Technical analysis of EUR/JPY for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is inching towards its first measured extension levels at 138.00 and 138.70/80 levels respectively, as seen on the 4H chart view here. Resistance is just around the current price action at 138.00, followed by 139.00 and higher, while support is 136.50, followed by 135.00 and lower respectively. Please note that the pair has bounced off the confluences of fibonacci 0.618 and resistance turned support trend line earlier (around 135.20 levels). It is still recommended to hold long positions, risk remains just below 135.00.

Trading recommendations:

Remain long, move stop to 136.50, target is 138.70.

Good luck!

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Technical analysis of GBP/CHF for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair reverses from 1.5310/20 levels, defined as resistance (fibonacci 0.618) as depicted here on the 4H chart view. A follow through is required through the 1.5200 break, to confirm and accelerate further downside. Please note that the pair has turned back from confluence of past support turned resistance and fibonacci 0.618 at 1.5320 levels. Resistance is seen at 1.5420/50 levels, followed by 1.5550, while support is seen at 1.5200 levels, followed by 1.4975 and lower respectively. It is recommended to remain short here, risk remains above 1.5450 at least. On the flip side now, a push through 1.5350 levels could delay matters further.

Trading recommendations:

Remain short, set stop above 1.5450, target is open.

Good luck!

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Technical analysis of Silver for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver rallied through $17.40 region yesterday before pulling back into the support zone around $17.10/20 levels as seen in the 4H chart view presented here. Bulls are expected to remain in control till prices remain above $16.60/70 levels. The metal could be targeting $18.20/50 levels for now. Support is seen at $17.00, followed by $16.60 and lower, while resistance is seen at $18.00, followed by $18.50 and higher respectively. Having produced an engulfing bullish reversal pattern on October 06, 2014, the metal is expected to rally at least till $18.50 levels, if not higher.

Trading recommendations:

Remain long, set stop at $16.40, target is $18.50.

Good luck!

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Technical analysis of Gold for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The 4H chart view presented here indicates that Gold could still dip towards $1,210.00 levels before resuming rally. As seen here, the $1,210.00 level is fibonacci 0.618 support of the rally between $1183 and $1,255.00. Furthermore it is also the extension of the drop from $1,255.00 to $1,225.00/26.00 levels. Support is seen at $1,205.00, followed by $1,183.00, while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher respectively. It is recommended to look to enter buying around $1,210.00 levels as a safe trading strategy. On the flip side, the metal is expected to face resistance around $1,240.00 levels, if a rally is materialized from current levels. An aggressive trade strategy cold be to initiate short positions there. ($1,240.00).

Trading recommendations:

Short around $1,240.00 if the metal rallies from current levels, set stop above $1,255.00, target is $1,210.00. OR Initiate long positions after a dip at $1,210.00 levels.

Good luck!

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Technical analysis of EUR/USD for October 29, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German 10-y Bond Auction. The US will release economic data too such as the Crude Oil Inventories, FOMC Statement, Federal Funds Rate, so amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2799.

Strong Resistance:1.2791.

Original Resistance: 1.2779.

Inner Sell Area: 1.2767.

Target Inner Area: 1.2737.

Inner Buy Area: 1.2707.

Original Support: 1.2695.

Strong Support: 1.2683.

Breakout SELL Level: 1.2675.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for October 29, 2014 Market Analysis Review

In Asia, Japan will release the Prelim Industrial Production m/m and the US will release some economic data such as Crude Oil Inventories, FOMC Statement, Federal Funds Rate. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 108.65.

Resistance. 2: 108.44.

Resistance. 1: 108.23.

Support. 1: 107.96.

Support. 2: 107.75.

Support. 3: 107.54.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of USDX for October 29, 2014 Market Analysis Review

On the daily chart the USDX is trying to find support at the level of 85.18, even though the instrument remains strong in our current bullish outlook. However, the USDX has formed four fractals at the resistance level of 86.20. The USDX could make a breakout at the support level of 85.18 to fall to the level of 84.29. The MACD indicator remains in negative territory.

Daily chart's resistance levels: 86.20/87.35

Daily chart's support levels: 85.18/84.29

The USDX is trying to form a lower low pattern below the 200 SMA on the H1 chart. However, the USDX is finding strong support at the 85.27 level, a level that could serve as a strong support zone for the USDX to consolidate again above the 200-day moving average, but the next target in the bearish trend remains the 85.03 level.

H1 chart's resistance levels: 85.49 / 85.73

H1 chart's support levels: 85.27 / 85.03

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 85.27, take profit is at 85.03, and stop loss is at 85.49.

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