Technical analysis of GBP/CHF for December 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped to the level of 1.4740 after the Fed's announcement before pulling back sharply. The pair has finally bounced off the intermediary support trend line at 1.3800. Also, the Fibonacci 0.786 support has held well until now. The pair can be expected to rally through the level of 1.5300 at least if not higher. It is hence recommended to remain long with risk at 1.4700. Immediate support is seen at 1.4700 followed by 1.4550 and lower, while resistance is seen at 1.5000 followed by 1.5150 and higher.

Trading recommendations:

Remain long with stop at 1.4700.

Good luck!

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Global macro overview for 17/12/2015 Market Analysis Review

Global macro overview for 17/12/2015:

The UK released an important set of economic data on retail sales today. The strong data significantly beat the expectations. Market participants expected retail sales with auto fuel at the level of 0.6% m/m (3.0%y/y), but the data came in at the level of 1.7%m/m (5.0%y/y). Nevertheless, please remember that these are sorts of numbers you would expect to see in this time of year as the Black Friday strongly featured in sales readings.

The GBP/USD pair positively responded to the news, but then reversed and got back into the daily trading range. Currently, the pair is trading at the level of 1.4944 and the next support is seen at the level of 1.4894.

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Global macro overview for 17/12/2015 Market Analysis Review

Global macro overview for 17/12/2015:

The Fed raised the short-term interest rate to 0.25% at its yesterday's meeting as expected. It validates the US economic recovery after the crisis of 2008. Moreover, the further rate hikes are expected, but the overall rate increasing process will remain gradual and data-dependent. The inflation expectation picked up recently and the targeted level of 2% is still on the table, but it might be updated if needed. As Janet Yellen mentioned during the Fed's press conference, the employment has significantly recovered, but weakness remains in particular wage growth, which is lower due to lack of inflationary pressure.

The US dollar index bounced from the support level of 97.18 and even broke above the intraday resistance at the level of 98.33. Nevertheless, it is still trading below the long-term important resistance at the level of 100.50.

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Technical analysis of EUR/JPY for December 17, 2015 Market Analysis Review

General overview for 17/12/2015 09:50 CET

The internal wave progression of the wave b green is evolved into a more complex and time-consuming structure. Inside of this structure, the wave c green to the downside is still missed and a projected target is seen at the level of 132.13.

Support/Resistance:

134.74 - WR2

134.57 - Swing High

133.76 - Intraday Resistance

133.62 - WR1

133.11 - Weekly Pivot

132.70 - Intraday Support

132.12 - 50%Fibo

Trading recommendations:

Day traders should consider placing sell orders only if the level of 132.70 is violated. SL orders should be placed at the level of 133.30 and TP orders should be placed at the level of 132.14.

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Technical analysis of USD/CAD for December 17, 2015 Market Analysis Review

General overview for 17/12/2015 09:30 CET

The main count has been invalidated and the alternative count is in play now. This alternative count indicates a possible impulsive wave progression from a low of 1.2850, which is about to complete. Currently, the market is in the corrective sub-cycle (wave 4 black) and there is one more wave to the upside missed ( wave 5 black) to complete the impulsive cycle. This last wave ( wave 5 purple) is the last one in a greater cycle progression. It might end the whole advance that started at the level of 0.9428.

Support/Resistance:

1.3926 - WR1

1.3847 - Intraday Resistance

1.3677 - Intraday Support

1.3646 - Weekly Pivot

Trading recommendations:

Day traders should consider buying on dips in this market with SL below the level of 1.3677 and TP at the level of 1.3928.

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for December 17, 2015 . Thanks for your support.

USDX technical analysis for December 17, 2015 Market Analysis Review

The US dollar index gave the first bullish reversal signal ahead of the FOMC meeting by breaking above and out of the downward sloping wedge. When I identified the wedge pattern, I found that dollar's strength was to come back and US dollar bears should be cautious.

Black lines - bullish wedge

Blue line - bullish divergence

A couple of days days ago, I identified the bullish wedge and the bullish divergence in the US dollar index the 4-hour chart. A buy signal would be given once the price broke out of the wedge. After yesterday's FOMC announcement, the US dollar index got very volatile as it usually does in circumstances like this. It was an important day for the greenback. The index pulled back but failed to break below the critical support of 75.

The 50% Fibonacci retracement held very well in the weekly chart after the FOMC meeting, and as we expected the USDX started its next upward journey. Now it is important to break above resistance of 99 and hold above 97.50. As long as the price is above 97.50, we remain bullish on the US dollar.The material has been provided by InstaForex Company - www.instaforex.com

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Gold technical analysis for December 17, 2015 Market Analysis Review

Gold price started moving upwards yesterday heading resistance at $1,080 before the FOMC rate announcement, but bulls could not hold the price at that level, as it got rejected and pulled back amid the stronger US dollar.

Blue lines - bearish channel

Gold price tried to break out of the bearish channel, but got rejected. The price also did not manage to break above the Ichimoku cloud. Resistance is seen at $1,080. Support is at $1,046. Bears are still in control of the longer- and medium-term trend. The short-term trend is neutral.

Nothing has changed my view on the weekly chart. The price should start bouncing towards $1,120-30. Downward moves are limited to $1,020-30 as I do not see much potential to the downside as we have not seen bounces for a long time.The material has been provided by InstaForex Company - www.instaforex.com

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