Elliott wave analysis of EUR/JPY for September 25 - 2015 Market Analysis Review

Technical summary

We have seen the expected resistance near 134.69 (the high came in at 134.91). Now we will be looking for the next part of the decline towards the ideal downside target at 131.45. In the short term, a break below minor support at 134.00 confirms the expected decline closer to 131.45.

To be honest, the decline from 141.06 has been pretty messy and hard to read, but it is one of the features of a correction. So once the low is in place near 131.45, a new impulsive rally should be expected.

Trading recommendation:

We will sell EUR at 134.45 or upon a break below 134.00 with a stop place at 134.95 and take profit placed at 131.65

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Daily analysis of USDX for September 25, 2015 Market Analysis Review

The index is trying to finish the development of a bullish pattern above the support level of 95.83. The daily chart structure is showing us a situation where the index is trying a breakout above the resistance level of 96.38, but bear in mind that zone is highly active for sellers in a mid-term outlook. MACD indicator remains on the positive territory.

On H1 chart, USDX is breaking some key resistances, reached this week, after a bullish momentum which was granted during the 200 SMA's testing. At the resistance level of 96.30, we could expect some bearish moves with pullbacks which should take the index to test the support zone of 96.15 at least.

Daily chart's resistance levels: 96.38 / 96.91

Daily chart's support levels: 95.81 / 95.26

H1 chart's resistance levels: 96.35 / 96.51

H1 chart's support levels: 96.15 / 95.94

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 96.30, take profit is at 96.47, and stop loss is at 96.13.

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Daily analysis of GBP/USD for September 25, 2015 Market Analysis Review

On the daily chart, bears are still taking control of the situation with GBP/USD, which is currently looking to trade until the support level of 1.5169. Now, we should expect a bearish pattern formation before any attempt to break lower. However, a rebound could happen over there, pushing the Cable up to the resistance zone at 1.5256.

GBP/USD is looking to break the support level of 1.5223 after a lower low pattern formation showed on H1 chart. 200 SMA is still pointing to the downside. That's why we keep on the outlook that adds strength to bears on an intraday basis. MACD indicator is entering the negative territory, which could support the idea mentioned above.

Daily chart's resistance levels: 1.5256 / 1.5344

Daily chart's support levels: 1.5169 / 1.5030

H1 chart's resistance levels: 1.5285 / 1.5341

H1 chart's support levels: 1.5223 / 1.5166

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5223, take profit is at 1.5166, and stop loss is at 1.5283.

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USD/CAD intraday technical levels and trading recommendations for September 24, 2015 Market Analysis Review

Overview:

Several months ago, when bulls pushed the price above the 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Higher lows were established. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls are revisiting this level this week.

Bearish corrective movement towards the level of 1.2750 (breakout level) should be expected as long as USD/CAD bears keep trading below the Fibonacci Expansion zone around 1.3300 - 1.3330.

Moreover, bearish persistence below 1.3270 (Fibo Expansion 100% level) is needed to expose the next support level around 1.3070, 1.2910 and 1.2750 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry can be offered at the current price levels around 1.3350 (Fibonacci Expansion 100% and 141% levels). S/L should be placed above the level of 1.3450. T/P levels should be placed at 1.3200 and 1.3050.

On the other hand, conservative traders should wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for September 24, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which has been providing evident resistance for the GBP/USD pair.

Previous weekly candlestick closure above 1.5500 hindered further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

Recent weekly candlesticks came as bearish engulfing ones, closing below the level of 1.5450 (Head and Shoulders neckline).

It supports the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5170 (recent weekly bottom and the origin of a bullish engulfing WEEKLY candlestick).

Weekly persistence below 1.5500 is mandatory to allow further bearish decline to occur.

Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few months ago. All T/P levels were successfully reached.

The level of 1.5550, which corresponded to the 50% Fibonacci level and the previous prominent top, was temporarily broken enabling further bearish decline towards 1.5350 where an ascending bottom was established.

Prominent supply/resistance around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. All of its targets were successfilly achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish rejection took place (bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5560, which provided the current extensive bearish rejection.

Price action should be watched around the price level of 1.5170 as it corresponds to a previous weekly double bottom. A valid BUY entry can be offered if enough bullish rejection is expressed around these levels.

Trade Recommendation:

A valid sell entry was suggested around the zone of 1.5550-1.5580 (recent resistance zone). It is already running in profits.

T/P levels to be projected towards 1.5200 (achieved), and 1.5050 while S/L should be lowered to 1.5460 to offset the risk.

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Intraday technical levels and trading recommendations for EUR/USD for September 24, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection which exists around the price level of 1.1450.

In the long term, a projection target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high of 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month (low probability).

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Continuous bullish pressure has been applied until significant bearish resistance was expressed around the price levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing further beyond the price level of 1.1500 (daily supply level).

Hence, bearish movement took place towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejection (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1300-1.1330 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for more bearish pullback towards the price zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry.

S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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EUR/NZD : analysis for September 24, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.7820. In the daily time frame, we can observe a demand bar in an average volume. The intraday trend is neutral. According to the H1 chart, strong support zone is found around the levels of 1,7700-1.7790. Be careful when selling at this stage since we may expect reaction from buyers. On the other hand, resistance is seen at the level of 1.7945-1.8000. I am neutral on EUR/NZD.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7920

R2: 1.7995

R3: 1.8115

Support levels:

S1: 1.7640

S2: 1.7600

S3: 1.7480

Trading recommendations: The market is neutral. We can observe a very weak price action and neutral market around the level of 1.7800.

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Gold : analysis for September 24, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,144.80. The intraday trend is upward. In the daily time frame, we can observe a demand bar in an average volume. In the M15 time frame, we can observe a successful test at the supply level of $1,134.00. It encouriged buyers to buy and we got nice result from the test. We got resistance at the level of $1,169.00. Watch for buying opportunities on dips.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,132.20

R2: 1,133.11

R3: 1,134.60

Support levels:

S1: 1,129.20

S2: 1,128.30

S3: 1,126.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.

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Technical analysis of Silver for September 24, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver might be looking to form a base around the $14.50 levels before turning higher again. Please note that the $14.50 levels is a strong Fibonacci convergence, with a potential tendline support passing through as well. It is hence recommended to remain long for now and also look to add further positions around the $14.50 levels with risk at $14.00. Immediate support is seen at the $14.50 levels followed by $14.25, $14.00 and lower, while resistance is seen at the $15.60 levels followed by $16.40 and higher respectively.

Trading recommendations:

Remain long, stop is at $14.00, target is open.

Good luck!

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Technical analysis of Gold for September 24, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,137.00/38.00 now, after having bounced off from $1,120.00/21.00 earlier. The metal might form a gartley and a drop towards $1,115.00/13.00 before resuming its uptrend, as shown here. It is hence recommended to book profits on long positions taken earlier and remain flat. An aggressive trade strategy would be to initiate fresh short positions (counter trend), with risk around $1,145.00/46.00. Immediate resistance is seen at $1,141.00/42.00 (interim) followed by $1,150.00, $1,170.00, and higher, while support is seen at $1,120.00 followed by $1,115.00, $1,110.00, and lower.

Trading recommendations:

Take profits on long positions. Aggressive setup is to short now, stop at $1,145.00, target $1,115.00. Then long.

Good luck!

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Technical analysis of EUR/JPY for September 24, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair stalls around the levels of 34.75.00 pulling back at the moment. The pair has completed correction at 133.20/30 and is poised to rally towards 139.00 in the sessions to come. It is hence recommended to remain long with risk at 132.00. Immediate support is seen at the levels of 132.00, while resistance is seen at the levels of 137.00 levels, followed by 139.00, 140.00, 141.00, and higher respectively. Bulls are expected to remain in control ubtil prices stay above 132.00.

Trading recommendations:

Remain long with stop at 132.00, a target is open.

Good luck!

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Daily analysis of Silver for September 24, 2015 Market Analysis Review

Overview

According to the attached H4 chart, the silver price remains stable above the previously breached bearish channel's resistance, while it has difficulties with breaching the 14.85 barrier. It represents a good positive key that supports chances of continuing the bullish correction on the intraday and short-term basis, as the EMA50 meets the mentioned level to add more strength to it. Until now, the bullish trend scenario is still valid and active as long as the price is above the 14.65 level. Our main targets begin at 15.40 and extend to 15.85 followed by 16.30.

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Daily analysis of GBP/JPY for September 24, 2015 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains on the downside for the 103.36 support. A break will extend the whole fall from 195.86 to the 174.86 support. In case of recovery, risk will now stay on the downside as long as 188.28 holds. The break of the medium-term trendline support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. A break of 174.86 will confirm the trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we wiill be cautious of strong resistance from 199.80/200.00 to bring a reversal finally.

Daily Pivots: (S1) 182.60; (P) 183.62; (R1) 184.34

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Technical analysis of GBP/CHF for September 24, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped below 1.4900 taking stops out. At the moment, the pair is testing an intermediary trend-line support as seen here. A break here would confirm that the pair is headed towards the levels of 1.5600 in the near term. On the flip side,we expect bullish reversal around the fibonacci supports which would bring bulls back in play. It is hence recommended to remain flat now and watch out for a reaction at current levels. Immediate support is seen at 1.5700 followed by 1.5600 and lower, while resistance is seen at 1.5100 followed by 1.5350 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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Global macro overview for 24/09/2015 Market Analysis Review

Global macro overview for 24/09/2015:

Yesterday's API crude oil inventories has delivered a worse-than-expecting figure. The market expectations were -0,500k barrels, but the stockpiles shortage were bigger than -1.910k. Please notice that refineries are going into maintenance and switchover season, that will increase inventories in the weeks ahead. Nevertheless, the oil price is still relatively high and it should gradually decrease over time.

The market reaction for the news was bearish and currently the crude oil is trading close to the important support at the level of 43.19. Breakout lower will be considered bearish.

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Global macro overview for 24/09/2015 Market Analysis Review

Global macro overview for 24/09/2015:

Since the FOMC meeting last week, the negative sentiment prevails in global markets. Federal Reserve Chairperson Janet Yellen will be speaking today at 9pm GMT at the University of Massachusetts, and her remarks will be closely watched by investors worldwide. Despite the clear statement of rising the rates this year, the precise date of that event is still unclear. Moreover, at the recent Fed meeting the growth and inflation's projections were all revised downwards. So, today Yellen will have be able to provide more clarity as she clearly missed to express last week.

The US dollar Index was climbing steadily after the Fed meeting, and currently it is trading just shy of the technical resistance at the level of 96.63. Any breakout higher would directly expose the golden trendline for a test.

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Technical analysis of EUR/JPY for September 24, 2015 Market Analysis Review

General overview for 24/09/2015 12:30 CET

The upward rally has run out of a steam as the technical resistance at the level of 134.98 is still not broken. Currently, the golden trend line provides a dynamic support for the price, but any breakout lower will directly expose the level of 133.74 for a test.

Support/Resistnace:

134.98 - Technical Resistance

134.35 - WS1

133.74 - Intraday Support

133.46 - WS2

Trading recommendations:

Daytraders should consider opening sell orders at current levels with SL above the level of 134.70 and TP at the level of 133.75.

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Technical analysis of USD/CAD for September 24, 2015 Market Analysis Review

General overview for 24/09/2015 12:20 CET

The bearish impulsive count has been invalidated due to the wave (i) and wave (ii) overlaps. Currently, the higher time frame count has been revised and updated. The main change was implementation of the alternative count wave 4 purple low at the level of 1.309. The current main count suggest more upward wave progression in the last wave up (wave 5 purple). The first projected target level for wave 5 purple is at the weekly pivot resistance at the level of 1.3451.

Support/Resistnace:

1.3451 - WR2

1.3356 - WR1

1.3354 - Swing High

1.3296 - Intraday Support.

Trading recommendations:

Daytraders should consider opening buy orders form the current market levels with SL below the level of 1.3295 and TP at the level of 1.3451.

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Technical analysis of USD/JPY for September 24, 2015 Market Analysis Review

USD/JPY is expected to trade with a bullish bias. US stocks slid further, dragged by materials and energy shares. The Dow Jones Industrial Average fell 0.3% to 16279, the S&P 500 declined 0.2% to 1938, while the Nasdaq Composite dipped 0.1% to 4752. Nymex crude plunged 4.1% to $44.48 a barrel, while gold rose 0.5% to $1130 an ounce. The 10-year Treasury yield edged up to 2.144% from 2.127% at the previous session. Meanwhile the US dollar was broadly firm against most other major currencies. The pair is trading on the upside, while being supported by the 50-period intraday moving average (MA). The intraday relative strength indicator (RSI) stands above the neutrality level of 50 lacking downward momentum. The pair maintains a bullish bias and is expected to approach the first upside target at 120.55 (yesterday's high) and the second one at 121.00 (the high of September 17).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.55 and the second target at 121. In the alternative scenario, short positions are recommended with the first target at 119.35 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 118.90. The pivot point is at 119.65.

Resistance levels: 120.55 121 121.50

Support levels: 119.35 118.90 118.20

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Technical analysis of USD/CHF for September 24, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias. The pair is still supported by rising 50-period MA on an intraday basis. The uptrend is solid, as the nearest support around 0.9730 should limit any attempts to move downward. Besides, the intraday RSI stands firmly above 50, gaining bullish momentum. To sum up, as long as 0.9730 (our trailing stop loss) is not broken, it is likely to advance to 0.9825 and 0.9860.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9825 and the second target at 0.9860. In the alternative scenario, short positions are recommended with the first target at 0.9675 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9640. The pivot point is at 0.9730.

Resistance levels: 0.9825 0.9860 0.9910

Support levels: 0.9675 0.9640 0.9600

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Technical analysis of NZD/USD for September 24, 2015 Market Analysis Review

NZD/USD is expected to trade with a bearish bias as key resistance is seen at 0.6305. The pair remains depressed by key resistance at 0.6305, which maintains strong selling pressure. The intraday trend is clear on the downside, as the process of reaching lower highs and lows remains intact. Furthermore, the intraday 20-period and 50-period MAs are still heading downward. Hence, as long as 0.6305 is not surpassed, look for further decline to 0.6260 (the previous swing low). A new pullback to 0.6235 is expecte in case of a breakout.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6260. A break of that target will move the pair further downwards to 0.6235. The pivot point stands at 0.6305. 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, long positions are recommended with the first target at 0.6330 and the second target at 0.6360.

Resistance levels: 0.6330 0.6360 0.6415

Support levels: 0.6260 0.6235 0.6200

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Technical analysis of GBP/JPY for September 24, 2015 Market Analysis Review

GBP/JPY is expected to trade in a lower range as the pair is under pressure now. The pair is consolidating below its 20-period and 50-period MAs. A further decline is expected. The downside prevails, as long as the nearest key resistance at 184.15 holds on the upside. Furthermore, the intraday RSI is negative below its neutrality area of 50. Therefore, our next down targets are set at 182.60 and 182 (Fibonacci projection).

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 182.60. A breakout of that target will move the pair further downwards to 182. The pivot point stands at 184.15. 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, long positions are recommended with the first target at 184.95 and the second target at 186.

Resistance levels: 184.95 186 186.75

Support levels: 182.60 182.00 181.35

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Technical analysis of GBP/USD for September 24, 2015 Market Analysis Review

Trading recommandations:

• According to the previous events, the GBP/USD pair has still been trapped between 1.5335 and 1.5176. The level of 1.5335 represents strong resistance. Also, it should be noted that the price of 1.6841 is coinciding with support, which was broken yesterday. The minor support has set at the level of 1.5220 and the weekly support 2 sets at the price of 1.5176. Consequently, we expect a range about 177 pips from now to the 25th of September 2015 . Therefore, the market is going to call for a downtrend from the level of 1.5323. So, sell below the level of 1.5323 in the long term with the first target at 1.5220. If the trend manages to break the double bottom, it might resume to 1.5176.

Observations:

• Major support will set at 1.5176.
• The level of 1.5272 represents the daily pivot point.
• Major resistance has already set at the level of 1.5353.
• According to our statistics, it found that the range was between 160 pips and 248 pips and the average range was around 204 pips.

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Technical analysis of EUR/USD for September 24, 2015 Market Analysis Review

Overview:

• The EUR/USD pair brake out resistance and turned support around the level of 1.1104. Therefore, the pair has already formed strong support at the level of 1.1104. Also it should be noted that minor support was found at the level of 1.1104. The same level represents the double bottom on the H1 chart. Moreover, after it failed to close below these levels and the pair started indicating bullish market in this area. Moreover, the RSI and last strong support (around the double bottom at 1.1104) are still calling for an uptrend at this spot. So, the pair will call for upside momentum rather convincing and the structure of a rise does not look corrective, in order to indicate the bullish opportunity above the level of 1.1150. For that, it will be a good sign to buy at 1.1150 with the first target at 1.1282. It will continue its bullish rally towards 1.1324 (the weekly pivot point). The ratio of 61.8% Fibonacci retracement levels is coinciding with 1.1324. However, the price is going to move between 1.1150 and 1.1324; for that, we expect a range of 174 pips in coming hours.

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USDX technical analysis for September 24, 2015 Market Analysis Review

The US Dollar Index got rejected at the previous high horizontal resistance as we expected and is pulling back now. The price is likely to move towards 95.25.

Green line - resistance (broken)

Red line - previous high horizontal resistance

The US Dollar Index is pulling back after being rejected at the previous resistance. I expect the pullback to test the Ichimoku cloud and to move, why not, a bit lower towards the kijun-sen support. I prefer to wait in order to enter a long position when this pullback reached my targets.

Red line - resistance

Green line -support

The weekly chart remains inside the bullish flag pattern. The price is also above the weekly cloud support. It is testing the weekly kijun-sen resistance and we would probably will see a rejection soon. Breaking above this level will push the price towards the red trend-line resistance near 97.50.

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Gold technical analysis for September 24, 2015 Market Analysis Review

Gold price remains supported in the short term. A trend remains bullish with its first short-term target at the resistance level of $1,150. As long as the price trades above $1,120, bulls remain in control of the short-term trend.

Green lines - triangle pattern

Gold price is trading above the Ichimoku cloud and inside the bigger triangle pattern. Strong resistance is found at $1,150 by the upper triangle boundary. Support is seen at $1,120. If it gets broken, we could see a pullback towards $1,100 where the lower triangle boundary is found.

The weekly chart remains supported above the tenkan-sen support (red line indicator). I believe we will test the kijun-sen resistance (yellow-line indicator). A weekly close above the kijun-sen can push the price even towards the cloud at $1,200.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of major pairs for September 24, 2015 Market Analysis Review

EUR/USD: This week, the EUR/USD pair fell by 200 pips, testing the support line at 1.1100. This was followed by an upward bounce. The bounce made the price test the resistance line at 1.1200 (a rally of 100 pips in the context of a downtrend). The downtrend is still valid until the resistance line at 1.1300 is breached to the upside. Some fundamental figures are expected today and they could have an impact on the market.

USD/CHF: This currency trading instrument continues going upwards without any major bearish correction. An upward movement is slow and steady, and the price is now at the resistance level of 0.9800, which is a formidable barrier. The chart calls for a stronger buying pressure in order to break this resistance level to the upside.

GBP/USD: This week alone, the cable dropped by about 300 pips; ramming into the accumulation territory of 1.5250. There is now a Bullish Confirmation Pattern in the chart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. This shows that there is much more room for the bearish trend to go, though we expect occasional visible efforts from bulls.

USD/JPY: The current equilibrium phase is not yet over in this market. This week, the price might go above the supply level at 121.50 or below the demand level at 119.00. Until that happens, this would remain an equilibrium market, with the price swinging between the aforementioned support and resistance levels.

EUR/JPY: Just like the EUR/USD pair, this cross is also a bear market in spite of the current rally in the context of a downtrend. Only a movement above the supply level at 136.00 could render the bearish outlook invalid.

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Elliott wave analysis of EUR/NZD for September 24 - 2015 Market Analysis Review

Technical summary:

As long as resistance at 1.8000 protects the upside, we will stay open to a final decline closer to 1.7445 before the next impulsive rally takes us higher to 1.8683. Only a direct break above important resistance at 1.8000 indicates that wave ii is already over and the impulsive rally to 1.8683 is already developing.

Trading recommendation:

We have placed a EUR buy order at 1.7460 and a EUR buy order 1.8000. One order cancels the other.

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Elliott wave analysis of EUR/JPY for September 24, 2015 Market Analysis Review

Technical summary:

As we said yesterday, the closer volatility gets to the ideal bottom near 131.45 the greater it becomes and yesterday's sudden move higher to 134.69 describes this well. That said, we are still looking for more downside pressure towards an ideal target at 131.45 before a stronger rally takes place.

In the short term, we expect resistance at 134.69 to protect the upside for the next part of the decline towards 131.45. Only an unexpected break above resistance at 136.13 will indicate that a bottom is already in place.

Trading recommendation:

Our stop at 133.80 was hit for a nice profit. We will stand aside for now as the final part of the decline to 131.45 is expected to be very choppy and difficult to trade.

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