Technical analysis of GBP/CHF for February 01, 2016 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair looks to be preparing for a drop lower towards 1.4300 levels, before resuming its rally. The pair is trading around 1.4569 now following hitting a high of 1.4660. Please also note that the pair has pulled back from the Fibonacci 0.382 resistance level (a drop from 1.5570 to 1.4120). It is hence recommended to remain short with risk at the level of 1.4685. Immediate interim resistance is seen at 1.4660, while support is seen at 1.4300 followed by 1.4125. A corrective drop from current levels should be followed by a rally towards 1.5/1.51.

Trading recommendations:

Stay short now with stop at 1.4685, a target is at 1.4300.

Good luck!

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USDX technical analysis for February 1, 2016 Market Analysis Review

The US dollar index is showing triple-top divergence signals as prices has reached new higher highs and stochastic. Important trend support is found at 98.50 where we saw prices performing a big bounce last week.

Red lines indicating divergence are seen inside the range between 98.50 and 100, so a breakout above or below could start a considerable new trend. Short-term support is found at 99. A breakout will open the way to 98.50. Resistance is seen at 100.

Blue lines - megaphone top

Red lines - upward sloping wedge

On the weekly chart price is still above the Ichimoku cloud inside the red upward sloping wedge. A break below 98.50 will be a bearish signal as it would push the price towards the weekly cloud support near 96.40 at least. On the other hand, a break above 100 could cause a final push towards 101.50-102 where the megaphone trend-line upper boundary is found.

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Gold technical analysis for February 1, 2016 Market Analysis Review

Gold price is moving higher inside the short-term upward sloping channel. A trend remains bullish as long as the price is above last week's low of $1,108. The area of $1,130-35 is a bullish target now.

Blue lines - bullish short-term channel

Black lines - medium-term bullish channel

Gold price remains above the Ichimoku cloud. The short-term trend is bullish. Support is found at $1,108. Resistance is seen at $1,130-35. The most probable outcome is to see prices moving higher towards $1,130.

Black lines - long-term downward sloping wedge

As expected gold price managed to stage an important bounce off the lower wedge boundary towards the kijun-sen resistance (yellow line) and after a long time we see this resistance indicator being challenged. Weekly support is found at the tenkan-sen (red line indicator).

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Elliott wave analysis of EUR/JPY for January 29, 2016 Market Analysis Review

Wave summary:

Bank of Japan has adopted negative interest rates this morning and that could be a game-changing decision. Therefore, we are going to watch the weekly chart today to get the right perspective. Our preferred count since late December 2013 shows that the pair will remain flat. A breakout above resistance at 132.44 will indicate that this expanded flat ended at 126.05 in mid-April last year. All price actions are part of a new impulsive structure since then.

A breakout above 132.44 will call for a rally towards 134.59 before a correction occurs. However, in the longer term we will be looking for much higher levels.

Trading recommendation:

Our stop at 130.25 has been hit and we should assess the situation before opening a new position.

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Elliott wave analysis of EUR/NZD for February 1, 2016 Market Analysis Review

Wave summary:

We continuously expect minor support at 1.6603 to protect the downside for a breakout above minor resistance at 1.6849 and more importantly a breakout above 1.6948 confirming more upside pressure towards 1.7273 and 1.7641.

Only an unexpected breakout below 1.6603 will delay the expected rally higher (for a more complex corrective decline) towards 1.6372 before the next impulsive rally higher takes place.

Trading recommendation:

We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on a breakout above 1.6849 and use the same stop at 1.6600.

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Daily analysis of major pairs for February 1, 2016 Market Analysis Review

EUR/USD: The bias is neutral because every bullish effort to effect a protracted rally has been invariably frustrated by the bear's obstinacy. Unless one is a scalper, it would be OK to stay away from this market until there is a directional movement, which would most probably favor bears.

USD/CHF: This currency trading instrument had been consolidating for the first few days of the previous week and then rallied further reinforcing the existing bullish bias in the market. The price was able to go above the support levels of 1.0150 and 1.0200.The resistance level of 1.0250 has already been tested, and the market is expected to go above i, reaching the resistance level of 1.0300. There is a Bullish Confirmation Pattern in the market.

GBP/USD: We always say that rallies should be avoided on this pair and they should be taken as opportunities to go short. That was exactly what happened last week. The bullish effort we saw from Monday to Thursday was frustrated by a 200-pip bearish correction that happened on Friday. In fact, the bearish journey is supposed to continue this week and this month, an the outlook for GBP pairs is bearish.

USD/JPY: Last week, the USD/JPY pair was moving sideways from Monday to Thursday in the context of an uptrend. On Friday, January 29, 2016, the price broke significantly upwards testing the supply level of 121.50 (a movement of 300 pips). The outlook for USD/JPY, an other JPY pairs as well, is bullish for this week and for this month. Thus, we expect the USD/JPY pair to continue moving upwards this week.

EUR/JPY: Just like the USD/JPY pair and other JPY pairs, this cross moved seriously upwards last week. Before January 29, 2016, this cross had been already engaged in a slow and steady upward movement. The price went upwards by 400 pips last week, before experiencing a shallow pullback on Friday. A further rally is possible as the market proffers long opportunities with pullbacks along the way.

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Elliott wave analysis of EUR/JPY for February 1, 2016 Market Analysis Review

Wave summary:

A very strong rally on Friday which took place after BOJ's decision to adopt the negative interest rate, looked impulsive and if a breakout above important resistance at 132.44 is seen, then we will change our preferred count to above. This count shows that an expanded flat correction we have been tracking since late December 2013 terminated at 126.05 in mid-April 2015 and was followed by an impulsive wave (i) to 141.04 and the decline from 141.04 to 126.14 was a very deep wave (ii). A breakout above 132.44 will call for wave (iii) higher to at least 150.16.

If, however resistance at 132.44 is able to protect the upside for renewed downside pressure, the very complex corrective corrective pattern could still be unfolding.

Trading recommendation:

We will await the outcome of the test of the resistance-line before making the next move.

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Technical analysis of EUR/USD for February 01, 2016 Market Analysis Review

When the European market opens, economic news on the Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI is due to be released. The US will deliver economic data on the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0890.

Strong Resistance:1.0884.

Original Resistance: 1.0873.

Inner Sell Area: 1.0862.

Target Inner Area: 1.0837.

Inner Buy Area: 1.0812.

Original Support: 1.0801.

Strong Support: 1.0790.

Breakout SELL Level: 1.0784.

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 February 01, 2016 Market Analysis Review

In Asia, Japan will release data on the Final Manufacturing PMI, and the US will unveil some economic data on the Loan Officer Survey, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, Personal Income m/m, Personal Spending m/m, and Core PCE Price Index m/m. So, there is a probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 121.84.

Resistance. 2: 121.60.

Resistance. 1: 121.37.

Support. 1: 121.07.

Support. 2: 120.83.

Support. 3: 120.60.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for February 01, 2016 . Thanks for your support.

Daily analysis of USDX for February 01, 2016 Market Analysis Review

The US dollar index is forming a higher high pattern below the resistance level of 99.73 after a huge rebound made at lows of January 28 . However, we should note that a strong inflection area is located around that resistance zone because the index was rejected during the session on January 21 as we can see at the H1 chart. The MACD indicator is overbought and we can see a correction towards the level of 99.43.

H1 chart's resistance levels: 99.73 / 99.97

H1 chart's support levels: 99.43 / 99.23

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 99.73, take profit is at 99.97, and stop loss is at 99.49.

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Daily analysis of GBP/USD for February 01, 2016 Market Analysis Review

We should note that during the last Friday session a double top pattern was formed and after it we saw a huge decline towards the support level of 1.4198. That move told us that the bearish bias has been resumed in a short-term basis. A breakout below the level of 1.4198 will expose the cable towards 1.4098, where a key inflection area was formed during the session on January 21. The MACD indicator is reaching an oversold condition and we may see some rebounds in coming hours.

H1 chart's resistance levels: 1.4309 / 1.4373

H1 chart's support levels: 1.4198 / 1.4098

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 1.4198, take profit is at 1.4098, and stop loss is at 1.4298.

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