Technical analysis of USD/CHF for January 23, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is to trade in a higher range. It is underpinned by the positive dollar sentiment (ICE spot dollar index hit nine-year high 94.497 overnight, last at 94.21 versus 92.75 early Thursday) on divergent U.S. monetary policy stance versus other major central banks, negative Swiss interest rates, and threat of SNB CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:
Daily chart is mixed as MACD is in bearish mode, but stochastics is neutral, inside-day-range pattern was completed on Thursday.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.8780 and the second target at 0.8840. In an alternative scenario, if the price moves below its pivot points, short posisitions are recommended with the first target at 0.8445. A break of this target would push the pair further downwards and one may expect the second target at 0.8360. The pivot point is at 0.8520.

Resistance levels:

0.8780

0.8840

0.8910

Support levels:

0.8445

0.8360

0.83

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Technical analysis of NZD/USD for January 23, 2015 Market Analysis Review

Fundamental overview:
NZD/USD is expected to consolidate with a bearish bias after hitting a two-and-a-half year low at 0.7476 on Thursday. It is undermined by the expectations that the Reserve Bank of New Zealand will leave rates on hold longer after soft New Zealand 4Q CPI and surprise interest rate cut by the Bank of Canada. NZD/USD is also weighed by the positive dollar sentiment and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the positive global risk sentiment and positions adjustment ahead of the weekend. Daily chart is negative-biased as MACD and slow stochastic indicators are bearish, five and 15-day moving averages are declining.

Technical comment:

Daily chart is negative-biased as MACD and slow stochastic indicators are bearish; five and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7445. A break of this target will move the pair further downward to 0.74. The pivot point stands at 0.7625. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7710 and the second target at 0.7785.

Resistance levels:

0.7710

0.7785

0.7810

Support levels:

0.7445

0.74

0.7375

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Technical analysis of GBP/JPY for January 23, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expectd to consolidate with a bearish bias. It is undermined by the negative euro sentiment after larger-than-expected ECB quantitative easing program and Japan's export sales. But GBP/JPY losses are tempered by the reduced safe-haven appeal of the yen amid the positive global risk sentiment and demand from Japan's importers and positions adjustment ahead of the weekend.

Technical comment:
Daily chart is negative-biased as bearish outside-day-range pattern was completed on Thursday, MACD is bearish, stochastics stays suppressed at oversold levels, five and 15-day moving averages are declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 176.95. A break of this target will move the pair further downward to 176.45. The pivot point stands at 178.85. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 179.45 and the second target at 180.20.

Resistance levels:

179.45

180.20

180.90

Support levels:

176.95

176.45

176

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Technical Analysis of USD/CAD for January 23, 2015 Market Analysis Review

The US unemployment claims decreased by 10,000 to 307,000 in the week ended January 17. The USD soared to the highest level in six years against the CAD. Today, the focus has shifted to Canadian core CPI, core retail sales, US flash manufacturing PMI, and existing home sales. The pair made a high at 1.2420, the nearest resistance exists 1.2435 levels. We recommend fresh buying above 1.2440 for another 100 and 150 pips. The pair has intraday support exists at 1.2300 levels. In case if the pair corrects below 1.2300, the immediate supports exists at 1.2190 and 1.2100. Until the pair holds at 1.2100 traders, can use every dip to buy.

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Technical Analysis of GBP/USD for January 23, 2015 Market Analysis Review

The confederation of British industry reported yesterday the UK factories expect their export orders on a weak note. On the other hand, the USD inches up to new highs after the ECB extends its QE. Today, the focus has shifted to the retail sales survey. We expect a downtick. The cable has strong support at 1.4800. The 20Dsma exists at 1.5231. Until the prices close above it, use every rise to sell. The pair has intraday resistance at 1.5040, 1.5075. and 1.5100. In case if the cable moves towards 1.5075, start selling between 1.5075 and 1.5100, sl to be set at 1.5140. We recommend safe selling below 1.5000 only with the targets at 1.4950 and 1.4800.

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Technical Analysis of Gold for January 23, 2015 Market Analysis Review

The ECB latest announcement supported gold. The yellow metal attracts inflows followed after the larger than expected QE program from the ECB. The yellow metal has been extending its upward journey a third week in a row. Currently, gold is trading on a muted mode after the Saudi King Abdullah’s death. Besides, the HSBC China flash manufacturing PMI data was released. The data indicated ongoing slowdown in the manufacturing sector. Flash China Manufacturing PMI™ was at 49.8 in January (49.6 in December) hitting a 2-month high. Despite the fact that the metal breached Wednesday’s high at $1,304.70, it failed to keep above it at yesterday’s session. The metal gave an invested h&s breakout and is aiming for $1,340.00 odd levels in the near term. On the h4 chart, the metal closed and is trading below 35DEMA levels. The metal has support at $1,295.00 and $1,292.00. On the higher side, the resistance exists at $1,304.00 and $1,309.00. We can see fresh buying above $1,309.00 with the targets at $1,322.00, $1,324.00, $1,330.00, and $1,340.00. The metal has a strong support zone at $1,282.00 and $1,279.00. We recommend buying above $1,304.00; safe buying will trigger above $1,309.00.

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Technical Analysis of EUR/USD for January 23, 2015 Market Analysis Review

The Euro stumbles to an 11-year low at 1.1317. Yesterday’s meeting ended up announcing the decision on purchases of bonds issued by euro area, central governments, agencies, and European institutions. Total monthly asset purchases are to amount to €60 billion. Purchases are scheduled to be carried out until at least September 2016. The pair has nominal support at 1.1300, below this another 100-pips fall can take place towards 1.1200 or 61.8 fib level from 2000 October lows to 2008 highs. In case if 1.1200 is also taken off straight away, we can see 1.1000 in the short to medium term. At yesterday’s meeting, the ECB Governing Council decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.05%, 0.30% and -0.20% respectively. On the other hand, the US unemployment claims decreased by 10,000 to 307,000 in the week ended January 17. In our yesterday’s report, we recommended selling below 1.1540 would give good money. The hourly resistance exists at 1.1400 and 1.1460. For purely speculation perspective, we can recommend a trade for buying above 1.1400 with the targets at 1.1450 and 1.1460. Today, traders are focused on French & German Flash manufacturing PMI .

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