Technical analysis of EUR/JPY for January 21, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seems to be retracing at the moment, after printing highs around 137.50/60 levels yesterday. The pair is seen to be trading at 136.20 levels for now, after forming lows at 135.70 levels earlier. Please note that 135.70 levels is Fibonacci 0.618 support of the rally from 134.20 to 137.60. It is still recommended to hold long positions taken earlier and also to look for adding more longs at current levels. A bullish bounce from here is expected to push the pair higher through 140.00 region as depicted here (red color). Immediate support is at 134.00 and lower while resistance is seen at 140.30/40 levels (Fibonacci). Bulls are expected to remain in control as long as prices remain above 134.00.

Trading recommendations:

Remain long, stop below 134.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for January 21, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is still seen within the overall range as seen here at 1.3070 levels. Though it looks as if the pair is breaking lower, it is recommended to hold long positions and look for adding further at these levels. Immediate support is intact at 1.2900, followed by 1.2800, 1.2600 and lower while resistance is seen at 1.33, followed by 1.3400 and 1.3800 respectively. The pair would be breaking out above 1.3400 levels, and it is expected to rally through 1.4100 levels at least, which is Fibonacci 0.618 resistance of the entire drop from 1.5550 to 1.1800 as depicted here. On the flip side, a break below 1.2900 levels would prove to be bearish.

Trading recommendations:

Remain long for now, stop at 1.2850, target at 1.4150.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for January 21, 2015 Market Analysis Review

Many previous lows were established around 1.5550 where the GBP/USD pair found temporary DEMAND in November 2014. A bearish breakout was expressed after many unsuccessful attempts back in 2014.

A bearish breakout scenario similar to what happened back in October was successfully executed shortly after.

The market has already pushed further below the price level of 1.5140 (projection target of the bearish breakout) reaching the lower limit of the depicted bearish channel around 1.5050.

The GBP/USD pair has shown bullish recovery off the price level of 1.5050 which is manifested in the successive bullish hammer daily candlesticks.

The price level of 1.5100 has been defended by bulls since the start of 2015. A double-bottom reversal pattern is being established above it.

Bullish fixation above the price level of 1.5180 - 1.5230 (neck-line) confirms this pattern and enhances the current corrective movement towards 1.5400.

Consolidation movement range between the price levels of 1.5770 and 1.5550 represented the state of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

As anticipated, the bearish breakout below 1.5550 exposed lower targets directly. Bears have already reached the price level of 1.5050 that has not been hit since August 2013.

Conservative traders should wait for a bullish pullback towards the recent SUPPLY zone around 1.5480-1.5550 for a low-risk SELL entry. The stop loss should be located above 1.5560.

For RISKY traders, LONG entries were suggested around the price level of 1.5100. Stop Loss remains below the price level of 1.5075 (Tuesday's and recently Thursday's low). TP should be located at 1.5230, 1.5350 and 1.5400.

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Intraday technical levels and trading recommendations for EUR/USD for January 21, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2000 and 1.1860 where historical bottoms were previously established back in 2012 and 2010.

Further actions from the ECB regarding QE are still doubted due to the ECB’s policy meeting on January 22. EUROZONE current account stepped down to €18.1 billion which is an eight-month low.

This is strongly affecting the market leading to the current long-term negative sentiment of the EUR/USD pair. The market is recently challenging historical lows that was established back in 2005 and 2003.

The pair has lost almost 490 pips since the beginning of 2015, as the market has revisited the lowest rates since November 2003.

The market currently looks oversold below the price level of 1.2000 and 1.1900 (prominent psychological SUPPORT and the lower limit of the movement channel on the H4 chart).

Currently, SELLING the EUR/USD pair should be avoided as much as possible at such historically low prices.

On the other hand, BUYING the pair is considered a low-risk opportunity after such steep decline. That is why bullish pullback should be anticipated looking for better prices to SELL the pair off.

The price zone of 1.1750-1.1820 is a recently established SUPPLY zone. Short-term SELL positions can be taken there. Stop loss should be placed above the price level of 1.1880.

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Technical analysis of USD/CHF for January 21-22, 2015 Market Analysis Review

Overview :

• After the 15th of January 2015, the market of USD/CHF pair was not stable and trend was not also so clear (it is tight sideway range). According to the previous events, the price has still been moving between 0.9107 and 0.8424 so it is recommended to be careful at this area. Therefore, the first step is to wait for a period of tight sideway range market before breakouts. Then, probably, the market is going to start showing signs of bullish market. In other words, it will be a good sign to buy above 0.8424 (38.2% of Fibonacci retracement levels) with a first target of 0.8762 and it will climb towards 0.8875 (weekly pivot point). Moreover, it should also be noted that other resistance is going to set at the levels of 0.9022, 0.9063 and 0.9104 which coincides with the ratio of 61.8% Fibonacci retracement levels. The level of 0.9104 is called for a strong bearish market since January 15, 2015. However, if the pair can not break 0.8762, the market will indicate a bearish opportunity below 0.8762. Then the level will act as strong resistance, for that it will be a good sign to sell below 0.8762 with the first target of 0.8602 and it will call for downtrend in order to continue bearish trend towards 0.8420.

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USD/CAD intraday technical levels and trading recommendations for January 21, 2015 Market Analysis Review

Overview:

The USD/CAD pair established a temporary consolidation zone between the price levels of 1.1560 and 1.1670. This price zone roughly corresponds to 61.8% prominent WEEKLY Fibonacci level bullish breakout above which allowed bulls to establish a new consolidation zone between 1.1980-1.1930.

The prominent H4 support that is the price zone of 1.1800-1.1750 provided excellent SUPPORT for the pair on Thursday. LONG positions were suggested at retesting.

Note the newly established short-term channel being expressed since the price level of 1.1750 reached up to 1.2080. The market looks quite overbought since bulls have pushed further above the upper limit of the long-term movement channel. Hence, bulls should be conservative with their targets.

This minor channel pattern may indicate bearish reversal, if confirmed, with H4 bearish breakdown of the lower limit and the recent support around the levels of 1.1930-1.1900.

Otherwise, if bulls keep defending the recent INTRADAY SUPPORT around 1.1900-1.1930, the market bias will remain positive targeting at 1.2090 and 1.2130 shortly after.

Trading recommendations:

Risky traders can wait either for a bullish spike towards 1.2090-1.2100, or for the H4 bearish breakdown below 1.1900 to SELL the pair aiming for 1.1750 and 1.1700.

You should be conservative with your Stop Loss / Targets of such a counter-trend trade.

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GBP/USD intraday technical levels and trading recommendations for January 21, 2015 Market Analysis Review

Overview:

On December 17, the market failed to express a bullish breakout above the upper limit of the daily bearish channel. Shortly after, an extensive bearish pressure was applied against the price levels of 1.5540-1.5560 on December 23.

Daily closure below the recent bottoms established around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with projection target at 1.5300.

The market has already pushed further below this level reaching down to 1.5030 where the lower limit of the channel provided significant support for the pair.

Bullish recovery was manifested by the ascending bottoms being established on the H4 chart. Since the pair hit the recent high around 1.5260, successive bearish pressure has been applied resulting in the flag pattern on the H4 chart.

The key-support level for today's movement is located at 1.5100 (the lower limit of the depicted flag pattern). Fixation above it enhances bullish side of the market towards 1.5260 and 1.5380.

However, within such a strong bearish trend you should consider the other scenario that the market fails to fixate above 1.5200 (the upper limit of the flag pattern) followed by H4 breakdown below 1.5150 and 1.5100. If so, further bearish tendency on the market should not be excluded, probably, new lows below 1.5030 would be visited.

Trading recommendations:

Price zone of 1.5350-1.5380 (50% - 61.8% Fibonacci Levels and the upper limit of the daily channel) should be watched for new SELL entries with SL as daily closure above 1.5400.

Intraday traders can SHORT the pair after H4 closure below 1.5080. TP should be located at 1.5035 and 1.5000. SL should be located above 1.5110.

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