GBP/CHF extends fall towards 1.4370 (intermediary support); a countertrend rally may materialize Trend News

Technical outlook and chart setups:

As depicted in the Daily Chart, the currency pair has rapidly exceeded the measured Fibonacci extension levels. It is shy of an intermediary support at the 1.4360/65 levels, and lower support levels are towards 1.43 and just below 1.42. As seen here, the resistance levels (Fibonacci) begin from 1.4610 and extend to 1.4750/1.4850 on the higher side, within the recent down leg which begun from the 1.5 level. It is absolutely clear that as long as the prices stay below 1.5 mark, the trend is down. For the moment, a countertrend pullback rally may materialize. A conservative trading approach would be to sell on rallies.

Trading recommendations:

1. Conservative: sell on rallies towards 1.46/1.4750

2. Aggressive: buy at current levels, stop at 1.4300, target 1.46 +

Good Luck!

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Silver should targeting 34.40/50 Trend News

Technical outlook and chart setups:

As depicted here on the Daily Chart view, Silver seems to have formed a major bottom/support at 29.20 level. This should set it up for fresh swing highs in the coming weeks. The resistance levels begin from 33.60/70, followed by 34.30.40, and 35.00/10, while 29.00 is strong support now. Looking into the smaller swing structure, the metal seemed to resume rally yesterday and is headed towards 34.40/50 levels immediately. Looking higher for now.

Trading recommendations:

Hold on to long positions, stop is at 30.00, and target is open. Book partial profits at 34.30/50.

Good Luck!

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Gold resumes rally. Immediate target should be 1,730/40 Trend News

Technical outlook and chart setups:

As seen here on Daily chart view, a major bottom formation seems to have been formed at the 1,626.00 level and the platform should be set for fresh swing highs in the weeks to come. Looking into the resistance levels, 1,694.00 is intermediary, followed by 1,710/15, 1,720/25, 1,750/53, and 1,790/95; while 1,626.00 is major support. The current upswing should probably end at 1,740.00 level in the next 2-3 weeks time. Looking higher from here on.

Trading recommendations:

Hold on to long positions, build on intraday dips, stop is at 1,630.00, and target is open. Book partial profits at 1,730/35.

Good Luck!

The material has been provided by Instaforex Company - http://www.instaforex.com/



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EurJpy: Hold on longs. Final push above 123.30 expected Trend News

Technical outlook and chart setups:

The weekly structure is clearly indicating major swing moves in the coming sessions. The resistance at 123.30 is expected to be breached any moment. It is recommended to hold long positions till that moment. More conservative trading approach would be to wait for 123.30/40 levels to be taken by bulls and then prepare to go short. Intermediary support is at 121.00/20 levels at the moment. Please remember this could be the final rally by the bulls before a meaningful correction materializes.

Trading recommendations:

Hold on to long positions, stop is at 120.00, target is at 123.30.

Good Luck!

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GbpChf hits measured downside extensions at 1.4460/75. Cover short positions Trend News

Technical outlook and chart setups:

As depicted on the Daily Chart view here, the single currency pair has almost hit the measured extension levels at 1.4460/70 at yesterdays' lows. It is recommended to cover/book profits on short positions taken earlier. Also, as shown here, the 1.4700/30 region which was former support would act as resistance and rallies should be capped below the same. Above 1.47 region resistance on the daily chart is at 1.5 and a pullback/retracement is quite possible at the moment. Supports are at 1.4300 and 1.42 respectively. A break below yesterdays' low should accelerate further downside.

Trading recommendations:

Book profits on the short positions taken earlier. Flat for now.

Good Luck!

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EUR/USD strong resistance 1.3534 - for January 29, 2012 (Daily Strategy) Trend News

This morning the euro during the American session overcame maximum level of 1.3477. Last week it reached a new high at 1.3495, a few pips above it there is the first weekly resistance at 1.3534. It is likely that this upward movement stops at this level, since in the daily charts this pair is overbought, we expect a more prolonged correction movement at least to the level of 1.3323. But we must be cautious because the dominant trend is upward. On the other hand, we can re-buy this pair at the 1.34 support level. If the pair is pushing down this level it will most likely continue falling until the first support weekly, 1.33. A weekly close above the price of 1.35, the scenario will change over the long term, since it is likely that this pair tries to go up to the psychological level of 1.40 to 1.50.

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

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GBP/USD intraday technical analysis and trading recommendations for January 29, 2013 Trend News

The GBP/USD pair started the new year with a sharp bullish move above 1.6300. As we see on the daily chart, the last push has ended up expressing significant bearish price action indicating a false break above 1.6300 establishing a significant resistance zone.

It is important to note that the pair has already broken down a long-term uptrend line that came to meet the pair around 1.6000.

The pair was trapped within narrow range 1.5800 - 1.5890 after finding temporary support at psychological level 1.5800. However, bearish breakout took place last week opening the way towards projection target around 1.5725 which was hit yesterday.

The pair remains under heavy SELLING pressure, as recovery attempt from 1.5680 zone is failing to push the pair above 1.5750 level. This week started with manifest weakness, although weekly closure came slightly above 1.5800; weekly gap added further bearish domination focusing initially on 1.5700 target.

Brief consolidation around 1.5700 is expected, as indicators are entering oversold state.

Theoretically speaking, the pair has confirmed a giant "double-top" pattern to be targeting 1.5350 as long as the pair is consolidating below neck-line around 1.5830.

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