Technical analysis of EUR/USD for October 20, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German PPI m/m, Current Account, German Buba Monthly Report. The US will not release any economic data, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2808.

Strong Resistance:1.2800.

Original Resistance: 1.2788.

Inner Sell Area: 1.2776.

Target Inner Area: 1.2746.

Inner Buy Area: 1.2716.

Original Support: 1.2704.

Strong Support: 1.2692.

Breakout SELL Level: 1.2684.

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 October 20, 2014 Market Analysis Review

Today, Japan and the US will not release any economic data. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.73.

Resistance. 2: 107.52.

Resistance. 1: 107.31.

Support. 1: 107.05.

Support. 2: 106.84.

Support. 3: 106.63.

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



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Daily analysis of USDX for October 20, 2014 Market Analysis Review

On the daily chart, the USDX is trying to stay in the bullish trend above the support level of 85.18. However, the USDX could find resistance at current levels and fall to the support level of 84.29, because this instrument is forming a lower low pattern. The MACD indicator remains in negative territory, which could favor the bearish bias on this chart.

Dailychart's resistance levels: 85.18 / 86.20

Dailychart's support levels: 84.29 / 83.74

The USDX is trying to form a bullish pattern below the resistance level of 85.27, because the USDX has found strong support at the 84.81 level on several occasions, but in the H1 chart, the USDX still remains below the 200-day moving average, so the bearish outlook still remains alive in the USDX. However, caution is advised because the MACD indicator is entering overbought area.

H1 chart's resistance levels: 85.27 / 85.49

H1 chart's support levels: 85.03 / 84.81

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 85.03, take profit is at 84.81, and stop loss is at 85.25.

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Daily analysis of GBP/USD for October 20, 2014 Market Analysis Review

In the H4 chart, the GBP/USD continues to consolidate above the support level of 1.6051, so this pair has formed a fractal near the 1.6110 level, which could exert strong resistance on the GBP/USD. This pair is approaching the 200-day moving average resistance at the level of 1.6226, which would be the nearest bullish target on the road.

H4chart's resistance levels: 1.6100 – 1.6226

H4 chart's support levels: 1.6051 - 1.6004

The GBP/USD has found strong resistance at the level of 1.6117. This pair is still trying to consolidate above this level. On the H1 chart, the MACD indicator remains in negative territory and GBPUSD has made a rebound at 200 SMA.

H1 chart's resistance levels: 1.6117 / 1.6170

H1 chart's support levels: 1.6075 / 1.6031

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 1.6117, take profit is at 1.6170, and stop loss is at 1.6065.

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USDCAD Daily Analysis - October 20, 2014 Forex Analysis

USDCAD stays in the upward price channel on 4-hour chart, and remains in uptrend from 1.0886, the fall from 1.1385 is likely consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.1500 area. Only a clear break below the channel support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 20, 2014 Forex Analysis

USDCHF remains in downtrend from 0.9687, the rise from 0.9370 could be treated as consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9300 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 0.9370 already, then the following upward movement could bring price to 1.0000 zone.

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USDJPY Daily Analysis - October 20, 2014 Forex Analysis

USDJPY broke above the downward trend line on 4-hour chart, indicating that the downtrend from 110.08 had completed at 105.32 already. Further rally would likely be seen in a couple of days, and next target would be at 109.00 area. Support levels are at 106.10 and 105.32, only break below these levels could trigger another fall to 104.00 zone.

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