Technical analysis of EUR/JPY for November 17, 2015 Market Analysis Review

General overview for 17/11/2015 06:40 CET

The weekend retail gap had been completely filled, but after a short rally the market declined again to the level of 131.48, which is intraday support now. Any sustained breakout lower will result in a test at the level of 130.63 and even a possible downside continuation. On the other hand, any breakout above the recent intraday resistance at the level of 132.20 will result in the rally up to the first projected target at 132.80.

Support/Resistance:

130.44 - WS1

131.48 - Intraday Support

131.81 - Weekly Pivot

132.20 - Intraday Resistance

132.36 - WR1

Trading recommendations:

Day traders should place sell orders at the current levels with SL above the level of 132.21 and TP, which is open now.

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Technical analysis of USD/CAD for November 17, 2015 Market Analysis Review

General overview for 17/11/2015 06:30 CET

There is one more possibility in current wave development to follow, an ending diagonal structure in the lat wave alt:-v-. This structure will be confirmed if the market breaks the black line around the level of 1.3317 and a decline lower to the level of intraday support at 1.3266.

Support/Resistance:

1.3375 - WR1

1.3368 - Intraday Resistance

1.3317 - Key Level

1.3298 - Weekly Pivot

1.3266 - Intraday Support

1.3250 - WS1

Trading recommendations:

Day traders should consider placing sell orders only is the level of 1.3317 is violated. SL orders should be placed then above the level of 1.3368 and TP at the level of 1.3266.

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Elliott wave analysis of EUR/NZD for November 17, 2015 Market Analysis Review

Wave summary:

A sideways consolidation in the area of 1.6300 - 1.6545 continues endlessly. That said, we still feel that an upside resolution will be eventually seen for a clear break above 1.6545 confirming continuation for a rally higher to 1.8020 and ultimately above 1.9114.

Only a breakout below support at 1.6300 and more importantly a breakout below 1.6179 will call for a final decline to 1.5882 before the decline from 1.9114 is finally over and an expected rally higher can begin.

Trading recommendation:

We bought EUR at 1.6365 and have placed our stop at 1.6280. If you are not long EUR yet, then buy near 1.6400 or upon a break above 1.6545 and use the same stop at 1.6280.

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Elliott wave analysis of EUR/JPY for November 17, 2015 Market Analysis Review

Wave summary:

We continue watching for renewed downside pressure as the next impulsive decline towards 124.54 unfolds. We have seen the first minor impulsive wave (wave i) to 130.64 and wave ii is currently unfolding. Ideally, wave ii will stay below minor resistance at 132.30 for the next impulsive wave lower towards at least 128.78 and even lower to 126.65 in wave iii of (iii).

Resistance at 132.76 now needs to protect the upside or an even more complex correction in wave (ii) than already seen is unfolding.

Trading recommendation:

We are short EUR from 132.09 and will move our stop lower to 132.80. If you are not short EUR already then sell near 132.30 with the same stop at 132.80.

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Technical analysis of EUR/USD for November 17, 2015 Market Analysis Review

When the European market opens, economic news on the ZEW Economic Sentiment, German ZEW Economic Sentiment, and Italian Trade Balance is due to be released. The US will unveil economic data on the NAHB Housing Market Index, Mortgage Delinquencies, Industrial Production m/m, Capacity Utilization Rate, and Core CPI m/m, CPI m/m. So amid the reports, the EUR/USD pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0740.

Strong Resistance:1.0733.

Original Resistance: 1.0723.

Inner Sell Area: 1.0713.

Target Inner Area: 1.0688.

Inner Buy Area: 1.0663.

Original Support: 1.0653

Strong Support: 1.0648.

Breakout sell level: 1.0636.

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 November 17, 2015 Market Analysis Review

In Asia, Japan will not publish any significant reports, but the US will release economic data om the NAHB Housing Market Index, Mortgage Delinquencies, Industrial Production m/m, Capacity Utilization Rate, and Core CPI m/m, CPI m/m. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 123.94.

Resistance. 2: 123.69.

Resistance. 1: 123.46.

Support. 1: 123.16.

Support. 2: 122.91.

Support. 3: 122.67.

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 November 17, 2015 Market Analysis Review

The USDX continues moving higher above the support level of 99.25, so the next target could be placed at the level of 99.80. A breakout higher will open the doors to the next resistance level of 100.25, which could produce a huge pullback in progress. The 200 SMA is slightly bullish and we can expect a rally towards the level of 99.80 soon.

H1 chart's resistance levels: 99.80 / 100.25

H1 chart's support levels: 99.25 / 98.31

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 99.80, take profit is at 100.25, and stop loss is at 99.37.

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Daily analysis of GBP/USD for November 17, 2015 Market Analysis Review

On the H1 chart, GBP/USD is still trading below the 200 SMA. The pair is looking for an opportunity to break the support zone of 1.5205 in order to test a low around the level of 1.5142. At the current stage, there is also a significant activity sellers, so we expect to see a pullback on the road. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 1.5296 / 1.5365

H1 chart's support levels: 1.5205 / 1.5142

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 found at 1.5205, take profit is at 1.5142, and stop loss is at 1.5270.

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Technical analysis of USD/JPY for November 16, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. On Friday, US stocks dropped over 1% as retail sales edged up just 0.1% in October (vs +0.3% expected) and oil kept sinking toward the $40.00 a barrel level (Nymex crude down 2.4% to $40.74 a barrel). The Dow Jones Industrial Average fell 1.2% to 17,245, the S&P 500 lost 1.1% to 2,023, and the Nasdaq Composite was down 1.5% to 4,927. Meanwhile, the benchmark 10-year Treasury yield settled at 2.280%, down from 2.313% in the previous session, while gold edged down 0.1% to $1,083 a troy ounce.

The US dollar gained against the euro as the eurozone posted weaker-than-expected numbers for growth over the third quarter. EUR/USD declined 0.4% to 1.0777. This morning the pair plunged to the 1.0720 level, producing a bearish gap following Friday's terrorist attacks in Paris. The pair has entered a consolidation phase after rising to as high as 123.15. It is currently trading below the 20-period intraday MA and the intraday RSI is below the neutrality level at 50. As long as the level of 122.70 (around the low of Nov. 12) holds as the key support, the consolidation's extent should be limited. The first upside target is still set at 123.40 and the second one at 123.60.

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 23.40 and the second target at 123.60. In the alternative scenario, short positions are recommended with the first target at 122.30 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 122. The pivot point is at 122.70.

Resistance levels: 123.40 123.60 124

Support levels: 122.30 122 121.60

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Technical analysis of USD/CHF for November 16, 2015 Market Analysis Review

USD/CHF is expected to trade with bullish bias as a rebound expected. The intraday technical outlook is positive now. The pair is showing upward strength, and remains supported by its key level at 1.0020. A bullish cross between the 20-period and 50-period MAs have been identified, which should confirm a bullish trend. Furthermore, the RSI is positive above its neutrality area at 50. To sum up, above 1.0020, look for a new bounce to 1.0095 and 1.0125 in extension.

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 1.0095 and the second target at 1.0125. In the alternative scenario, short positions are recommended with the first target at 0.9990 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 0.9945. The pivot point is at 1.0020.

Resistance levels: 1.0095 1.0125 1.0140

Support levels: 0.9990 0.9945 0.9915

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Technical analysis of NZD/USD for November 16, 2015 Market Analysis Review

NZD/USD is expected to trade with bearish bias as the key resistance at 0.6545. The pair remains under pressure below its nearest resistance at 0.6545. The intraday RSI is turning up, and calls for a rebound. Nevertheless, even though a technical rebound cannot be ruled out at the current stage, its extent should be limited. As long as the resistance at 0.6545 is not surpassed, the risk of the break below 0.64500 remains high.

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 0.6445. A break of that target will move the pair further downwards to 0.6420. The pivot point stands at 0.6545. 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 0.6590 and the second target at 0.6625.

Resistance levels:0.6590 0.6625 0.6645 Support levels: 0.6445 0.6420 0.6370

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Technical analysis of GBP/JPY for November 16, 2015 Market Analysis Review

GBP/JPY is expected to trade in a higher range as bias remains bullish. The pair stays above its key support at 186.40 and remains on the upside, while the intraday RSI is around 50 and lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 187.50 at first. A break above this level would call for further advance toward 188.

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 187.50 and the second target at 188.60. In the alternative scenario, short positions are recommended with the first target at 185.95 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 185.30. The pivot point is at 186.40.

Resistance levels: 187.50 188 188.60

Support levels: 185.95 185.30 184.80

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GBP/USD intraday technical levels and trading recommendations for November 16, 2015 Market Analysis Review

Overview:

Recently, the strong bullish pressure was applied at the resistance level of 1.5800 via the recent bullish swing.

Hence, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of September, due to the excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection, which took place on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

Note that bearish persistence below the level of 1.5200 is needed for a further bearish decline towards the levels of 1.5000 (prominent weekly support).

On the other hand, a valid sell entry can be offered around the current price levels (1.5200-1.5230) if enough bearish rejection is expressed by the end of the day.

However, a bullish breakout above the level of 1.5250 exposes next resistance levels around 1.5350 and 1.5450.

Price actions should be watched around 1.4980 where the lower limit of the depicted movement channel comes to meet the GBP/USD pair. This is where a valid buy entry can be offered. S/L should be located below 1.4900.

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USD/CAD intraday technical levels and trading recommendations for November 16, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in blue).

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls moved further above the resistance level, which was bypassed on September 23.

Significant bearish rejection was observed around 1.3450 where the 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On October 23, daily closure above 1.3100 was achieved. Besides, this enhanced the bullish side of the market.

The level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the level of 1.3100.

On October 28, a valid sell entry was suggested around the level of 1.3270 (FE 100%). Target levels were located at 1.3075 and 1.2930.

A bearish breakout below the support level at 1.3075 was mandatory to allow further bearish decline towards 1.2930. However, an evident bullish rejection was expressed around this level instead.

Hence, another bullish visit towards the level of 1.3270 (FE 100%) is being executed as anticipated in the previous articles.

The price reaction should be watched around the price level of 1.3300 on a daily basis, as daily persistence above 1.3300 directly exposes the next resistance level at 1.3450 which corresponds to Fibonacci Expansion 141.0%.

Trading recommendations:

Conservative traders should wait to SELL the USD/CAD pair around 1.3450 (Fibonacci Expansion 141.0%).

S/L should be placed above 1.3500.

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Intraday technical levels and trading recommendations for GBP/USD for November 16, 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 of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern).

This supports the bearish side of the market in the long term. An approximate target should be located at the level of 1.4800 for this reversal pattern.

The previous demand level at 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken down two weeks ago, after it has provided significant bullish demand for the GBP/USD pair.

Now, the price zone of 1.5200-1.5230 constitutes an important supply zone to be watched for bearish positions, which can be offered today.

The next demand level to meet the GBP/USD pair is located at 1.4950 (weekly demand level) where a possible buy entry can be offered.

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 reaction was expressed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks)

This led to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It placed the GBP/USD pair under significant bearish pressure.

Recently, daily candlestick closure above the level of 1.5380 (two weeks ago) enhanced the bullish side of the market exposing levels around 1.5500 where bearish rejection was anticipated, similar to what happened back on October 22.

The demand levels of 1.5350 and 1.5200 were broken down last week. These levels currently constitute prominent supply to be watched for new sell entries. The level of 1.5200 is being revisited today.

Note that bearish persistence below 1.5200 is mandatory to allow further bearish decline towards the next demand levels at 1.5090, 1.5025, and 1.4950.

On the other hand, a daily breakout above supply level at 1.5220 enhances the bullish side of the market towards at least 1.5350.

Trading Recommendation:

Risky traders can dell the GBP/USD pair around 1.5220 (the current supply level). S/L should be located above 1.5250.

On the other hand, a low-risk buy entry will probably be offered around the weekly demand levels at 1.5000-1.4950. S/L should be placed below 1.4920.

Initial T/P levels should be located at 1.5170 and 1.5300.

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Intraday technical levels and trading recommendations for EUR/USD for November 16, 2015 Market Analysis Review

The EUR/USD pair moved lower after breaking below the 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 pushed the price slightly below the monthly demand level of 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 (July, August, September and October) reflected recent bearish rejection, which was expressed around the level of 1.1450.

Hence, in the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0575 occurs before the end of the current month.

On August 24, the market looked overbought as bulls were pushing the pair further beyond the level of 1.1500 (daily supply level).

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested. T/P levels located at 1.1150 and 1.1050 were already reached.

A bearish breakdown of the depicted uptrend line has been executed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Two weeks ago, daily persistence below the level of 1.0990 exposed the next demand level around 1.0850 where prominent bottoms were previously established in May, July, and August.

This week, daily persistence below the level of 1.0800 (prominent bottom established on July 21) is needed to maintain enough bearish momentum towards 1.0650 and 1.0530 (prominent monthly low).

Moreover, a valid sell entry can be offered around price level of 1.0850 if the current bullish correction persists above 1.0700 (Friday's lowest price level).

On the other hand, bearish closure below 1.0700 allows further bearish decline towards the next demand level at 1.0600.

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EUR/NZD : analysis for November 16, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6572. The short-term trend is still neutral. Be careful when selling EUR/NZD before a breakout of the key support level takes place. In the the daily time frame, we can see an upward bar in a volume above the average. A high-volume breakout at the level of 1.6590 will confirm further upward movements. I had placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at the level of 1.7080 and FIbonacci retracement 61.8% at the level of 1.7295. According to the M30, I found absorption of selling climax in the background and today highest volume was supportive nature, which is a sign that we may see upward movements. So, be careful when selling at this stage because we may see potential recovery in the euro. Anyway, strong support at 1.6150 may become strong resistance once it gets broken.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6510

R2: 1.6536

R3: 1.6580

Support levels:

S1: 1.6422

S2: 1.6395

S3: 1.6350

Trading recommendations: Selling looks risky at this stage so watch for potential buying opportunities on an intraday basis. Selling opportunities are preferable only if the price breaks the level of 1.6150.

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Gold analysis for November 16, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As I had expected, the price tested the level of $1,097.91. According to the daily time frame, I found a strong pin bar and reaction from buyers, which did not let sellers to break the key support at the level of $1,077.00. According to the M30 time frame, I found a massive volume spike at the level of $1,074.00 and very strong reaction from buyers shortly after (sign of strength). Strong support is seen near the level of $1,090.00-$1,089.00. We can observe a change in polarity and old swing highs became support levels. Potential resistance levels are at the prices of $1,104.00, $1,118.00, and $1,132.00 as well as $1,145.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,089.35

R2: 1,090.35

R3: 1,092.00

Support levels:

S1: 1,086.15

S2: 1,085.00

S3: 1,083.60

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Good intraday support is at the price of $1,090.00.

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Technical analysis of GBP/USD for November 16, 2014 Market Analysis Review

The weekly Technical analysis of GBP/USD pair:

Overview:

• The GBP/USD pair movement will continue from the level of 1.5180 on the H1 chart. Moreover, this level was confirmed by the bullish market a week ago. Additionally, the price of the GBP/USD pair has been showing an upward trend at the same price, which represents the weekly pivot point. Therefore, the market will indicate the bullish opportunity at the level of 1.5180. Besides, the pivot became a minor support. Accordingly, it will be a good sign to buy at 1.5180 (in the short term) with the first target at 1.5264 in order to form a double top and further to 1.5320 in the same time frame. Furthermore, this level of taking profit will coincide with the weekly resistance 1 for that it is going to be a good place for take profit. On the other hand, the stop loss should be placed below the double bottom at the price of 1.5140.

Notes:

• The weekly pivot point will be set at the level of 1.5180.
• The strong resistance was set at 1.5320.
• We expect a range about 140 pips in coming days.

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Technical analysis of EUR/USD for November 16, 2014 Market Analysis Review

Trading recommendations:

• The resistance of the EUR/USD pair has already been set at 1.0769 on November 16, 2015. The level of 1.0758 is representing the weekly pivot point. Furthermore, it will be very profitable to sell below this level for retesting this level in the short term. Therefore, sell deals are recommended below the weekly pivot point (1.0758) with targets at 1.0687 (the level of 1.0687 is representing the support 1) and 1.0673 to reach the double bottom today. On the contrary, the resistance is going to set at the level of 1.0769 today. Consequently, the ascendant movement will probably be higher than the 1.0769 level with the targets at the price of 1.0829.

The weekly technical analysis of the EUR/USD pair:

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Global macro overview for 16/11/2015 Market Analysis Review

Global macro overview for 16/11/2015:

The eurozone inflation data has been released this morning and beat the expectations. The consumer price index was higher than anticipated (0.1% y/y vs. 0.0% y/y) and the core consumer price index jumped higher as well (1.1% y/y vs. 1.0% y/y). This means that Mario Draghi's worries about increased deflation threats in the eurozone might be out of the context as the current inflation readings are at the two-year highs. This upside surprise in inflation reading might encourage the ECB to think its prospect of a new round of monetary stimulus over, just when the Fed policy makers are inching closer to start the process of raising rates.

The EUR/USD pair has completely filled the opening gap and now is trading in the middle of the intraday range. The next support is seen at the level of 1.0704 and the next resistance is seen at the level of 1.0758.

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USDX technical analysis for November 16, 2015 Market Analysis Review

The US dollar index picked up some strength on Friday as the price bounced off the lower bullish channel boundaries and support levels. A trend remains bullish. The decline has a corrective overlapping structure, and I expect the bullish trend to resume soon.

Blue lines - bullish channel

The US dollar index is trading above the Ichimoku cloud support and still inside the bullish channel. Support is found in the area of 98.60-98.40, while resistance is found at 99.25. In case of a breakout above 99.25, I would expect the level of 100 to be reached. New highs are also expected.

The weekly chart remains bullish despite the pullback performed last week. The price might be consolidating before the final thrust to new highs near 101-102. The trend remains long-term bullish and there is still no signs of reversal. Bulls should be cautious as we are just below important long-term resistance. Bulls should protect their longs with stops at 98.

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Gold technical analysis for November 16, 2015 Market Analysis Review

Gold price has finished its decline from $1,190 at a new low of $1,074. Is this a long-term low? For now, we can be pretty sure that at least a bounce should be expected. As I mentioned in the previous posts, gold is at the long-term support level, and bears should be very cautious.

Blue parallels - bullish short-term channel

Blue TL- Resistance

Gold price has bounced towards the Ichimoku cloud resistance and has started moving towards higher highs and higher lows in the 4-hour chart. Above $1,130, we can say that short-term trend has changed. Until then, I prefer to stay neutral or place stops for long positions at last week's lows.

Gold is testing tenkan-sen resistance at $1,100. The daily stochastic is turning upwards with a bullish crossing. I think we can see a bounce towards at least$1,120-30 where we find the 38% Fibonacci retracement and the Ichimoku cloud. This is the time to be long on gold but not short.The material has been provided by InstaForex Company - www.instaforex.com

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Global macro overview for 16/11/2015 Market Analysis Review

Global macro overview for 16/11/2015:

Attacks in Paris sparked sell-offs in the Asian stocks and pushed the gold upward due to the global risk aversion. These events are likely to have a short-lived effect in the markets, but in the long-term they are more likely to re-ignite the political risks. Particularly, a double whammy took Japan's Nikkei 225 index down to its lowest level in about a week. Apart from the deadly attacks in Paris, traders also sitting on the sidelines after preliminary figures for Japan's gross domestic product in the third quarter, which showed the world's third-largest economy slipping back into recession. Elsewhere in the region, equity markets were in a sea of red after Monday's opening bell.

Gold spiked higher due to a "flight to safety" flows and now it is trading just below the technical resistance at the level of 1098. In case of a sustained bullish breakout, the next resistance is seen at the level of 1104.

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Technical analysis of GBP/CHF for November 16, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair tested the resistance level of 1.5350 resistance on the 4H chart and reversed. The pair is trading below 1.5350 now and looks for an opportunity to drop through at least 1.5120. But there is still a huge probability that a drop towards 1.4850 can continue, which is also the Fibonacci 0.618 support of the entire rally from 1.4500 through 1.5350. It is hence recommended to remain short with risk at the level of 1.5380. Immediate resistance is seen at 1.5350 followed by 1.5400/10, while support is seen at 1.5200 and lower.

Trading recommendations:

Remain short with stop at 1.5380, a target is at 1.4850.

Good luck!

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Technical analysis of EUR/JPY for November 16, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair moved below the level of 131.00 taking stops out. But then, it has pulled back sharply above 131.50 levels again and is comfortably trading above 131.50 at the moment. As depicted on the daily chart, the pair is still holding in its Fibonacci 0.618 support zone around 131.00 trying to go through the level of 133.25, which is initial interim resistance. Aggressive trade setups are still recommended for initiating long positions with risk below 130.60. Immediate support is seen at 130.60 followed by 130.00, and lower, while resistance is seen at 133.25 and higher.

Trading recommendations:

Initiate fresh long positions with stop at 130.40, a target is open.

Good luck!

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