Technical analysis of USD/CHF for April 10, 2014 Trend News

Overview :

• Technical analysis of the USD/CHF pair in the short term.


• The market showed the signs of falling. The trend movement was controversial as it took place in the downward channel. Due to the previous events, the price is still between the levels of 0.8840 and 0.8760. Moreover, the level of 0.8840 is representing a strong resistance on April 10, 2014. From this point, the pair is likely to begin a descending movement from the point of 0.8840 and further to the level of 0.8790. Then the market will probably show the signs of a bearish trend. In other words, sell deals are recommended below 0.8840 or 0.8790 with the first target at the level of 0.8758 (the weekly support 1). However, if the USD/CHF pair fails to pass through the level of the weekly support 1 (0.8758), the market will indicate a bullish opportunity above minor support level of 0.8758 today. In this regard, buy deals are recommended higher than the 0.8758 level with the first target at 0.8800. It is possible that the pair will turn upwards continuing the development of the bullish trend to the level of 0.8830.

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Technical analysis of GBP/CHF for April 10, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHf pair is still struggling ahead of the 1.4850 resistance for now. A bearish reversal is possible from current level which could still drag prices towards 1.4450 levels. It is recommended to remain short for now, risk remains at 1.4850/60.

2. Support is at 1.4650, followed by 1.4450, 1.4350 and lower, while resistance is at 1.4850/60, followed by 1.4950 and 1.5120 respectively.

3. The structure indicates that till GBP/CHF is below the 1.4850 levels, bears could take back control and continue moving lower towards the swing lows of 1.4450 and further.

Trading recommendations:

Remain short, set stop at 1.4850, target is open.

Good luck!

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Technical analysis of EUR/JPY for April 10, 2014 Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair produces a morning star bullish reversal candlestick signal right at the cone support line seen here around 140.00 levels yesterday. This indicates that next leg is possibly higher from here on. If this count is true, the pair should rally towards at least 143.00 levels, which is convergence of cone resistance line as well. Recommendations are to remain long (aggressive setups), risk remains at 140.00.

2. Intermediary support is at 140.00, followed by 138.50, 136.00 and lower, while resistance is at 143.00/50, followed by 144.00 and higher up at 1.5120.

3. The structure indicates that EUR/JPY might rally towards 143.00/50 levels again towards the cone resistance line. Bears would regain control if 140.00 breaks down.

Trading recommendations:

1. Aggressive setup is to remain long from yesterday, set stop at 140.00 target is open.

2. Conservative approach is to remain flat and wait for further confirmation.

Good luck!

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Technical analysis of Gold for April 10, 2014. Trend News

Technical outlook and chart setups:

1. Gold is pushing higher for now, minimum extension seen is towards $1,345.00/50.00 levels. Recommendations are to still remain long, risk can be moved to $1,277.00. As seen here, the $1,345.00/50.00 zone is fibonacci 0.618 resistance and a reaction could be expected. Furthermore, the trendline resistance is around the same region. Remain long and buy intraday dips till Gold stay above $1,277.00.

2. Intermediary support remains at $1,277.00 for now, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is seen as $1,345.00/50.00 (fibonacci), followed by $1,388.00/90.00.

3. The structure remains bullish till prices remain above $1,277.00 for now. The metal is poised to rally at least till $1,350.00 levels before reversing.

Trading recommendations:

Remain long, stop is at $1,270.00, target is open.

Good luck!

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Technical analysis of Silver for April 10, 2014. Trend News

Technical outlook and chart setups:

1. Silver re-bounced just from the trend line support at $19.61 yesterday. It is trading well above the $20.00 levels at the moment and is expected to rally further towards $21.70 and higher up. It is recommended to remain long for now, risk remains at $19.20/25.

2. Support is at $19.00, followed by $18.75 and lower, while resistance is at $21.70, followed by $22.20/30, $23.00 and higher respectively.

3. The structure indicates that Silver is very much in the buy zone and racing towards $21.70 levels at least for now. Intraday dips should be considered as opportunities to go long.

Trading recommendations:

Remain long for now, stop is at $19.00/25, target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for April 10, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5979

R2: 1.5923

R1: 1.5905

Current spot: 1.5877

S1: 1.5848

S2: 1.5824

S3: 1.5774

Technical summary:

We expected that the small correction from 1.5855 was over, but it turned into the more complex expanded flat correction for a final rally towards 1.5980. This has changed our count slightly, but we should soon see the next powerful decline towards at least 1.5779 and more likely lower towards 1.5655 in green wave iii. In the short term look for minor resistance at 1.5905 to protect the upside for a break below 1.5848 to confirm the decline to 1.5779 and lower.

Trading recommendation:

Our short position from 1.5860 hit the stop at 1.5900 for a small loss. We will sell EUR again here at 1.5877 with a stop at 1.5985, but we will lower the stop to 1.5910 upon a break below 1.5848.

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Elliott wave analysis of EUR/JPY for April 10, 2014 Trend News

Today's Support and Resistance levels:

R3: 141.55

R2: 141.24

R1: 141.06

Current spot: 140.90

S1: 140.63

S2: 140.08

S3: 139.43

Technical summary:

The correction we had been looking for became smaller than expected and it indicated that wave one from 143.47 is not over yet; therefore we changed our count slightly. Now we are looking for the final decline in blue wave v towards 139.43 before red wave i is over and red wave ii higher to 141.89 is expected. In the short term we expect minor resistance at 141.24 to protect the upside for a break below 140.62 confirming the decline towards 139.43.

Trading recommendation:

We missed our entry point at 141.89. We will sell EUR at 141.20 with a stop at 141.60 and take profit at 139.55.

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