daily Analysis - January 23, 2015 Forex Analysis

USDCAD's upward movement from 1.1560 extended to as high as 1.2419. Further rise could be expected, and next target would be at 1.2500 area. Near term support is at 1.2250, and the key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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USDJPY Daily Analysis - January 23, 2015 Forex Analysis

No changed in our view, USDJPY remains in short term uptrend from 115.85. Another rise to test 120.82 resistance would likely be seen, a break of this level will signal resumption of the longer term uptrend from 101.06 (Jul 10, 2014 low), then the following upward movement could bring price to 125.00 area. However, as long as 120.82 resistance holds, the sideways movement in a range between 115.56 and 121.84 could be expected to continue.

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AUDUSD Daily Analysis - January 23, 2015 Forex Analysis

AUDUSD broke below 0.8032 support, indicating that the downtrend from 0.8910 (Oct 29, 2014 high) has resumed. Further decline could be expected, and next target would be at 0.7800 area. Resistance levels are at 0.8140 and 0.8294, only break above these levels could signal completion of the downtrend.

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GBPUSD Daily Analysis - January 23, 2015 Forex Analysis

GBPUSD broke below 1.5034 support, and the downward movement from 1.5785 extended to as low as 1.4971. Further decline could be expected, and next target would be at 1.4700 area. Key resistance is at 1.5268, only break above this level could signal completion of the downtrend.

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EURUSD Daily Analysis - January 23, 2015 Forex Analysis

EURUSD broke below 1.1459 previous low support, and continued its downward movement from 1.2569, and the fall extended to as low as 1.1316. Further decline could be expected, and next target would be at 1.1000 area. Near term resistance is at the downward trend line on 4-hour chart, and the key resistance is at 1.1679, only break above this level could signal completion of the downtrend.

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Technical analysis of USD/CAD for January 22, 2015 Market Analysis Review

General overview for 22/01/2015 15:50 CET

Despite the fact that the wave 4 green was shorter in price and time than anticipated (I have been expecting more time consuming triangle corrective pattern), the wave progression unfolds as anticipated with the price making another higher high and hitting the weekly pivot resistance at the level of 1.2342 yesterday. The impulsive wave development to the upside has not been completed yet and another wave upward is being expected. Please, notice that the internal sub-wave -iv- blue might not have been finished yet and the correction might take a little more time before the uptrend resumes.

Support/Resistance:

1.2393 - Swing High

1.2342 - WR3

1.2310 - Intraday Support

Trading recommendations:

It has been advised to buy on the dips on this market, and after a nice move the daytraders and swingtraders are welcome to move the SL higher (below the 1.2342 level) or close the buy orders with profit and wait for the corrective cycle to complete.

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Technical analysis of EUR/JPY for January 22, 2015 Market Analysis Review

General overview for 22/01/2015 15:40 CET

After the release of the ECB meeting results, the market has made another leg to the downside, but the intraday support at the level of 134.71 has not been broken yet. This structure to the downside might be labeled as a three-wave correction and, as long as the level of 134.71 is not clearly violated, there is still a chance for a rebound. Please, notice that any violation of the level of 134.12 invalidated the red impulsive sccenario and puts the alternate one into play.

Support/Resistance:

134.12 - Invalidation Level

134.71 - Intraday Support

136.80 - Weekly Pivot

Trading recommendations:

Traders should stay aside for now and wait what reaction will be when market hits the key support level.

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EUR/NZD analysis for January 22, 2014 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. The price tested the level of 1.5432 in a high volume. According to the daily time frame, we can observe demand in a volume above the average. I have placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of 1.5416 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.5800. Be careful when buying EUR/NZD at this stage since we may expect reaction from sellers. Anyway, if the price breaks the level of 1.5416 in a high volume and strong price action, we may see further bullish movement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5389

R2: 1.5462

R3: 1.5581

Support levels:

S1: 1.5152

S2: 1.5079

S3: 1.4961

Trading recommendations: Be careful when buying the EUR/NZD pair at this stage since the price is testing Fibonacci retracement 38.2%

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Gold analysis for January 22, 2014 Market Analysis Review

Overview :

Since our last analysis gold has been trading downwards. The price tested the level of 1,279.33. I have found support around the price of 1,281.00 (swing high like support), and this level is successfully resisted. According to the H4 time frame, we can observe weak supply in a volume below the average, which is a sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities on the lows. We got resistance levels at the price of 1,304.00 and 1,344.00.

Resistance levels :

R1: 1,303.66

R2: 1,308.94

R3: 1,317.50

Support levels :

S1: 1,286.54

S2: 1,281.26

S3: 1,272.70

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).

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Technical analysis of Silver for January 22, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver touched initial extension at $18.30/40 levels yesterday before pulling back. The metal could still push higher towards $18.90 from current levels ($18.00/05), or after pulling back towards $17.30 at least. It has been confirmed now that bulls are firmly in control and the metal is pushing higher, forming an inverted head and shoulder reversal (discussed earlier). It is recommended to buy on any dips/retracement from here on. Immediate support is seen at $17.40/50 (past resistance turned support), followed by $16.50/60, $16.20 and lower while resistance is seen at $18.50/60, followed by $18.90/$19.00 and higher respectively.

Trading recommendations:

Buy on dips towards at least $17.40/50.

Good luck!

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Technical analysis of Gold for January 22, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold touched $1,305.00 levels yesterday before pulling back. The metal could be under way to produce a meaningful retracement towards at least $1,250.00 levels. It is the Fibonacci 0.382 support of the rally from $1,170.00 to $1,305.00 levels as depicted here. Please, note that the metal is out in the buy zone and the resistance trend line would act as support now. It is recommended to wait for a correction from current levels before again entering long positions. Immediate support is seen at $1,250.00 levels, followed by $1,230.00 and lower while resistance is seen at $1,305.00 (interim), followed by $1,340.00 and higher respectively.

Trading recommendations:

Wait for a dip towards $1,250.00 to enter long again.

Good luck!

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Technical analysis of EUR/JPY for January 22, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair touched lows at 135.79 levels yesterday before pulling back. The pair has bounced off the Fibonacci 0.618 support of the rally from 134.80 to 137.60 levels, and is expected to continue pushing higher towards 139.50 at least. The pair is seen to be trading at 136.75/80 levels at the moment and it is still recommended to remain long for now, risk is below 134.00. Immediate support is seen at 134.00/20 while resistance is seen at 138.50 and 140.30 respectively. Bulls are expected to remain in control until the prices remain above 134.80. Please, note that this is just a counter trend rally which could fade around 140.30 or 143.00 levels.

Trading recommendations:

Remain long for now, stop at 134.00, target is 140.30.

Good luck!

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#USDX technical analysis for January 22, 2015 Market Analysis Review

The Dollar index remains inside its upward sloping channel. Trend continues to be bullish in the longer-term, but the short-term action is very choppy with increased volatility and many price spikes at both directions.

Black lines = wedge formation

The Dollar index is forming a wedge pattern near its highs. The overlapping price structure has led me to this conclusion as it defines very clearly the uncertainty and the increase of volatility of the recent days. Price has broken the short-term support yesterday and reached our short-term downside target only to pull back up. This wedge is a bearish one, and I believe that short-term traders should go short once the lower boundary at 92.25 and the recent low at 92.20 are broken.

Black lines = price channel

The Dollar index remains inside the upward sloping channel. Tenkan-sen support is at 92.38. Kijun-sen support is at 90.50. A daily close below the tenkan-sen will eventually bring the index towards the kijun-sen. Bulls should be very cautious as a break below 92 could lead to a deeper correction towards 90 or lower.

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Gold technical analysis for January 22, 2015 Market Analysis Review

Gold price has made a pullback yesterday, as expected. Price made a short-term top at least and pulls back below the first short-term support of $1,290. The pullback could even reach $1,260. The medium-term trend remains bullish with $1,330 possible target.

Black lines = price channel

The upward sloping channel, as shown on the 4-hour chart above, demonstrates that although the trend remains bullish, the pullback could reach the lower channel boundary at $1,270. The kijun-sen support is at $1,280. Cloud support is at $1,250. As long as Gold price is below $1,300, the correction is ongoing. Breaking above $1,300 will confirm the end of the correction and a possible rise with $1,230 as target.

The daily chart with a doji at the top is showing signs of reversal that could test the tenkan-sen support at $1,260, and if broken, the kijun-sen support will be at $1,235. I prefer to stay neutral as Gold price has started a reversal at an important resistance level. This implies that we could expect a deeper than normal correction.

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Elliott wave analysis of EUR/NZD for January 22 - 2015 Market Analysis Review

Technical summary:

The rally from the 1.4787 has extended more than expected. Now, the pair is heading for the 50% corrective target at 1.5475. We expect this resistance to protect the upside for a break below minor support at 1.5325 and more importantly below support at 1.5267 that would call for a decline to 1.5065 and lower. The risk is that support at 1.5065 will be able to protect the downside for a rally to above 1.5475 confirming that an important bottom was found already at 1.4787.

Trading recommendation:

We took profit and reversed our long EUR position from 1.4855 to a short EUR position at 1.5145 for yet another nice profit. We have placed our stop at 1.5500 (forced by the strong rally higher to towards 1.5475). We will try to move the stop lower as quickly as possible.

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Elliott wave analysis of EUR/JPY for January 22 - 2015 Market Analysis Review

Technical summary:

The 61.8% corrective target at 135.83 protected the downside to perfection. Now, we should see minor support at 136.24 protect the downside for a break above the top of wave i at 137.64 confirming that wave iii higher to 140.54 is developing. A break below support at 136.24 would arouse concern and indicate a deeper correction from the 137.64 high to the 70.7% corrective target at 135.56.

Trading recommendation:

We are long EUR from 136.88 and we will move our stop higher to 136.20. If you are not long EUR yet, then buy near 136.24 with a stop at 136.20.

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Technical analysis of USD/JPY for January 22, 2015 Market Analysis Review

Fundamental overview:
USD/JPY is expected to consolidate with risks skewed higher as markets are awaiting 1245 GMT European Central Bank monetary policy decision. USD/JPY is underpinned by the positive dollar sentiment on divergent U.S. monetary policy stance versus other major central banks, stronger-than-expected 4.4% increase in U.S. December housing starts to 1.089 million (versus forecast +1.0% to 1.04 million), reduced allure of the safe-haven yen amid diminished risk aversion (VIX fear gauge eased 5.23% to 18.85; S&P 500 closed up 0.47% at 2,032.12 overnight) as investors widely expect the ECB to deliver on monetary stimulus Thursday, higher U.S. Treasury yields (10-year at 1.859% versus 1.791% late Tuesday), and demand from Japan's importers. But USD sentiment is dented by the surprise 1.9% drop in U.S. building permits to 1.032 million in December (versus forecast +1.0% to 1.06 million). USD/JPY gains are also tempered by Japan's export sales.

Technical comment:
Daily chart is mixed as MACD is bearish, but stochastics is rising from oversold levels.

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 118.40 and the second target at 118.85. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 116.80. A break of this target would push the pair further downwards and one may expect the second target at 116.30. The pivot point is at 117.15.

Resistance levels:

118.40

118.85

119.15



Support levels:

16.80

16.30

116

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Technical analysis of EUR/USD for January 22, 2015 Market Analysis Review

Fundamental overview:
EUR/USD is expected to consolidate with risks skewed lower as markets are awaiting 1245 GMT European Central Bank monetary policy decision. The Wall Street Journal reported Wednesday a proposal from the ECB's executive board that calls for monthly bond purchases of roughly EUR50 billion, lasting for at least one year, suggesting bond purchases could amount to at least EUR600 billion. EUR/USD is undermined by the prospect of the large-scale ECB quantitative easing, the positive dollar sentiment, and fears of Greece exit from the eurozone if the anti-austerity left-wing Syriza party wins the snap elections Sunday and renege on the country's reform program. But EUR/USD losses are tempered by the subdued risk aversion.

Technical comment:

Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold levels, five- and 15-day moving averages are declining.

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 the pivot point. Short positions are recommended with the first target at 1.1540. A break of this target will move the pair further downward to 1.1510. The pivot point stands at 1.1680. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 1.1720 and the second target at 1.1755.

Resistance levels:

1.1720

1.1795

1.1845

Support levels:

1.1540

1.1515

1.1450

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Technical analysis of USD/CHF for January 22, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a range. It is undermined by the franc demand on cross trades versus major currencies. But CHF sentiment is dented by the drop in Switzerland ZEW-Credit Suisse indicator of economic sentiment to minus 10.8 in January from minus 4.9 in December. USD/CHF downside is also limited by the positive dollar sentiment and negative Swiss interest rates and threat of SNB CHF-selling intervention.

Technical comment:
Daily chart is mixed as MACD is in bearish mode, but stochastics is neutral.

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 the pivot point. Short positions are recommended with the first target at 0.8545. A break of this target will move the pair further downward to 0.8445. The pivot point stands at 0.8700. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.8780 and the second target at 0.8840.

Resistance levels:

0.8780

0.8840

0.8910

Support levels:

0.8545

0.8445

0.84

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Technical analysis of NZD/USD for January 22, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with a bearish bias after hitting a two-and-a-half year low at 0.7546 on Wednesday. It is undermined by the lower-than-expected New Zealand 4Q CPI which, together with the surprise interest rate cut by the Bank of Canada on Wednesday, raising chances that the Reserve Bank of New Zealand will leave rates on hold longer. NZD/USD is also weighed by the positive dollar sentiment. But NZD/USD losses are tempered by the subdued risk aversion.

Technical comment:

Daily chart is negative-biased as MACD and slow stochastic indicators are bearish; five and 15-day moving averages are declining.

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 the pivot point. Short positions are recommended with the first target at 0.7450. A break of this target will move the pair further downward to 0.74. The pivot point stands at 0.7625. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7710 and the second target at 0.7785.

Resistance levels:

0.7710

0.7785

0.7810

Support levels:

0.7450

0.74

0.7375

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Technical analysis of GBP/JPY for January 22, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to consolidate as markets are awaiting 1245 GMT European Central Bank monetary policy decision. GBP/JPY is supported by the subdued investor risk aversion and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and weak euro sentiment. Daily chart is mixed as MACD is bearish, but stochastics is bullish at oversold levels.

Technical comment:
The daily chart is still negative-biased as the MACD is bearish, stochastics stays suppressed at oversold levels, five- and 15-day moving averages are declining.

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 180.20 and the second target at 180.90. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 177.60. A break of this target would push the pair further downwards and one may expect the second target at 176.95. The pivot point is at 178.30.

Resistance levels:

180.20

180.90

181.45

Support levels:

177.60

176.95

176

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Daily analysis of USDX for January 22, 2015 Market Analysis Review

The USDX remains trapped below the resistance level of 93.02, as this instrument is trying to develop a higher high pattern on the daily chart. Anyway, the USDX could do a retracement to the support level of 91.88 to take a breath and continue to develop the bullish bias in the medium term. Remember that a breakout at the resistance level of 93.02 could activate buy orders to the 94.18 level.

The USDX is already doing some zig-zag movements as we can see it on the H1 chart. Currently, the USDX is trying to fill a bearish gap near to the level of 92.70, but on the upside, this instrument could do a breakout at the resistance level of 92.88, with short-term targets at 93.22 in a 1:1 risk and ratio trade.

Daily chart's resistance levels: 93.02 / 94.18

Dailychart's support levels: 91.88 / 90.28

H1 chart's resistance levels: 92.88 / 93.22

H1 chart's support levels: 92.55 / 92.35

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 92.88, take profit is at 93.22, and stop loss is at 92.55.

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Daily analysis of GBP/USD for January 22, 2015 Market Analysis Review

The GBP/USD pair had a non-volatile reaction during yeserday BoE's dovish minutes, as this pair remains inside the range between the 1.5247 and 1.5025 levels on daily chart. Also, the GBP/USD pair is still holding the medium-term targets at the support levels of 1.5025 and 1.4821, because the pair continues to form a bearish pattern on this timeframe.

According to the intraday outlook, the GBP/USD pair worked well on our trading idea with a breakout at the support level of 1.5128 with the target at 1.5084. But during the first hours of the American session, the GBP/USD pair did a rebound at that support level. Now, this pair is consolidating again above the 1.5128 level. In the near term, the pair could rise until the resistance level of 1.5169, where the 200 SMA is located on H1 chart.

Daily chart's resistance levels: 1.5247 / 1.5424

Dailychart's support levels: 1.5025 / 1.4821

H1 chart's resistance levels: 1.5169 / 1.5251

H1 chart's support levels: 1.5128 / 1.5084

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 1.5128, take profit is at 1.5084, and stop loss is at 1.5172.

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Technical analysis of EUR/USD for January 22, 2015 Market Analysis Review

When the European market opens, some economic news will be released such as Consumer Confidence, ECB Press Conference, Italian Retail Sales m/m, and Spanish Unemployment Rate. The US will publish the economic data too such as the Crude Oil Inventories, Natural Gas Storage, HPI m/m, Unemployment Claims, and Minimum Bid Rate. So, amid the reports EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1660.

Strong Resistance:1.1653.

Original Resistance: 1.1642.

Inner Sell Area: 1.1631.

Target Inner Area: 1.1603.

Inner Buy Area: 1.1575.

Original Support: 1.1564.

Strong Support: 1.1553.

Breakout SELL Level: 1.1546.

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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