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

EUR/USD: Though the movement on the EUR/USD pair looks deceptive, long trades would be rational on it. This is because the EMA 11 is above the EMA 56 and the Williams' Percentage Range is not far from the overbought region. It is even sloping upwards. There is a strong likelihood that the resistance lines of 1.0950 and 1.0000 will be reached within the next several trading days.

USD/CHF: This pair has only consolidated so far this week, owing to the perceived quietness in the market. This week, the price has oscillated between the resistance level of 0.9950 and the support level of 0.9850. A break out of this trading range may be possible next week because a serious movement is anticipated.

GBP/USD: The Bearish Confirmation Pattern on the GBP/USD pair is very strong, and it can hold out, despite the current shallow rally in the market. This kind of rally should be seen as another opportunity to go short while the outlook on the market remains bearish. A further bearish movement is expected soon (most probably next week).

USD/JPY: The USD/JPY pair remains steady – consolidating to the downside in the context of a downtrend. The price is now below the supply level of 121.00, targeting the demand level of 120.50. Since weak trading activity is expected today, the price would not go downwards significantly.

EUR/JPY: This cross went upwards on Monday and Tuesday, but came down on Wednesday, reinforcing the bearish pressure in the market. The demand zone of 131.50 has been tried and it can be retried, in spite of the upwards bounce that is currently happening (a bullish candle).

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

Trading recommendations:

• The resistance of the USD/CHF pair has already set at 0.9937 on December 24, 2015. Moreover, the double top sets at the level of 0.9978. Thus, we expect a range of 97 pips today because usually the last day of a week shows high volatility. Therefore, it will be quite profitable to sell below this level (0.9978) for retesting this level in the short term. Hence, sell deals are recommended below the level of 0.9978 with targets at 0.9908 (the level of 0.9908 is representing the first support) and 0.8979 to reach the second support. Additionally, the descending movement will probably be lower than the 0.9862 level with the target at the double bottom. The double bottom sets at the level of 0.9862 and also coincides with the major support today.

Observations:

• The resistance will be set at the level of 0.9970 and the support has already been placed at the price of 0.9862.
• We expect a new range about 232 pips this week.
• The key level will set at the level of 0.9910.
• The level of 0.9978 is going to represent the double top.

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

Overview:

• The GBP/USD pair closed below the resistance which represents the weekly daily point at the level of 1.4960. Additionally, the market was in a downtrend two days ago. Besides, it should be noted that the price has already broken most of Fibonacci retracement levels. Therefore, the market will probably indicate a bearish opportunity at the level of 1.4955. The price has still been moving between the price of 1.4955 and the 1.4763 level in the short term. Meanwhile, the area below 1.4968 (above the the ratio of 38.2% Fibonacci retracement level on H1 chart) is looking for a further downside with the first target at the 1.4805 level and continue towards 1.4763 in order to test the weekly resistance 1. However, the stop loss should be placed at the price of 1.5019 (above the weekly pivot point).

Notes:

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3. According to the previous events, the GBP/USD pair is going to move between 1.4763 and 1.4998 this week.

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Daily analysis of USDX for December 24, 2015 Market Analysis Review

On H1 chart, USDX is finding strong support at the 98.14 level, where a rebound is expected to re-test the resistance level of 98.66. We should remind you that a higher rally is expected to try a bullish consolidation ahead of the New Year Eve. However, if the index manages to break the 98.14 level, then it's possible to do a decline towards the 97.86 level. MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 98.66 / 99.19

H1 chart's support levels: 98.14 / 97.16

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 98.66, take profit is at 99.19, and stop loss is at 98.14.

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Daily analysis of GBP/USD for December 24, 2015 Market Analysis Review

GBP/USD managed to regain some losses during the start of this Christmas week and now we can see a bullish consolidation above the support level of 1.4852. A rally is expected to test again the 200 SMA on H1 chart. Around that zone, we should expect a pullback to resume the overall bearish bias. MACD indicator is entering the negative territory.

H1 chart's resistance levels: 1.4918 / 1.4999

H1 chart's support levels: 1.4852 / 1.4802

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 1.4852, take profit is at 1.4802, and stop loss is at 1.4902.

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Daily analysis of GBP/JPY for December 23, 2015 Market Analysis Review

Overview

The tight rage controls silver price trading since yesterday, which fluctuates near the critical resistance at 14.25, as long as the price below this level, so we keep preferring the bearish trend on the short term basis, waiting for targeting 13.50 then 13.00 levels initially. You should be aware that stochastic and the EMA50 positive, which might push the price to attempt to stop the suggested negative scenario and head towards achieving some gains on the intraday and short term basis. Silver price didn't show any strong move since morning, therefore, there is no change on the overall bearish trend scenario that depends on the stability of the daily close below 14.25 level, we might witness more of the sideways fluctuation affected by stochastic and the EMA50 positivity, reminding you that our main targets begin at 13.50 then 13.00.

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NZD/USD intraday technical levels and trading recommendations for December 23, 2015 Market Analysis Review

The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.

A temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) in the daily chart. Actually, an earlier bearish rejection was expressed two weeks ago on Friday.

On the other hand, an estimated projection target for this flag pattern will remain at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.

Two weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.

For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).

The level of 0.6840 remains a significant resistance level to offer a valid Intraday sell entry.

Shortly after, a previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.

A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.

This week, lack of strong bullish pressure was manifested above 0.6800.

That's why, a bearish pullback is taking place towards 0.6750 where another buy entry can be offered. S/L should be located below 0.6700. Initial T/P level remains located at 0.6840.

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Daily analysis of GBP/JPY for December 23, 2015 Market Analysis Review

Overview

GBP/JPY's fall is still in progress and intraday bias remains on the downside. As was noted before, the fall from 195.86 has just resumed and will target the key support level of 174.86 . A break will indicate a larger trend reversal. On the upside, above the minor resistance of 182.12, the bias will turn neutral and bring consolidations first. The breach of the medium-term support is taken as a sign of the trend reversal. This is supported by a bearish divergence condition in the weekly MACD. Also, 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 the 200 psychological level. 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'll be cautious on the strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 178.79; (P) 179.70; (R1) 180.38;

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USD/CAD intraday technical levels and trading recommendations for December 23, 2015 Market Analysis Review

Overview:

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was executed on July 15th (shown on the weekly chart). A long-term bullish target was projected towards the level of 1.3270.

A significant bearish rejection has been observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

Few weeks ago, a bearish breakout below the support level of 1.3075 was needed to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) was performed on December 7th.

Daily fixation above 1.3400 enhances the bullish side of the market.

A bullish visit towards the next resistance level of 1.4100 (Fibonacci Expansion 100%) should be expected.

A significant bearish rejection and valid sell entry should be expected around this price level.

On the other hand, the price zone around 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if a bullish pullback occurs soon.

Trading recommendations:

A counter-trend sell position can be offered around 1.4100 (Fibonacci Expansion 100%) for risky traders if enough bearish rejection is expressed at retesting.

On the other hand, conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 looking for a low-risk buy entry. S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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Intraday technical levels and trading recommendations for GBP/USD for December 23, 2015 Market Analysis Review

A 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 was providing the GBP/USD pair with a significant resistance.

The recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern). This supported the bearish side of the market in a long-term perspective.

A long-term bearish target is projected towards the level of 1.4800 for this reversal pattern.

The previous demand level of 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken to the downside a month ago. This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

Hence, a quick bearish decline towards the weekly demand level of 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that the previous weekly closure below 1.4950 clears the way towards 1.4800 (a long-term bearish target).

On the other hand, a bullish closure again above 1.4950 brings another bullish pullback towards 1.5350.

Recently, the key level of 1.5200 was temporarily breached to the upside before a daily bearish engulfing candlestick was expressed around 1.5330 on November 20th.

Bearish persistence below 1.5200 and then below 1.5050 (previous weekly bottom) enhanced a further bearish decline towards the weekly demand level of 1.4950 (corresponding to the lower limit of the depicted channel).

A bullish engulfing daily candlestick was expressed around 1.4950 earlier this month on December 3rd.

A bullish pullback towards 1.5200-1.5230 was expressed as the GBP/USD pair managed to hold above 1.5000 and 1.5100.

Last week, a significant bearish rejection was expressed around 1.5230. Many bearish engulfing daily candlesticks had been already expressed. The level of 1.4950 is the key level to be watched for new sell entries if bullish pullback occurs.

As suggested in the previous article, the price zone of 1.4800-1.4830 (the lower limit of the depicted channel) can offer a valid buy entry with a bullish target at 1.4950.

Trading Recommendation:

Risky traders can sell the GBP/USD pair at retesting of the broken demand level at 1.4950. S/L should be set as a daily closure above 1.4960.

Initial bearish target would be located at 1.4850 where the lower limit of the depicted channel is located.

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Intraday technical levels and trading recommendations for EUR/USD for December 23, 2015 Market Analysis Review

Previously, 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, next monthly candlesticks (August, September, October, and November) reflected strong bearish rejection, which existed around the level of 1.1450.

Hence, a long-term projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level of 1.0555 occurs before the end of this month (December).

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

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

A bearish breakout of the depicted uptrend was performed on October 23rd. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Three weeks ago, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where the recent bullish pullback was initiated.

This week, the level of 1.1000 constitutes a significant supply level to offer a valid sell entry. The Head and Shoulders reversal pattern is being established around the depicted supply level.

S/L should be located above 1.1050. Initial T/P levels should be located at 1.0900 and 1.0810.

An obvious bearish closure below 1.0820 (the neckline of the depicted reversal pattern) is needed to allow a further bearish decline towards 1.0730 and 1.0550 again.

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Technical analysis of EUR/JPY for December 23, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 132.00 levels for now after having bounced back from 131.00 levels earlier. Besides, note that 131.00 levels is also fibonacci 0.618 support, for rally between 129.50 and 134.50 levels respectively. The pair could be looking to print higher highs after 131.00 lows have formed. It is hence recommended to initiate fresh long positions now, with risk at 129.00 levels. The rally is expected to extend through 137.00 levels and higher in the coming weeks. Immediate support is seen at 131.00 levels (interim), followed by 129.50 and lower, while resistance is seen at 133.75 and higher respectively.

Trading recommendations:

Initiate long positions now, stop at 129.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for December 23, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair had dropped lower towards 1.4600 levels yesterday taking out stops out at 1.4700. The pair has bounced back sharply just ahead of 1.4520 support levels, and has rallied all the way towards 1.4750 levels at the moment. The daily chart is producing an engulfing bullish candlestick pattern and the pair should be looking to rally through at least 1.4900 levels, which is trend line resistance. It is recommended to remain flat for now and wait for further evidence before committing on the long side. Immediate support is seen at 1.4520 levels while resistance is seen at 1.4900 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Silver for December 23, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is seen to be trading around $14.29/30 levels at the moment, looking to drop lower towards $13.90 levels before reversing. The metal has rallied from $13.65 levels through $14.39 levels and taken out interim resistance at $14.30 levels already. A dip towards $13.90 levels, which is also fibonacci 0.618 support, is expected before the trend reverses. Immediate support is seen at $14.05 levels, followed by $13.90, while resistance is seen at $14.39 levels and higher respectively. Buying on dips through $13.90 levels looks highly probable.

Trading recommendations:

Initiate long positions at $1,060.00 levels, stop at $1,043.00, a target is open.

Good luck!

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Technical analysis of AUD/CHF for December 23, 2015 Market Analysis Review

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Technical analysis of GBP/CHF for December 23, 2015 Market Analysis Review

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Technical analysis of Gold for December 23, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold id trading around $1,074.00 levels for now, looking to drop lower and form bottom at $1,060.00 levels before reversing. The metal is expected to drop in a corrective manner (3 waves) and the bottom should be bought. Also note that $1,060.00 levels is the fibonacci 0.618 support of rally between $1,048.00 and $1,081.00 levels respectively. It is hence recommended to initiate fresh long positions around $1,060.00 levels, with risk at $1,043.00. Immediate support is seen at $1,067.00 levels, followed by $1,064.00 and lower while resistance is seen at $1,080.00 levels respectively.

Trading recommendations:

Initiate long positions at $1,060.00 stop at $1,043.00, target is open.

Good luck!

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

Overview:

• The USD/CAD pair will continue its rise upright from the price of 1.3842 in the long term. It should be noted that the support is setting at the price of 1.3842, which represents the 78.6% of Fibonacci retracement levels on the H4 chart. Moreover, the same price is probably going to form a double bottom at the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following the break of the highest level of 1.3908. So, it will be a good sign to buy above the level of 1.3908 with the first target of 1.4001 in order to test the double top and further to 1.4063. Also, it might be noted that the level of 1.4063 is a good place to take profit because it will form a new double top this week. On the other hand, in case reversal takes place and the USD/CAD pair breaks through the support level of 1.3842 , the market will lead to further decline to 1.3725 to indicate a bearish market.

Intraday technical levels:

• R3: 1.3999
• R2: 1.3982
• R1: 1.3950
• PP: 1.3933
• S1: 1.3901
• S2: 1.3884
• S3: 1.3852

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Technical analysis of AUD/USD for December 23, 2015 Market Analysis Review

Overview:

The AUD/USD pair has dropped from the level of 0.7243 and has extended further to as high as 0.7215 (50% of Fibonacci retracement levels) today. The pair closed at 0.7215 yesterday and the currently price sets at 0.7220. The price was placed below 61.8% of Fibonacci retracement levels this week. Moreover, it should be noted that the price has formed strong resistances at 0.7243 and 0.7283. Furthermore, this strong level is still moving between 61.8% of Fibonacci retracement levels and 50% on the H1 chart. Hence, the market will probably start showing the signs of bearish market again in order to indicate a bearish opportunity below the level of 0.7215 with targets towards the strong support around the spot of 0.7187. Meanwhile, bears were forced to pull back at the level of this area; therefore, this level will form a strong support at 0.7180 in order to indicate a bullish opportunity above this support, so it will be a good sign to buy above the price of 0.7180 with a target at 0.7243 and it might resume to 0.7290 in the long term.

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EUR/NZD : analysis for December 23, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the price of 1.6050. In the daily time frame, I found a weak supply bar. In the H4 time frame, I found a strong head-and-shoulders confirmed formation (a broken neckline). The price again broke the 200 SMA. Be careful when buying EUR/NZD at this stage since lower prices are expected. I have placed Fibonacci expansion to find potential support levels. I got Fibonacci expansion 61.8% at the level of 1.6070 (broken), Fibonacci expansion 100% is at the level of 1.5840, and Fibonacci expansion 161.8% is seen at the level of 1.5470.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6130

R2: 1.6170

R3: 1.6235

Support levels:

S1: 1.6000

S2: 1.5960

S3: 1.5895

Trading recommendations : Buying EUR/NZD looks very risky at this stage since the price confirmed a head-and-shoulders formation. Watch for potential selling opportunities.

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Gold : analysis for December 23 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,069.50. In the daily time frame, I found a weak supply bar, which is a sign that selling looks risky. The short term trend is upward. In the 30M-time frame, we can observe testing of our channel, which made good buy point around the price of $1,072.00. I have placed Fibonacci retracement and Fibonacci retracement 61% is at the price of $1,070.00.The first resistance is seen at the level of $1,088.70. Key price action resistance is around the price of $1,100.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,077.00

R2: 1,078.65

R3: 1,081.20

Support levels:

S1: 1,072.00

S2: 1,070.50

S3: 1,068.00

Trading recommendations: Watch for potential buying opportunites, selling looks risky.

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Global macro overview for 23/12/2015 Market Analysis Review

Global macro overview for 23/12/2015:

Brexit (common term for possible United Kingdom European Union exit next year) will be the biggest problem for the UK economy and social sentiment next year. According to the pool made by Bloomberg News 43% of economists agreed with the statement, that Brexit will be the biggest threat and 13% choose the buildup to the referendum on membership of the bloc. The remaining 39% were more timid, but agreed that Brexit might be the second-biggest risk. A potential exit would have tremendous consequences for British pound and gilts, together with greater investor outflow from UK. Prime Minister David Cameron did not yet set the referendum date, but the vote could come as soon as mid-2016 and by the end of 2017 at the latest.

The GBP/USD pair is trading slowly in the middle of the trading range below the important technical resistance at the level of 1.4895. The next support is seen at the level of 1.4806.

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Global macro overview for 23/12/2015 Market Analysis Review

Global macro overview for 23/12/2015:

The US news released yesterday were a mixed bag of data. The US GDP has posted a solid gain which was better than expected (2.0% vs. 1.9% expected). Existing Houses Sales disappointed (4.76M vs. 5.32M expected), while the Richmond Manufacturing Index beat expectations (6 points vs. -1 points expected). So far the overall economic situation in the US does not look bad as almost all the economic indicators report a slow, but steady improvement.

The prices of gold, after taking a hit in the aftermath of the Federal Reserves rate hike when it briefly dropped below the $1050 level ( lowest level since February 2010), rallied more than 2% and for now are trading steadily in the congestion zone between the levels of 1046 and 1088.

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Technical analysis of EUR/JPY for December 23, 2015 Market Analysis Review

General overview for 23/12/2015 09:40 CET

The recent upswing looks quite corrective and the whole structure is evolving into a more complex WXYXXZ pattern. This means that one more low will be made below the level of 131.04. Please notice that the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.76- Intraday Resistance

132.06 - Weekly Pivot

131.04 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from the current market levels with SL above the level of 132.76 and TP at the level of 131.20.

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

General overview for 23/12/2015 09:30 CET

The slow and quiet trading before Christmas continues as the market is still inside the daily range. Further development in the corrective wave 4 black is anticipated with a potential target at the level of 1.3677.

Support/Resistance:

1.4100 - WR1

1.4000 - Intraday Resistance

1.3888 - Weekly Pivot

1.3847 - Intraday Support

1.3776 - WS1

Trading recommendations:

Day traders should consider placing sell orders from the current market levels with SL above the level of 1.4000 and TP at the level of 1.3847.

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

Wave summary:

There is no change in view. We still think that wave ii ended at 1.5930 and wave iii higher is in its infinity. That said, we still need a break above minor resistance at 1.6164 and more importantly a break above resistance at 1.6246 confirming the bottom for a rally much higher.

In the short term, it will take an unexpected break below the 1.5930 low to delay the expected impulsive rally higher, but only a break below the wave 2 low at 1.5784 to invalidate the bullish outlook.

Trading recommendation:

We will only buy a break above 1.6167 with our stop placed at 1.5935.

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

Wave summary:

We have most likely seen wave [i] of c end at 132.78 and is currently in the later part of wave [ii], which is expected to terminate near 132.10 for the next impulsive rally closer to 134.91 in wave [iii] before the next consolidation is expected in wave [iv].

As we are looking for a second wave correction, we will have to remember that they often become very deep and correct most of the first wave, so even if we see a break below 132.10 that doesn't alter our expectation of a continuation higher towards 135.34

Trading recommendation:

We are long EUR from 131.95 and will lift our stop to break-even.

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Technical analysis of USD/JPY for December 23, 2015 Market Analysis Review

USD/JPY is expected to trade in a lower range. The first downside target at 120.60 is in sight. Currently, the pair is being supported by the rising 20-period moving average, which has crossed above the 50-period one, while the relative strength index stands firmly above the neutrality level of 50. With such a bearish intraday outlook, once breaking below 121.50, the pair is expected to rise further to 120.60 (a price base seen on December 14 and 15).

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 120.60. A break of that target will move the pair further downwards to 120.15. The pivot point stands at 121.50. 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 121.75 and the second target at 122.15.

Resistance levels: 121.75 122.15 122.55

Support levels: 120.60 120.15 119.65

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

USD/CHF is expected to trade in a lower range. After the recent downside breakout of 0.9915, the USD/CHF pair remains under pressure and seems likely to post a further decline. The previous key support is now playing a resistance role, and should limit any upside room. Furthermore, the relative strength index is still below its neutrality area at 50. In conclusion, as long as the resistance at 0.9915 is not surpassed, the risk of the break below 0.9855 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 0.9855. A break of that target will move the pair further downwards to 0.9830. The pivot point stands at 0.9915. 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 0.9940 and the second target at 0.9970.

Resistance levels: 0.9940 0.9970 0.9990

Support levels: 0.9855 0.9830 0.9795

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

NZD/CAD pair is pulling back but is standing above its key support at 0.6765. Meanwhile the relative strength index lacks strong downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6865 at first. A break above this level would call for further advance toward 0.69.

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, it is recommended to open long positions with the first target at 0.6865 and the second target at 0.69. In the alternative scenario, it is recommended to open short positions with the first target at 0.6740, 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 0.6710. The pivot point is at 0.6765.

Resistance levels: 0.6865, 0.69, 0.6950

Support levels: 0.6740, 0.6710, 0.6660

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

GBP/JPY is expected to trade in a lower range. A strong resistance area around 180.10 maintains the selling pressure. Besides, the process of lower highs and lows remains intact. At the current stage, the pair is more likely to test its nearest support at 179. The risk is a slide below this level, which would trigger a bearish acceleration toward 178.50.

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 179.00. A break of that target will move the pair further downwards to 178.50. The pivot point stands at 180.10. 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 180.60 and the second target at 181.20.

Resistance levels: 180.60 181.20 182.10

Support levels: 179 178.50 178

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

EUR/USD: The EUR/USD pair rose by 120 pips this week, while the outlook for the market remains bright. The price is now above the support line of 1.0900, going towards the resistance lines of 1.1000 and 1.1050. These are targets for the bulls, which might be attained, in case the bullish journey continues.

USD/CHF: By all indication, at present, the best thing to do is to go short. The CHF is currently strong whereas the EUR is influenced by energy. In addition, the EMA 11 is below the EMA 56, as the Williams' Percentage Range is in the oversold region. Thus, the price can go below the support level of 0.9850, as the market weakenes further.

GBP/USD: This market moved downwards on Tuesday, following a short-term consolidation of the price in the context of a downtrend. On the chart, the Bearish Confirmation Pattern is very strong, and it is more likely that the price could move further downwards from here. Most other pairs, including the GBP, are also weak. For example, GBP/CHF and GBP/NZD.

USD/JPY: After the bearish signal we got last week, the USD/JPY pair is still showing a possibility of going further downwards. The demand level of 120.50 is the next possible target for the bears, which might be reached today or tomorrow. On the other hand, the supply level of 122.00 might check any possible rallies along the way.

EUR/JPY: This currency trading instrument moved slightly upwards on Tuesday. The price is currently trying to bounce upwards while the outlook remains bearish (but the bearish trend is threatened). The bearish outlook will not be rendered useless as long as the price does not go above the supply zone of 133.50.

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