GbpChf targeting 1.47 at least Trend News

Technical outlook and chart setups:

Looking into the momentum which is builting up, the single currency is setting up towards 1.4700 level at least as shown on the chart setup here. As seen, this level 1.47 is re-enforced by the past support turned resistance level as well and the sloping downtrend line passing through. It is recommended to again build small long positions at current levels (1.4620/30) with a strict stop loss below support and targeting around 1.4700/1.4800 levels in the short term. Major resistance as seen on charts is at 1.500 level, followed by 1.5100 and higher, while support is at 1.44, followed by 1.4070 and lower. Looking into the wave structure that begun from 1.4 level, the extensions are pointing towards possible 1.47 at least. Bottom line: Remain on the long side again till prices are above 1.44.

Trading recommendations:

Go long 30% of capacity, stop is at 1.44, and targets are at 1.47 and 1.48.

Good luck!

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GBP/USD - Weekly and monthly pivot points and signals, for May 06 - 11, 2013 Trend News

The British pound is trading above the weekly pivot of 1.5548. We believe that if the pair finds support above this level, it is likely that the first weekly resistance will push the pair towards 1.5629 low. It has been rather overbought for several days and in the long term this pair has bearish outlook. Therefore, if in the course of the week the pair closes below 1.5548 weekly pivot, we recommend selling to the first weekly support 1.5492, and finally to the third weekly support 1.5355.

Signals for May 06 - 11, 2013

Sell if it closes below 1.5548 (W_PVV) with take profit orders at 1.5492 and 1.5355, stop loss is above first weekly resistance.

____WEEKLY_____

Weekly - R3 = 1.5766

Weekly - R2 = 1.5685

Weekly - R1 = 1.5629

Weekly Pivot = 1.5548

Weekly - S1 = 1.5492

Weekly - S2 = 1.5411

Weekly - S3 = 1.5355

If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com

_____MONTHLY____

Monthly - R3 = 1.6257

Monthly - R2 = 1.5912

Monthly - R1 = 1.5722

Monthly Pivot = 1.5377

Monthly - S1 = 1.5187

Monthly - S2 = 1.4842

Monthly - S3 = 1.4652

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EUR/JPY Elliott wave analysis for May 7, 2013 Trend News

Today's support and resistance levels:

R3: 130.68

R2: 130.23

R1: 129.81

Current spot: 129.58

S1: 129.23

S2: 128.97

S3: 128.61

Technical overview:

The minor correction from 130.41 has been a little bigger than we expected, but that does not change our view that the next powerful rally higher is to begin soon. We are currently looking for a break above 129.81 and more importantly a break above 130.23, which confirms that the next rally higher towards at least 132.07 is underway. However, we expect this next rally to extend and find it more likely that we will see a continuation higher towards 133.90. In the short-term, we expect support at 129.47 and, more importantly, support at 129.23 to protect the downside for the break above 129.81. That said, an unexpected break below 129.23 will only indicate a slightly deeper decline towards 128.97 and maybe 123.67 before the next move higher sets in.

Trading recommendation:

We long EUR from 127.30 with a stop at 128.35 and take profit and reversal of the position at 135.00. If you do not have long EUR positions already, then buy at a break above 129.81 with the same stop.

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GBP/USD intraday technical analysis and trading recommendations for May 6, 2013 Trend News

Stabilization above 1.5370 temporarily cancelled the bearish reversal scenario, leading towards 1.5430 (the projection target of the range breakout) then 1.5590.

The long-term view remains bullish as long as the pair continues to consolidate within the depicted daily bullish channel above 1.5370-1.5400. However, the upper limit of the movement channel 1.5590-1.5600 may provide a considerable resistance for the pair. This idea is supported by the weak ongoing bullish structure with integrated swings and broken short-term uptrends as depicted on the 4H chart.

On the 4H chart, there's a broken short-term uptrend line which was broken-down to initiate a retracement movement towards 1.5530 (the next minor uptrend line). If the bears manage to break down 1.5530, the way towards 1.5480-1.5450 will be open.

By breakdown of this trendline, there would be a confirmed signal of reversal. However, it is important to be cautious. Breakdown of 1.5480-1.5500 is essential for further bearish retracement towards 1.5400 and 1.5370.

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Silver remains flat for now. 23.00 good support to buy Trend News

Technical outlook and chart setups:

The metal remains structurally unchanged for now. It is recommended to remain flat for now and look to buy further on dips towards 23.00 levels, since it is marked by Fibonacci 0.618 support of the entire rally from sub 22.00 levels. Resistance is strong at 26.00/50 levels which was past support. Intermediary support is at 23.00 level, followed by 22.00 and 21.45 respectively. A push above 24.80/85 levels now would bring prices to 25.00 and 26.00 levels. It is recommended to short around the 26.00 region, if prices rally straight up.

Trading recommendations:

Flat for now; looking to buy lower towards 23.00 or sell higher towards 26.00.

Good luck!

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Gold remains unchanged. 1,500/20 remains resistance to enter short positions Trend News

Technical outlook and chart setups:

The metal has virtually remained unchanged since few trading sessions; moving in a trading range between 1,440/50 and 1,470/75 as shown here. It is recommended to enter buying towards 1,420/40 levels only since it is the 0.618 support zone of the rally till now. If prices manage to rally past 1,480/85 levels from here, it is expected to reach 1,500/20 levels, which is strong resistance level (past support turned resistance). It is recommended to initiate short positions around 1,500/20 levels, if prices rally straight up from here. Near-term support is at 1,440.00 and 1,320.00, while resistance is at 1,480/85, respectively. Bottom line: Buy low or sell high for now.

Trading recommendations:

Buy between 1,420 and 1,440, or sell around 1,500/20 levels.

Good luck!

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EurJpy may be in the last leg up. Remain short Trend News

Technical outlook and chart setups:

As seen here, the single currency pair has been within the cone consolidation wave structure since last several trading sessions. The current rally towards sub 130.00 levels, seem to be the last one, before giving it up. It is recommended to remain short for now and add fresh positions if possible. Resistance is at 130.50/60 and 131.00, while support is around 128.00 and 125.00, respectively. As shown here by arrows, the current rally is wave 4, and wave 5 should be the breakdown leg normally. The breakdown should potentially bring prices below 125.00, towards 123.00 at least. Bottom line: Selling rallies should remain the trade mantra for now.

Trading recommendations:

Hold on to short positions and sell intraday rallies. Stop is at 131.30 and target is open.

Good luck!

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