Technical analysis of USD/CHF for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/CHF pair looks to be in a deeper correction mode with downside extensions pointing towards 0.9150 levels at least, as depicted on the daily chart view here. Interim support is seen at 0.9350, followed by 0.9300, 0.9150 and lower, while resistance is seen at 0.9550 (interim), followed by 0.9680/0.9700 respectively. It is recommended to initiate at least 50% short positions at current level (0.9460/70), risk remains above 0.9600. The structure indicates that bears remain in control for a while. On the flip side, a push through 0.9550 levels would indicate that the pair is heading towards fresh highs.

Trading recommendations:

Remain 50% short from current levels, set stop at 0.9600, target is 0.9150.

Good luck!

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Technical analysis of USD/JPY for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/JPY pair has rallied into the resistance zone around 108.00/20, as depicted here on the Daily chart view. Please note that the 108.20 levels is also convergence of past support turned resistance and fibonacci 0.681 of the fall between 110.00 and 105.00. A bearish reversal remains high probability from current levels and hence it is recommended to initiate short positions now, risk remains above 109.50 at least. Resistance is fixed at 110.00 levels, while support is seen at 106.50, followed by 105.00 and lower respectively. On the flip side, a push through 110.00 would negate the bearish outlook for the pair.

Trading recommendations:

Remain/Initiate short positions now (108.00/10), set stop above 109.50, target is 102.00.

Good luck!

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Technical analysis of EUR/USD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD is setting up for a counter trend rally towards at least 1.3100 levels and subsequently into 1.3500's before resuming down trend. The pair is currently trading at 1.2730/40 levels and it is recommended to initiate long positions now, risk remains below 1.2600 levels. Support is seen at 1.2600 (fibonacci 0.618), followed by 1.2500, while resistance is seen at 1.3000, followed by 1.3150 and higher respectively. The pair could witness a powerful counter trend rally towards 1.34/1.35 levels in the weeks to come by, before it reverses towards the larger down trend. Bulls shall remain in control till prices are above 1.2500/50 levels.

Trading recommendations:

Remain long, set stop at 1.2540, target is 1.3100 and 1.3500.

Good luck!

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Trading recommendation on USD/CAD for October 29, 2014 Market Analysis Review

USD/CAD

The pair was beaten heavily in the previous session, closed below 20Dsma. The soft US data pulled the pair to a 2-weeks low. The nearest support exists at 1.1155 levels. Below this we can expect 50 or 80 pips down towards 1.1080 or 1.1070 levels. In the near-term perspective the pair is in a bear grip. The following reasons will explain my view. The pair is trading below 1.1185 which is not a good sign in the near term. The monthly candle is turning red and the pair is trading below 1.1198 levels. These two factors give an indication of weakness. We recommend fresh buying above 1.1200. Today traders eye the FOMC announcement and BOC Governor Poloz speech. Today's closing will provide clear direction for the near and short term. In the h4 chart, we can clearly see lower low swings and lower high swings forming. We recommend selling below 1.1150 levels. In the h4 chart the momentum indicators are in oversold zone. We expect pull back from these levels. Risky traders can buy at the market price of 1.1167 with sl 1.1155 and target at 1.1195. We recommend selling below 1.1150 for a downward target at 1.1140, 1.1100 and 1.1072 levels.

Trade:

Buying at a market price with sl 1.1155

Selling below 1.1150

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Trading recommendation on USD/JPY for October 29, 2014 Market Analysis Review

The pair finally managed to close above 20Dsma. In the previous session, the pair closes at the highest point of the day. We recommend fresh buying above 108.35 levels. The pair has erased most of its losses this week, and more than half of its monthly losses on a monthly basis. We are expecting a strong upswing above 108.35 towards 108.75, 109.00 and 109.10 levels. On the other side, the pair has support at 107.60, below this, 107.00 will act as strong support zone. Below 107.00 we can see some long unwinding, which represents selling pressure towards 105.90 and even more downwards. For an intraday view, we expect huge volatility ahead the FOMC announcement. We recommend selling below 107.95 levels, for targets at 107.70, 107.60 levels. In case, if the prices falls below 107.60 we can see heavy selling pressure towards 107.40, 107.10 and 106.80 levels.

Trade:

Buying above 108.35

Selling below 107.95, panic below 107.60

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Trading recommendation on GBP/JPY for October 29, 2014 Market Analysis Review

The pound gained against the yen closing above the key moving averages in the daily and weekly chart. This week, as of now the cross took the support from 20Wsma trading above a 2-weeks high. The cross managed to close above 50Dsma in the previous session after 12 trading sessions. On the higher side, the cross has resistance at 175.00, 175.41 and 175.92, the 61.8 fib levels. On the other side, the cross has support at 173.90, 50Dsma, 173.40, 100Dsma, and 173.15, 20Dsma. The cross looks weak only below 173.40 levels. In the h4 chart, the 200sma acts as a major resistance level. The cross has been facing strong resistance at 174.76, 200sma.We recommend fresh buying above 174.80, with targets at 175.00 and 175.16, may be even at 175.40 levels. The pair looks weak below 174.00, 12ema, and selling pressure below 173.70. We recommend selling below 173.70 for targets at 173.25 and 173.00.

Trade-

Buying above 174.80

Selling below 173.70

Risky traders, use sl 174.78, sell at market price.

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Trading recommendation on Gold for October 29, 2014 Market Analysis Review

GOLD

The yellow metal gave back some of its gains in yesterday's session. We recommended buying in yesterday's session that gave good money. Traders eye today's Federal Reserve announcement. Expectations are high, the US central bank is expected to hike interest rates in 2015. In yesterday's session the metal managed to close above 20Dsma. Today in Asia's session the asset took the support at 20Dsma trading at $1,228.00 levels. On the higher side, the metal has resistance between $1,239.00 and $1,240.00 levels. In case, the metal closes above $1,240.00, we can expect some upswing in the near term. On the other side, the metal has support between $1,221.50 and $1,217.00 levels. The metal will experience panic selling below $1,217.00 levels. On the other side, we can see strong momentum only above $1,240.00 levels. For an intraday view, the metal prices have been trading below 34hrsma. Until the prices close below 34hrsma at $1,235.00, sell on every rise. We recommend buying above $1,230.00 and safe buying, only above $1,236.00 levels. The metal has resistance at $1,230.00 levels. Above this, it can go towards $1,235.00 and $1,236.00 levels. We recommend selling below $1,225.00 and safe selling, below $1,221.00 levels.

Support $1,226.00, $1,221.00, $1,217.00

Resistance $1,230.00, $1,236.00, $1,240.00

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