Silver Holds 31.50 Level. Look Higher Now. Trend News

Technical Analysis and Chart Setups:

Silver could not rally past resistance at 32.65 yesterday; but the structure remains bullish since pullback has held 31.50 well. Intermediary support is at 30.60 and till the time the prices stay above this level, silver is headed higher. Resistance levels are placed at 32.65, 33.30, 34.30, and 35.00 respectively. It is recommended to buy on dips towards 31.50 level. An Inverse Head and Shoulders pattern will be ideal, if 32.65 level is broken. Nevertheless, silver should be looked higher from here.

Trading Recommendations:

Hold on to long positions. Stop at 30.00. Target Open.

Good Luck!

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Gold Dips Around 1,705.00 And Bounces. Look Higher Now Trend News

Technical Outlook and Chart Setups:

The prices rose through 1,730.00 level yesterday, taking off resistance. As it was expected, it also dipped down towards 1,705.00 level (our expectations were near 1,700.00) and bounced back. While doing these steps, the dropping trendline resistance was broken and possibly tested as well. The 4 hourly charts suggest a probable Inverse Head and Shoulders pattern. If this pattern holds true, the prices should hold comfortably above 1,670.00 level from here on. Therefore, it is recommended to look for buying opportunities on dips. Look higher.

Trading Recommendations:

Hold on to long positions taken earlier. Buying on dips towards 1,700 is still recommended. Stop at 1,670.00. Target Open.

Good Luck!

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EurJpy Probing 101.50 Level For Support. Expecting A Reaction Here Trend News

Technical Outlook and Chart Setups:

The single currency reacted sharply yesterday taking out stops around 102.00 level (though, risk was minimum). As it was depicted above, the prices are at the 0.618 Fibonacci support of upswing (100-104.50/60). Furthermore, the trendline support is also nearby. It is recommended to watch out for bullish signals around the 105.50-105.80 region to go long again. Strong support is present at 100.00, while resistance is above 103.00 now. Look to buy on a bullish bounce, a break would delay that outlook.

Trading Recommendations:

Flat for now, look to buy again.

Good Luck!

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GbpChf Probing Resistance Line Around 1.5100 Trend News

Technical Outlook and Chart Setups:

The single currency pair is still probing resistance line around the 1.5100 region. The 0.618 Fibonacci resistance is also placed around 1.5080 region. It is expected to react here (on the downside) until the prices break convincingly the resistance line. Next resistance is around 1.5250/1.5300 region, while intermediary support remains at 1.4800. It is still recommended to watch out for bearish signals on smaller timeframes and sell rallies close to 1.5100 level. Look lower for now.

Trading Recommendations:

Sell rallies. Hold short positions taken earlier. Stop at 1.5150/60. Target at 1.47 and 1.46.

Good Luck!

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Fundamental Analysis For November 07, 2012 Trend News

The currency market reacted with intense movements to the reelection of President Obama in the United States.

Speculation that Obama in his new mandate will continue its policy of printing dollars is contradicted by the low acceptance that the agent has in the markets.

As concerns currencies, the euro fell very strong after reaching 1.2875 in the early European session. This could lead to the single currency fall below 1.27 during the course of the week.

The euro may break the key support at 1.2745 up from 23 in June and 38.2% the last bullish movement on the daily chart. Meanwhile, the pound is dropping, as well the Canadian dollar and Australian dollar. The latter, however, still retains a significant upward trend, given the significant increase that was presented on Tuesday morning.

The sterling, with nuances, resembles the euro, and will cost you hold above 1.5930 in the next few hours, if the rate does not change quickly.

The Canadian dollar, meanwhile, could reach parity against the dollar and the Swiss franc, which has just reached its lowest since September 7, has his next target 0.9490.

With oil inventories at 10:30 Eastern, as only data of importance, end markets to digest Obama's victory, a victory that, at least, to be shared with the man who saved the United States from entering into a deep depression: Ben Bernanke.

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EUR/USD Buy Above 1.2761 - For November 07, 2012 (Daily Strategy) Trend News

The euro falls very strong, after reaching 1.2870 in the European session. Early in the U.S. session records the euro broke support last week from 1.2763. If the pair closed the week with a candle below this level, it will be the beginning of a bearish sequence that could extend to 1.2550.

At this time the market has a bearish trend; it is likely to continue for the rest of the day. On the other hand, a return to the 1.2763 level may occur. If the pair closes above this level in 4 hour candle, we can buy with targets 1.2881 and 1.2961.

Therefore, we do not recommend selling at this time, as the market is undecided and it may bring a loss. Buy above 1.2763.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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GBP/USD Technical Pattern. For November 07, 2012 (Daily Strategy) Trend News

The British pound like other currencies falls against the dollar. The weekly support 1.5961 and 1.5960 fractal are key levels. We have to take it into account; below this level the sequence would be totally bearish for the pair. Therefore, we do not recommend entering any order below these levels. If it closes above 1.5961 on a 4 hour chart you can buy a pair. Do not forget the stop loss.

We noticed that a known pattern is forming, as you can see on the graph. Therefore, if the pair manages to break below the 1.59 level, it completely invalidates it and would enter a very bearish sequence.

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