Technical analysis of USD/CHF for January 22, 2016 Market Analysis Review

The USD/CHF pair is likely to advance further. The intraday technical picture of USD/CHF is positive now after yesterday's strong rebound. A support base around 1.0065 has been formed, which suggests stabilization. Besides, a bullish cross has been identified between the 20-period and 50-period moving averages. The relative strength index is also bullish, displaying upward momentum. Therefore, as long as 1.0065 holds on the downside, further advance is expected to 1.0175 (Jan. 19 top) and 1.0214 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 1.0175 and the second target at 1.0215. In the alternative scenario, short positions are recommended with the first target at 1.0030 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 0.9990. The pivot point is at 1.0065.

Resistance levels: 1.0175, 1.0215,1.0245

Support levels: 1.0030, 0.9990, 0.9955

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Technical analysis of USD/JPY for January 22, 2016 Market Analysis Review

The USD/JPY pair is expected to trade in higher range. Overnight major U.S. stock indexes rallied thanks to rebound of oil prices and ECB President Mario Draghi's comments hinting at more easing for Europe. Apart from energy shares, shares in consumer durables & apparel and telecoms sectors also performed well. Crude oil rebounded by 4.2% to $29.53 per barrel on Nymex . The Dow Jones Industrial Average added 0.7% to 15,882, the S&P 500 gained 0.5% to 1,868, while the Nasdaq Composite was broadly flat at 4,472.

Gold edged up less than 0.1% to $1,101 an ounce, while the benchmark 10-year Treasury yield rose to 2.021% from 1.982% in the previous session.

On the Forex front, EUR/USD posted a choppy session overnight -- it plunged to a day-low of 1.0777 after ECB chief's comments, and bounced back to as high as 1.0900 before declining again. At the same time, with oil prices' rally and short-position-covering in progress, USD/CAD continued its slide falling 1.7% to 1.4261. Meanwhile, USD/JPY gained 0.7% to 117.68, while AUD/USD rose 1.3% to 0.6996 and NZD/USD was up 1.5% to 0.6524.The pair continues on its rebound, posting a pattern of higher highs. Currently it is supported by the ascending 20-period (30-minute chart) moving average which stands above the 50-period one. The intraday relative strength index remains above the neutrality level of 50. On such a bullish background, the pair should retake the first upside target at 118.80 (around the high of January 19) before rising toward the second one at 119.15 (a key resistance seen on January 13).

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 118.80 and the second target at 119.15. In the alternative scenario, short positions are recommended with the first target at 117.45 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 117.10. The pivot point is at 118.

Resistance levels: 118.80, 119.15, 119.45

Support levels: 117.45,117.10,116.75

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Technical analysis of NZD/USD for January 22, 2016 Market Analysis Review

NZD/USD is turning upwards hitting its strong support area around 0.6345. The 20-period moving average has clearly reversed up, and also broke above the 50-period one generating a positive signal. The relative strength index is well directed above its 70% area, which suggests that the pair may be overbought at the current stage. Nevertheless, as long as 0.6385 (our stop loss) is not broken, a further advance to 0.6475 and 0.6510 is expected.

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 0.6560 and the second target at 0.6610. In the alternative scenario, short positions are recommended with the first target at 0.6410 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 0.6350. The pivot point is at 0.6460.

Resistance levels: 0.6560, 0.6610, 0.6650

Support levels: 0.6410, 0.6350, 0.63

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Technical analysis of GBP/JPY for January 22, 2016 Market Analysis Review

GBP/JPY is expected to trade in a higher range. The pair is reversing up and stands above its key support at 167.80. The 20-period moving average has just crossed above the 50-period one. Further upside is therefore expected with the next horizontal resistance and overlap set at 170.60 at first. A break above this level would call for further advance towards 171.40 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 170.60 and the second target at 171.40. In the alternative scenario, short positions are recommended with the first target at 166.80 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 166.15. The pivot point is at 167.80.

Resistance levels: 170.60, 171.40, 172

Support levels: 166.80, 166.15, 165.50

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Daily analysis of EUR/JPY for January 22, 2016 Market Analysis Review

Overview

According to the H4 chart, we stay cautious about strong support from 126.09 and a possible rebound. A break of the 129.07 support turned into resistance will turn bias to the upside for 134.58 resistance. However, a sustained break of 126.09 will carry larger bearish implications. Price actions from the 149.76 medium-term top is viewed as development of a corrective pattern. At this point, as long as 126.09 support holds, we expect a sideways pattern between 126.09 and 149.76 in the medium term to be followed by an upside breakout at a later stage. However, a decisive break of 126.09 will raise some question over this outlook and would bring deeper fall at least to 61.8% retracement at 115.36.

Daily Pivots: (S1) 126.70; (P) 127.44; (R1) 128.73

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Daily analysis of Silver for January 22, 2016 Market Analysis Review

Overview

The silver price keeps moving around the 13.96 level, and the price is still confined inside the sideways range that appears on the pictured chart, fluctuating between the 13.65 support and 14.25 resistance, while it needs to breach one of these levels to detect next targets on a short-term basis. Therefore, we still suggest the domination of the sideways range on the upcoming trading, reminding you that breaking the mentioned range's support will lead the price to visit the 13.00 level direct. However, breaching the resistance will push trading for bullish correction that its main targets reach 15.30. The silver price shows some slight bullish bias heading towards the sideways range resistance located at 14.25, while stochastic reaches the overbought areas, becoming negative factor that might push the price to bounce bearishly again.

Therefore, there is no change in the sideways trading scenario that will remain valid until the price managed to breach one of the sideways range lines represented by the 13.65 support and 14.25 resistance.

The expected trading range for today is between 13.65 support and 14.40 resistance.

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Daily analysis of GBP/JPY for January 22, 2016 Market Analysis Review

Overview

The short-term bottom is likely to be in place at 163.96, just ahead of the 161.8% projection of 195.86 to 180.36 from 188.79 at 163.71, on bullish convergence condition in the 4-hour MACD. Intraday bias has turned neutral first. Intraday bias is turned neutral first. Breaks above the minor resistance of 169.09 will bring a stronger rebound. Meanwhile, a break of 163.96 will target the 200% projection at 157.79. A fall from 195.86 is currently viewed as a correction. The 38.2% retracement of 116.83 to 195.86 at 165.67 has already been met. Based on the current momentum, the correction would likely extend to 61.8% retracement at 147.01 before completion.

Daily Pivots: (S1) 165.28; (P) 166.49; (R1) 168.54

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Gold analysis for January 22, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the level of $1,098.00. In the daily time frame, we can observe a weak demand bar with a weak close. Also, the price rejected our 100 SMA at the level of $1,107.00. Buying at this stage looks risky since the price is at the resistance level. An intraday trend is upward, but short-term and mid-term trends are still bearish. I found an upward trend line in the area around $1.094.00. If the price breaks the level of $1,094.00, we may see further downward movement. Downward support is found at the levels of $1,092.00, and $1,085.00. The resistance level is set in the area of $1,115.00.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,103.15

R2: 1,105.40

R3: 1,109.00

Support levels:

S1: 1,095.00

S2: 1,093.65

S3: 1,090.00

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

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Technical analysis of EUR/JPY for January 22, 2016. Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair moved lower from days' high of 128.40. The pair is trading around the level of 127.80 now, looking for an opportunity to retrace further before gaining momentum towards fresh highs. The pair could still break above the level of 128.70 before producing meaningful retracement. A breakout above major immediate resistance at 128.70 would confirm that bulls are back and could extend a rally further. It would be a safe strategy to buy on dips there after. Hence it is recommended to take profits off the long positions initiated earlier and remain flat for now. Immediate support is seen at the level of 126.00, while resistance is seen at 128.70.

Trading recommendations:

Take profits off the long positions taken earlier and remain flat.

Good luck!

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Technical analysis of GBP/CHF for January 22, 2016. Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has raised through the level of 1.4510 as discussed and expected earlier. The pair should face initial resistance around 1.4600. Bulls should be poised to push through 1.4800/50 as depicted here, before producing a meaningful retracement. It is recommended to take partial/full profits for longs taken earlier and watch for an opportunity to enter on a pullback again. Immediate support is seen at the levels of 1.4130/50 followed by 1.3850 and lower, while resistance is seen at 1.4600 followed by 1.4800 and higher.

Trading recommendations:

Take profits on long positions taken earlier and remain flat now.

Good luck!

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Technical analysis of Gold for January 22, 2016. Market Analysis Review

Technical outlook and chart setups:

Gold is trading around $1,097.00 after bouncing off a low of $1,092.00 yesterday. The metal is poised to rally from current levels until prices remain above $1,080.00 at least. Please also note that the metal bounced off the Fibonacci 0.618 support of a rally between $1,082.00 and $1,109.00. It is hence recommended to remain long for now with risk at the level of $1,080.00. Immediate support is seen at $1,082.00 followed by $1,070.00 and lower, while resistance is seen at $1,113.00 and higher. If the above-wave count is true, gold should move higher through at least $1,125.00.

Trading recommendations:

Remain long with stop at $1,080.00, a target is seen at $1,125.00.

Good luck!

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Technical analysis of Silver for January 22, 2016 Market Analysis Review

Technical outlook and chart setups:

Silver rose through the level of $14.15 today after forming a base around $13.90 yesterday. The metal bounced off the Fibonacci 0.786 support levels and along the trend line support of the consolidation structure. A push above the level of $14.20 will be extremely encouraging for bulls and the metal should be able to move through $14.30 easily. It is hence recommended to remain long with risk at $13.75. Immediate support is seen at $13.90 followed by $13.75 and lower, while resistance is seen at $14.30 and higher respectively. Bulls should remain in control until prices stay above at least $13.75.

Trading recommendations:

Remain long with stop at $13.75, a target is at $14.30/50/60+

Good luck!

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EUR/NZD : analysis for January 22, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6520 in a high volume. In the daily time frame, we can observe neutral bar and testing of Fibonacci retracement 50%. In the H1 time frame, we found a support trendline which the price should break to confirm potential upward movement. If the price doesn't break the trendline, a further downward movement will be possible. Fibonacci retracement 61.8% is at the price of 1.6390. The resistance level is seen at 1.7260. The trend is neutral but intraday momentum is downward.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6910

R2: 1.7010

R3: 1.7180

Support levels:

S1: 1.6570

S2: 1.6470

S3: 1.6300

Trading recommendations: Intraday trend is downward. As long as the support trendline holds watch for potential selling opportunities.

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Technical analysis of CHF/JPY for January 22, 2016 Market Analysis Review

The CHF/JPY trended downwards and showed lower lows and lower highs. The pair has broken below the strong support near 117.00 and currently this area is acting as resistance. The Fibonacci applied to the corrective wave up after the support breakout shows support levels.

The price moved within the descending channel, and yesterday under the heavy volume the pair broke both the lower trendline of the channel and technical and psychological support at 116.00.

While pair is trading in the resistance area near 117.00, consider selling CHF/JPY with targets either near S3 (115.00) or S4 (114.00). It is recommended to set stop loss just above the R1 (117.60).

Additionally, EUR and CHF could weaken substantially against other currencies.

Support: 116.60, 116.00, 115.00, 114.00.

Resistance: 117.60.

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Daily analysis of major pairs for January 22, 2016 Market Analysis Review

EUR/USD: There is now a Bearish Confirmation Pattern in the market, which means the price could begin to trend further downwards. There is a potential bearish target at the support line of 1.0750, while the resistance line at 1.0950 is a formidable barrier for bulls.

USD/CHF: There is a clear bullish signal on the USD/CHF pair for the price has moved upward. The price moved above the EMA 11, which in its turn is above the EMA 56. The Williams' % Range period 20 is not too far from the overbought region. Since the important market level at 1.0100 is being successfully breached, it might be logical to assume that the price would continue moving northwards.

GBP/USD: The cable has found a strong support around the accumulation territory of 1.4100. The price has been going upwards in the context of a downtrend. As long as the price is below the distribution territory of 1.4400, it will not be safe to open long positions here.

USD/JPY: The USD/JPY pair trended downwards testing the demand level of 116.00 and bounced upwards later. From that demand level, the price has moved upwards by 200 pips, now around the supply area of 118.00. A further upward movement of another 200 pips is likely to result in a new bullish bias on the market.

EUR/JPY: The outlook for this market remains bearish, though there are mixed signals observed. It is better to stay away from this market until there is a directional signal. There may be a breakout today or next week, which would be influenced by the events affecting the euro.

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Global macro overview for 22/01/2016 Market Analysis Review

Global macro overview for 22/01/2016:

In addition to the ECB rate decision, the important data from the US labor market was released yesterday as well, including the unemployment and continuing claims. According to the report of the US Labur Department, initial claims for unemployment benefits in the US surged to 293K (278k expected; 283k prior), which is the highest level in six weeks. Continuing claims slightly decreased to the level of 2208K coming in below the market expectations of 2253K. Nevertheless, please notice that only a sustained increase in unemployment claims will be able to signal some weakness in the US labor market.

The US dollar index is just in the middle of a trading range trying to break out above the recent local high. The next daily support is seen at the level of 97.18 and the next resistance is seen at the level of 99.98.

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Global macro overview for 22/01/2016 Market Analysis Review

Global macro overview for 22/01/2016:

At yesterday's ECB meeting, ECB President Mario Draghi dropped a very clear and deliberate hint that further monetary stimulus are likely at the next meeting scheduled for March. It looks like serious moves are going to be necessary in order to overcome the new deflationary pressure and downside risks arising in the euro area. Nevertheless, please notice that there are still some serious and influential hawkish members of the ECB board, so do not expect too much from the next ECB meeting.

Following dovish statements of Draghi, the EUR/USD pair fell, but managed to bounce back to the pre- ECB levels. Currently, the pair is trading just below the important resistance level of 1.0858.

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Technical analysis of USD/CAD for January 22, 2016 Market Analysis Review

General overview for 22/01/2016:

An alternative count has been added to the scenario in order to indicate the next best count if the main count is invalidated. The invalidation line is seen at the level of 1.4187 ( wave (1) top), so any violation would mean the top for the wave (50 blue and 5 black) might be in place.

Support/Resistance:

1.4835 - WR1

1.4690 - Local High

1.4445 - Weekly Pivot

1.4323 - Intraday Resistance

1.4292 - WS1

1.4226 - Intraday Support

1.4187 - Invalidation Level

Trading recommendations:

Day traders should refrain from trading in this market and wait for a better trading setup to occur.

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Technical analysis of EUR/JPY for January 22, 2016 Market Analysis Review

General overview for 22/01/2016:

The higher time frame counts was updated, yet there are still two wave scenarios for this pair with the very important invalidation line at the level of 126.09. Any breakout below this level would immediately invalidate the main impulsive count and put an alternative count in play. As long as this level is not violated, the base scenario of one more wave to the upside to develop over the next few weeks is still possible (main count). A breakout lower, would mean wave three is in progress and a sell-off is highly possible in this market.

Support/Resistance:

126.37 - WS2

126.84 - WS1

126.78 - Technical Support

127.52 - Intraday Support

127.78 - Weekly Pivot

128.29 - WR1

129.07 - Intraday Resistance

129.25 - WR2

Trading recommendations:

Swing traders might consider placing buy orders from the current market levels with SL below the level of 126.08 and TP open for now.

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USDX technical analysis for January 22, 2016 Market Analysis Review

The US dollar index spiked higher towards 99.80 during the press conference of ECB president Mario Draghi. Mainly because of the weak EUR/USD pair, the index rallied, but got rejected at the upper resistance boundary of a bearish wedge formation I pointed out a couple days ago.

Blue lines - bearish wedge pattern

The index continues to trade above the Ichimoku cloud support of 98.90. The rejection was not a good sign for dollar bulls yesterday, but the fact that sellers did not manage to breakout below the cloud was also not a good sign for bears. The index is trapped inside this wedge pattern, so only in case of a breakout above or below it, things will clear up.

On a daily basis, the price remains above the Ichimoku cloud and this is a positive sign. However, bulls will need to breakout above 100.50 for a new short-term trend to start. Otherwise, they can see the index reversing and pushing lower towards 97. I'm bearish as long as the price is below 100.50.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for January 22, 2016 Market Analysis Review

Gold price continues to trade around $1,100 without any clear direction despite the fact that it remains inside an upward sloping channel. The level at $1,130 remains our short-term target, while the weekly chart confirms that we should expect another move higher.

Red lines - bullish channel

Green rectangle - target area

Gold price is trading above the - hour Ichimoku cloud. The price is moving towards higher highs and higher lows. A short-term trend is bullish but not in an impulsive form that would imply a longer-term reversal. So, if prices reach $1,130,we should think of taking profits and exiting long positions because a rise from $1,050 could just be a part of a bigger upward correction.

In the weekly chart, gold prices are trapped between the kijun- and tenkan-sen indicators. The support and resistance levels are clearly visible on a weekly basis, so a weekly close above or below them will set the tone for the trend over coming weeks.The material has been provided by InstaForex Company - www.instaforex.com

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