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

Wave summary:

A breakout below minor support at 1.6603 is a little disappointing, but it does not alter our long-term call for an upside acceleration towards 1.7271 and 1.7641 as the next upside targets. However, in the short term a little more downside pressure can not be excluded as long as minor resistance at 1.6836 is able to protect the upside. Once this minor resistance gets broken, the way higher should be open for a rally towards 1.7271 and higher to 1.7641.

Trading recommendation:

Our stop at 1.6600 was hit for a small loss. We will only buy on a breakout above 1.6836.

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Elliott wave analysis of EUR/JPY for February 2, 2016 Market Analysis Review

Wave summary:

We continue to look whether the resistance line of 141.06 keeps on protecting the upside or it will be broken. Whatever happens here will decide trade for the next couple of weeks. For now, it looks like a minor consolidation just below the resistance line near 122.00. If that's the case, a stronger test of this resistance line should be expected soon. If, however prices begins to tilt lower, as we saw in December, October, and August, a new decline towards important support at 126.05 should be expected.

Trading recommendation:

We will stay sidelined until the faith of the resistance line will be determined.

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Technical analysis of EUR/USD for February 02, 2016 Market Analysis Review

When the European market opens, some economic news will be released such as PPI m/m, Unemployment Rate, Italian Monthly Unemployment Rate, German Unemployment Change, Spanish Unemployment Change.The US will release the economic data too such as Total Vehicle Sales, IBD/TIPP Economic Optimism, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0947.

Strong Resistance:1.0941.

Original Resistance: 1.0930.

Inner Sell Area: 1.0919.

Target Inner Area: 1.0894.

Inner Buy Area: 1.0869.

Original Support: 1.0858.

Strong Support: 1.0847.

Breakout SELL Level: 1.0841.

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 02, 2016 Market Analysis Review

In Asia, Japan will release the 10-y Bond Auction, Monetary Base y/y and the US will release some economic data such as Total Vehicle Sales, IBD/TIPP Economic Optimism. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 121.40.

Resistance. 2: 121.16.

Resistance. 1: 120.92.

Support. 1: 120.63.

Support. 2: 120.40.

Support. 3: 120.16.

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 major pairs for February 2, 2016 Market Analysis Review

EUR/USD: Just like its GBP/USD counterpart, this pair also moved upwards on Monday, trying to reach the resistance line at 1.0900. In case the resistance line is breached to the upside, the next target for the bulls could be the resistance line at 1.1000. However, there is still a neutral bias on the market, and at least a 300-pip movement to the upside or the downside is needed to force the price out of the current neutral region.

USD/CHF: Because the EUR/USD moved upward yesterday, the USD/CHF moved lower on the same day (in an inverse correlation with each other). However, the bullish signal in the market is not yet over, unless the price breaks below the support levels at 1.0100 and 1.0050. Should this fail to happen, we might see a resumption of the bullish movement in the market.

GBP/USD: It is interesting to see that the GBP/USD moved upwards by 200 pips on Monday, rising from the accumulation territory at 1.4250, and almost reached the distribution territory at 1.4450. Although the recent bearish bias still exists, it is now threatened by the price action on Monday. A further bullish movement of 200 pips would result in a new bullish bias on the market. Otherwise, this could turn out to be a rally in the context of an uptrend.

USD/JPY: This pair, which moved significantly upwards last week, simple moved sideways yesterday. The indicators in the chart currently support the bullish trend in the market, which is supposed to continue this week and this month. The same outlook is also possible on other JPY pairs, owing to the seasonality of this phenomenon. JPY pairs are usually strong in February of every year.

EUR/JPY: This cross moved upward slightly yesterday, recovering the shallow pullback witnessed on January 29, 2016. The price should rally further today or tomorrow, enabling the price to test the supply zones at 132.50 and 130.00. The demand zones at 130.50 and 131.00 should do a good job in resisting any bearish corrections along the way.

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Technical analysis of NZD/USD for February 02, 2016 Market Analysis Review

Overview:

• The trend of NZD/USD pair movement was controversial as it took place in the narrow sideways channel, the market showed the signs of instability. Due to the previous events, the price is still moving between the levels of 0.6558 and 0.6446. Also, it should be remembered that the daily resistance and support are at the levels of 0.6558 and 0.6446 respectively. Therefore, it is recommended to be cautious while opening orders in this area. So, it is necessary to wait until the sideways channel has completed. Yesterday, the market moved from its bottom at 0.6449 and continued to rise towards the top of 0.6524. Today, in the one-hour chart, the current rise will remain in the framework of corrections. However, if the pair fails to pass through the level of 0.6558, the market will indicate a bearish opportunity below the strong resistance level of 0.6558 (the level of 6558 coincides with the double top too). Since there is nothing new in the path of this pair, it is still not bullish. In this regard, sell deals are recommended lower than the 0.6558 level with the first target at 0.6446. If the trend breaks the support at 0.6446, it is possible that the pair will move downwards continuing the development of the bearish trend to the level 0.6410 in order to test the daily support 2 (horizontal green line).

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Technical analysis of USD/CHF for February 02, 2016 Market Analysis Review

Overview:

• The resistance of USD/CHF pair has broken; it turned to support around the price of 1.0120 yesterday. Thereby, forming a strong support at 1.0120. The level of 1.0120 coincides with the golden ratio (61.8% of Fibonacci retracement) which is acting as major support today. Another thought; the Relative Strength Index (RSI) is considered overbought because it is above 70. At the same time, the RSI is still signaling an upward trend, as the trend is still showing strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market will probably show the signs of a bullish trend. In other words, buy orders are recommended above 1.0120 level with their first target at the level of 1.6202. From this point, the pair is likely to begin an ascending movement to the point of 1.0212 and further to the level of 1.0263. The price of 1.0263 will act as a strong resistance and the double top has already set at the point of 1.0327. On the other hand, if a break happens at the support of 1.0120, then this scenario may become invalidated.

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USDX technical analysis for February 2, 2016 Market Analysis Review

The Dollar index has reversed lower as expected. Price made a turn to the downside but dollar bulls remain in control of the larger trend. Huge support is at 98.50, while resistance at 100 remains strong.

The bearish divergence I noted in my previous post has provided a nice reversal signal as prices turned lower today towards the daily Ichimoku cloud and below the daily tenkan-sen. Price remains trapped inside the 98.50-100 range. So as long as we trade inside this range, traders should be neutral.

A bullish sign is the fact that the decline today stopped at the 61.8% Fibonacci retracement of the rise from 98.44. This level is important support and as long as we hold above it, bulls remain under control of the trend.

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Gold technical analysis for February 2, 2016 Market Analysis Review

Gold price made another new higher high confirming the bullish trend. We are approaching an important resistance area between $1,130-40. Bulls need to be very cautious and raise their stops.

Blue lines -bullish short-term channel

Black lines- medium-term bullish channel

Gold continues to trade above the Ichimoku cloud. Support is at $1,115. Breaking below that level will probably push gold price below $1.100. Resistance is at $1,133. This is the time when bulls need to be very cautious.

Weekly kijun-sen resistance is being broken. Price is moving towards the Ichimoku cloud resistance. A weekly close above the kijun-sen will confirm the bullish trend. Support is at $1,090 where we find the tenkan-sen. Will gold price make a lower high relative to the $1,190 high? This high is very important resistance for the medium- to long-term trend.The material has been provided by InstaForex Company - www.instaforex.com

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Daily analysis of USDX for February 02, 2016 Market Analysis Review

On H1 chart, the USDX had a decline since the highs made during the Friday session and we now see that the Index is facing-off a huge inflection area formed during the January 27th and 28th sessions (98.99). If the USDX achieves in break that zone to the downside, then we can expect another decline to test the lows of the January 20th, near the 98.69 level.

H1 chart's resistance levels: 99.23 / 99.43

H1 chart's support levels: 98.99 / 98.69

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 99.23, take profit is at 99.43, and stop loss is at 99.03.

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Daily analysis of GBP/USD for February 02, 2016 Market Analysis Review

The GBP/USD rallied above the 200 SMA at H1 chart and now we can see it broke the highs made during the January 29th session. That move is calling for a more extended higher structure towards new levels above the resistance zone of 1.4466. If Cable achieves in break that inflection area, then we can expect a continuation until the 1.4531 level. MACD indicator is still at positive territory and does not show signs of a trend-reversal.

H1 chart's resistance levels: 1.4406 / 1.4531

H1 chart's support levels: 1.4423 / 1.4373

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.4406, take profit is at 1.4531, and stop loss is at 1.4401.

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Technical analysis of USD/JPY for Feburary 01, 2016 Market Analysis Review

USD/JPY is turning downwards. The pair has confirmed a head-and-shoulders bearish reversal pattern and is drifting downwards. Last Friday, U.S. stocks advanced over 2% amid a global stock-market rally set off by the Bank of Japan's decision to introduce negative interest rates. Oil prices kept climbing, and strong buying was spotted in information technology shares. The Dow Jones Industrial Average rose 2.5% to 16,466, the S&P 500 also gained 2.5% to 1,940, while the Nasdaq Composite was up 2.4% to 4,613.

Nymex crude oil increased 1.2% to $33.62 a barrel, gold edged up 0.3% to $1,117 an ounce, while the benchmark 10-year Treasury yield declined further to 1.928% from 1.980% on Thursday.

Boosted by the BOJ's surprise rate move, USD/JPY surged 1.9% to 121.03 (with a day high at 121.68). At the same time, EUR/USD dropped 0.9% to 1.0834, GBP/USD lost 0.8% to 1.4245 and USD/CHF rose 0.9% to 1.0227. Meanwhile, the Canadian dollar kept strengthening against the U.S. dollar thanks to a continued rebound in oil prices, with USD/CAD declining a further 0.4% to 1.3971. The 20-period moving average, which has crossed below the 50-period one, is capping any upward potential for the pair. Meanwhile, the relative strength index is badly directed with the selling area between 50 and 30.

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 120.50. A break of that target will move the pair further downwards to 120.05. The pivot point stands at 121.70. 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 122.20 and the second target at 122.70.

Resistance levels: 122.20, 122.70, 123.25

Support levels: 120.50, 120.05, 119.45

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Technical analysis of USD/CHF for Feburary 01, 2016 Market Analysis Review

USD/CHF is expected to trade in a lower range as the key resistance stands at 1.0220. The pair has broken below its short-term rising trend line, and is now under pressure below the key resistance at 1.22. The upward potential is likely to be limited by this threshold. The relative strength index remains weak below its neutrality area at 50. Hence, even though a continuation of the technical rebound cannot be ruled out at the current stage, its extent should be limited. In case of breaches below 1.0220, look for a new pullback to 1.0150 and 1.0120 in extension.

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 1.0150. A break of that target will move the pair further downwards to 1.0120. The pivot point stands at 1.0220. 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 1.0250 and the second target at 1.0290.

Resistance levels: 1.0250, 1.0290, 1.0345

Support levels: 1.0150, 1.0120,1.01

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Technical analysis of GBP/JPY for Feburary 01, 2016 Market Analysis Review

GBP/JPY is expected to trade in a higher range. The pair remains on the upside and is well supported by its rising 50-period moving average. Meanwhile, the relative strength index stays above 50. Further upside is therefore expected with the next horizontal resistance and overlap set at 175 at first. A break above this level would call for further advance towards 171.20 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 175 and the second target at 176.20. In the alternative scenario, short positions are recommended with the first target at 171.20 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 170. The pivot point is at 172.50.

Resistance levels: 175, 176.20, 177

Support levels: 171.20, 170, 169.40

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Technical analysis of NZD/USD for Feburary 01, 2016 Market Analysis Review

NZD/USD is expected to trade with bullish bias above 0.6475. The pair stays above its key support at 0.6475 and is expected to post a rebound. Meanwhile, the relative strength index lacks downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6540 at first. A break above this level would call for further advance towards 0.6560.

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 0.6540 and the second target at 0.6560. In the alternative scenario, short positions are recommended with the first target at 0.6440 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 0.6415. The pivot point is at 0.6475.

Resistance levels: 0.6540, 0.6560, 0.6595

Support levels: 0.6440, 0.6415, 0.6375

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

Overview

The silver price keeps fluctuating near the 14.30 level and it has not shown show any strong move since morning. Therefore, there is no change in the sideways trading scenario that confines the price between the 13.65 support and 14.40 resistance, waiting for a breach of one of these levels to detect the next targets clearly. A break of this support will push the price to head towards 13.00 followed by 12.00 as next main targets for the long-term bearish wave. Meanwhile, breaching the resistance represents the key to regain the bullish correctional trend that targets the 15.30 area mainly. Therefore, we still prefer the sideways move in the upcoming period to recognize the expected targets from breaching the mentioned levels. The expected trading range for today is from 13.80 support to 14.67 resistance.

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NZD/USD intraday technical levels and trading recommendations for February 1, 2016 Market Analysis Review

On December 30, a significant bearish rejection took place around the level of 0.6840 (daily resistance level) similar to what happened previously on October 23.

Moreover, a daily closure below 0.6750 allowed a quick bearish decline to occur initially towards the level of 0.6500, which was broken to the downside as well.

The daily chart shows a double-top reversal pattern. An obvious bearish breakdown of the depicted support level at 0.6400 should be executed in order to confirm the reversal pattern.

However, the levels of 0.6400-0.6350 constituted a significant support zone, which corresponded to the backside of a broken downtrend line. Hence, a strong bullish rejection was expressed on January 20.

Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets. However, a lower high has been previously established at the level of 0.6530 on January 27.

This enhanced the bearish side of the market and brought the NZD/USD pair towards the depicted support level of 0.6400 again.

Last week, the depicted support level of 0.6400 acted as a prominent key level, which offered a valid buy entry. The suggested position is running in profits now. S/L should be moved to 0.6400 to secure some profits.

Bullish persistence above 0.6500 is currently needed to keep the price moving towards higher bullish targets. An initial target is located at 0.6590.

Otherwise, a bearish closure below 0.6500 brings another bearish pullback towards 0.6430 and 0.6370, which is less probable to occur.

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USD/CAD intraday technical levels and trading recommendations for February 1, 2016 Market Analysis Review

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established from 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit towards the resistance level of 1.4120 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where evident bearish rejection was expected (a bearish engulfing weekly candlestick).

The level of 1.4120 (Fibonacci Expansion 100%) remains a significant key level to be watched for price reaction during the current week's consolidations. It may offer a valid sell entry if any bullish pullback occurs soon.

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if the current bearish momentum persists below the mentioned key level (1.4100) and 1.4000 (a prominent Weekly Support).

Trading recommendations:

As we expected, a valid sell entry was offered around 1.4650 (141.4% Fibonacci expansion). It is already running in profits.

S/L should now be lowered to 1.4150 to secure our profits, while the next T/P level remains projected at 1.3800 if USD/CAD bears develop enough bearish momentum below 1.4100 and 1.4000.

On the other hand, conservative traders should wait for a bearish pullback towards the zone of 1.3370-1.3400 where a valid buy entry can be offered.

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EUR/NZD analysis for February 01, 2016 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6831 in a high volume. In the daily time frame, we can observe a successful test of our key point in the control zone (1.6640-1.6515). In the H4 time frame, I found the upward trend line, which successful held for few times. Even if the price breaks the upward trend line, strong support is seen at the level of 1.6545. The price is well above all key MA`s (50SMA, 100SMA, 150SMA, and 200 SMA). The first upward take-profit zone is seen around the level of 1.7260 (previous swing high).

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6850

R2: 1.6915

R3: 1.7010

Support levels:

S1: 1.6650

S2: 1.6590

S3: 1.6495

Trading recommendations: Trading recommendations: the intraday trend is neutral, but the short-term trend is upward. Watch for potential buying opportunities.

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Intraday technical levels and trading recommendations for GBP/USD for February 1, 2016 Market Analysis Review

Few months ago, the market was pushed above the depicted level at 1.5550 trying to reach the zone of 1.5900. That's where the depicted Head and Shoulders pattern was formed.

On November 2015, a bearish engulfing weekly candlestick closed below the level of 1.5200 (the neckline of the Head and Shoulders pattern). This supported the bearish side of the market in the long term.

A quick bearish decline towards the previous weekly level of 1.4950 was expected as a result of a bearish breakout below 1.5200.

Extensive bearish pressure has been applied to the demand levels of 1.4620 and 1.4360. Both of them were broken to the downside.

Shortly after, the GBP/USD pair has moved below 1.4220, evident signs of bullish recovery were expressed around 1.4075. Hence, the previous two weekly candlesticks closed above 1.4220 indicating strong bullish demand.

That is why, the zone of 1.4360-1.4220 remains a significant demand zone for the GBP/USD pair.

Bullish persistence above 1.4220 and 1.4360 is mandatory to maintain enough bullish strength in the market. The first bullish target is seen at 1.4615.

During 2015, significant bearish rejection was expressed around 1.5770 and 1.5230 where a bearish Head and Shoulders reversal pattern was formed. Since then, the market has been trending downwards within the depicted bearish channel.

Few weeks ago, the level of 1.4950 was broken to the downside, constituting a significant supply level.

Daily persistence below 1.4800 (the lower limit of the depicted bearish channel) favored a bearish decline towards 1.4680 and 1.4610 where previous prominent bottoms are located on the GBP/USD daily chart.

Currently, the GBP/USD pair looks oversold as it is moving further below the prominent demand levels of 1.4620 and 1.4360.

That is why any signs of bullish rejection around the demand level of 1.4220 should be considered a valid buy signal.

Bullish persistence above 1.4360 is mandatory to maintain enough bullish strength in the market. The first bullish target is projected towards 1.4615.

Trading Recommendation:

In our previous articles, traders were advised to take a valid buy entry when the GBP/USD pair closures above the level of 1.4220. It is already running in profits now.

Initial T/P levels should be located at 1.4360, 1.4440, and 1.4500, while S/L should be advanced to 1.4200 to offset the associated risk.

Traders who missed the initial trade can have another buy entry when the GBP/USD pair performs a bullish closure above 1.4360. T/P levels would be located at 1.4440, 1.4500, and 1.4600.

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Intraday technical levels and trading recommendations for EUR/USD for February 1, 2016 Market Analysis Review

On January 2015, the EUR/USD pair moved below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.

On March 2015, EUR/USD bears challenged the monthly demand level of 1.0570 (reached in January 1997). One month later, strong bullish recovery was observed around the mentioned demand level.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October and November) reflected strong bearish rejection around the level of 1.1450.

As mentioned above, the long-term projected target is still seen at 0.9450 if the current monthly candlestick closes below the depicted demand level of 1.0570.

On August 2015, the EUR/USD pair looked overbought as the market spiked above the level of 1.1500 (daily supply level).

Shortly after, the intraday supply zone of 1.1360-1.1400 produced significant bearish pressure.

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

On November 2015, daily persistence below the level of 1.0800 (a prominent key level) ensured enough bearish momentum towards 1.0550 (a monthly demand level) where the recent bullish pullback was initiated towards 1.0800 and 1.1000.

During the last few weeks, the level of 1.1000 was considered to be the significant supply level to offer valid sell entries. Moreover, a Head and Shoulders reversal pattern was formed as depicted on the chart.

The previous bearish closure below 1.0800 (the reversal pattern neckline) confirmed the depicted reversal pattern. An estimated bearish target is located at 1.0620.

Today, bearish persistence below 1.0800 (neckline of the depicted reversal pattern) is needed to allow more bearish decline to occur towards 1.0730, 1.0620, and 1.0570.

On the other hand, bullish persistence above 1.0830 hinders further bearish decline. Hence, another bullish pullback towards 1.1000 would be expected.

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Gold analysis for February 01, 2016 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1.123.95 in a high volume. An intraday short-term trend is upward. So, selling looks very risky. Also. the pair is trading well above all key MA`s (SMA 50,100,150,200) in the H4 time frame. The take-profit zone is established around the level of $1,134.00 (Fibonacci retracement 61.8%, daily SMA 200). In the 30M time frame, as I expected, buyers absorbed the massive volume spike (selling climax). First intraday resistance is seen at the level of $1,127.80.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,118.10

R2: 1,118.75

R3: 1,119.80

Support levels:

S1: 1,116.00

S2: 1,115.45

S3: 1,114.50

Trading recommendations: Trading recommendations: watch for potential buying opportunities on dips.

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Technical analysis of GBP/CHF for February 1, 2016 Market Analysis Review

GBP/CHF has been moving downwards since December 2015 without showing obvious signs of reversal to the upside. While moving down, the price found the support at the level of 1.4640 (R1), which has been eventually broken.

The Fibonacci applied to the first corrective wave up after the breakout shows that the downside target has been reached and rejected at S4 (1.4135) that is 361.8% Fibs. The most recent price action shows that the previous level of support now acts as strong resistance since the price has rejected it for few times already. At the same time, RSI oscillator is showing bearish divergence and this could be a signal that consolidation could take place sending the price back to one of the support levels.

Consider selling GBP/CHF at the current level (1.4560) targeting S2 (1.4416), S3 (1.4276), or S4 (1.4135). The stop loss order should be placed well above the R1 resistance.

Support: 1.4500, 1.4416, 1.4276, 1.4135

Resistance: 1.4645

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

Overview:

• Today, the GBP/USD pair has broken resistance at the level of 1.4250 which acts as support now. Thus, the pair has already formed minor support at 1.4250.The strong support is seen at the level of 1.4122 because it represents the weekly support 1. Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 1.4250 in the H1 chart. Also, if the trend is buoyant, then the currency pair strength will be defined as following: GBP is in an uptrend and USD is in a downtrend. Buy above the minor support of 1.4250 with the first target at 1.4312 (this price is coinciding with the ratio of 61.8% Fibonacci), and continue towards 1.4386 (the weekly resistance 1). On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 1.4250; hence, the price will fall into the bearish market in order to go further towards the strong support at 1.4122 to test it again. Furthermore, the level of 1.4149 will form a double bottom.

The weekly technical analysis of GBP/USD pair:

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

Overview:

• The EUR/USD pair hit the weekly pivot point and resistance 1, because of the series of relatively equal highs and equal lows. But, the pair has dropped down in order to bottom at the point of 1.0810. Hence, the major support was already set at the level of 1.0810. Moreover, the double bottom is also coinciding with the major support this week. Additionally, the RSI is still calling for a strong bullish market as well as the current price is also above the moving average 100. Therefore, it will be advantageous to buy above the support area of 1.0810 with the first target at 1.0878. From this point, if the pair closes above the weekly pivot point of 1.0862, the EUR/USD pair may resume it movement to 1.0935 to test the weekly resistance 1. Stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the last bottom at 1.0793.

The weekly technical analysis of EUR/USD pair:

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Global macro overview for 01/02/2016 Market Analysis Review

Global macro overview for 01/02/2016:

The PMI Manufacturing data from the eurozone was released this morning and it was mostly in line with analysts' expectations. The biggest surprise however was the UK PMI which came in better than expected: 52.9 vs. 51.8 and (forecast 52.2). The UK PMI remained above the neutrality level of 50.0 for 34 successive months now. Looking beneath the surface of the headline numbers shows that the prime drivers of the output growth acceleration were the consumer and investment goods sectors. A solid rate of expansion was also signaled by intermediate goods producers. In conclusion: the UK manufacturing sector posted an up tick in its rate of expansion at the beginning of 2016, shrugging off a number of potential headwinds, ranging from global financial market volatility to localized flooding in the North of the country. The domestic market remains the key driver of the economic growth, but after recent easing in the exchange rate, a number of manufacturers are still finding that the strength of the pound against the euro significantly influence the number of orders.

From the technical point of view, the recent downside breakout of the rising wedge was successful with new daily low reached at the level of 1.4147. Currently, the market is testing the lower channel line from the downside and any failure to break back above the level of 1.4317 will result in immediate reversal. The downtrend is still intact.

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Global macro overview for 01/02/2016 Market Analysis Review

Global macro overview for 01/02/2016:

The US fourth quarter gross domestic product increased by 0.7% according to the Commerce Department data released last Friday. This is a sharp slowdown as the third quarter GDP growth rate hit the level of 2%. The main reason behind the drop was lower oil prices which continued to decrease and bad weather (heavy blizzard) over the last months that dented consumer spending on utilities and apparel. Nevertheless, there is no reason to raise concerns about momentum in 2016, because the overall US economic growth was 2.4% in 2015, after a similar growth pace posted in 2014. In conclusion, this GDP figure for the fourth quarter is only a preliminary gauge which will be revised in next two months.

Now let's take a look at the technical picture of the US dollar index on the daily chart. The violation of the lower channel boundary was quickly recovered as the market rallied higher towards the important technical resistance at the level of 99.98. Nevertheless, the current pattern starts to look like a rising wedge, which means the downside breakout still can not be ruled out as long as the 99.98 resistance holds.

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Technical analysis of EUR/JPY for Febuary 1, 2016 Market Analysis Review

General overview for 01/02/2016:

From the Elliott Wave point of view, the current upward move might be completed as there are five impulsive wave seen in the hourly chart. Moreover, a three-wave corrective cycle is visible as well, so any rally upwards that breaks the local high at the level of 132.31 will be labeled as wave three of the main impulsive structure. Nevertheless, an alternative count suggests even more impulsive wave progression to the upside as long as the level of 130.22 is not violated.

Support/Resistance:

133.69 - WR1

132.27 - Local High|Intraday Resistance|

130.76 - Weekly Pivot

130.22 - Intraday Support

129.18 - WS1

Trading recommendations:

Day traders should refrain from trading and wait for another trading setup to occur.

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Technical analysis of USD/CAD for Febuary 1, 2016 Market Analysis Review

General overview for 01/02/2016:

The pair keeps trading inside a narrow range zone, but an upside breakout is coming. The reason for that is diminishing downward momentum and bullish divergence, which might be seen between the price and momentum oscillator. Moreover, there is an uncompleted wave progression to the upside which indicates that wave c purple should reach a local high around the level of 1.4272. Please notice the larger uptrend is still intact in this time frame, but the corrective cycle might get more complex and more time-consuming.

Support/Resistance:

1.4690 - Swing High

1.4553 - WR3

1.4436 - WR2

1.4324 - Technical Resistance

1.4173 - WR1

1.4158 - Intraday Resistance

1.4061 - Weekly Pivot

1.3946 - Intraday Support

1.3798 - WS1

Trading recommendations:

We are still expecting bullish wave c to the upside. So, day traders should consider placing buy orders today if the intraday resistance at the level of 1.4156 is violated. The SL orders should be placed below the level of 1.4028 and TP at the level of 1.4271.

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Technical analysis of Silver for February 01, 2016. Market Analysis Review

Technical outlook and chart setups:

Silver is trading in the area around $14.35 now. We expect it to face interim Fibonacci resistance. The metal is expected to drop lower towards $14.00 before resuming its previous rally. On the flip side, a push through the levels of $14.50 on the higher side, would open doors to the levels of $15.00/20 as well. It is hence recommended to remain flat for now and look for an opportunity to buy at lower levels on a bullish bounce. Immediate resistance is seen at $14.50/60, while support is at $13.90. Bears are expected to remain in control till prices stay below $14.50 moving forward.

Technical outlook and chart setups:

Remain flat for now and look for an opportunity to buy lower.

Good luck!

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Technical analysis of Gold for February 01, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,123.30 now and it is likely to face resistance here.The yellow metal is expected to produce an up garter and complete a corrective drop lower before rallying towards fresh highs. Also as seen on the daily chart, the metal is facing resistance around Fibonacci 50% levels of a drop between the levels of $1,192.00 and $1,046. It is hence recommended to initiate 50% short positions now with risk at $1,129.00. Immediate interim resistance is seen at $1,127.00/28.00, while support is seen at $1,108.50. Bears should remain poised to push lower until prices stay below $1,129.00.

Trading recommendations:

Remain short with stop at $1,129.00.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair is trading in the area of 131.50/60 right now after reversing from 132.32 last Friday. The pair is seen to hit the trend-line resistance and Fibonacci 0.618 as well s depicted on the daily chart view. It is expected to resume the bearish trend from here until prices stay broadly below 134.50. It is hence recommended to remain short now with risk at 134.50. Immediate resistance is seen at 134.50 followed by 137.00, while support is seen at 129.00 and lower.

Trading recommendations:

Remain short with stop at 134.50.

Good luck!

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