CHF/JPY seems to be ready for take-off. Market Analysis Review

On reaching a low of 119.84 on March 12, CHF/JPY corrected sharply and entered into consolidation lasted for just over a month. At the end of April, the pair broke out the consolidation zone accommodated by large volumes.

The price also broke above the ascending channel. Fibonacci levels applied to the breakout point currently displaying the nearest support at S1 (128.75) and resistance R1 (130.38). While the higher trend line of the channel is acting as support now, it was rejected on several times. At the same time, the price closed above R1 resistance suggesting the further growth.

Consider buying CHF/JPY near S1 (128.85) as it could be ready to act any time now. Fibonacci is pointing at 133.00 as a target, where 0% level is located. Only a breakout below S2 could send the pair lower to test S3 level.

Support: 128.75, 127.45, 126.14

Resistance: 130.38, 133.00

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Technical analysis of EUR/USD for May 21, 2015 Market Analysis Review

In April 2015, the index of producer prices for German industrial products fell by 1.5% compared with the corresponding month of the preceding year. In March 2015, the annual rate of change was –.7%. The overall index rose by 0.1% in April 2015 (+0.1% in March and February 2015) compared with the preceding month.

Given a series of macroeconomic data today is understandably a busy day on the markets. Things should pick up rapidly by today however as we have a number of high-impact data releases to look forward to. The ECB monetary policy meeting accounts are due. The French and German flash manufacturing and services PMI are due. The European flash manufacturing PMI and services PMI are due. Today, we expect the eurozone, Germany and French to deliver negative readings.

Technical view: The pair fell into the strong support zone. We can call it as make-or-break zone. Ahead of the ECB monetary policy meeting, the pair has been trading in a very tight range between 1.1146 and 1.1060. The strong support zone is found at 1.1050. In the four-hour, the RSI is oversold. Ahead of major events, we expect wild moves at the intraday levels not to work out. Intraday resistance is seen at 1.1185 and support is found at 1.0930. From May 14, we have been advising that the pair is likely to retest the support between 1.1100 and 1.1050. The pair exactly returned from the given resistance zone 1.1480 and 1.1535, fell by 400 pips. Until the pair closes below 1.1290 rounded to 1.1300, use every rise to sell following the trend.

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EUR/NZD analysis for May 20, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading sideways around the price of 1.5180. The short-term trend is bullish. According to the daily time frame, supply is in a volume above the average but with weak price action. Our major resistance is around the level of 1.5310. According to the H4 time frame, we got selling climatic action (hidden buying), which prevented the price from going lower. Be careful when selling. If we see confirmation of climatic selling, the first strong support will be around the level of 1.4820 (major Fibonacci retracement 38.2%). Bullish objective point is at the price of 1.5455.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5318

R2: 1.5390

R3: 1.5510

Support levels:

S1: 1.5083

S2: 1.5011

S3: 1.4893

Trading recommendations: Be careful when selling EUR/NZD at this stage as we can observe selling climax (bearish volume spike).

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GBP/USD intraday technical levels and trading recommendations for May 20, 2015 Market Analysis Review

Overview:

On March 2, a bearish breakdown of the lower limit of the previous daily channel occurred enhancing the bearish side of the market.

Persistence below the zone of 1.4950-1.5000 indicated a further bearish decline towards 1.4700.

Shortly after, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was established.

Evident bullish recovery emerged at 1.4560 pushing the GBP/USD pair above the level of 1.4700. Since then, successive higher highs have been established.

As anticipated, the daily closure above 1.5060 (50% Fibonacci level) exposed the next resistance levels at 1.5400 and 1.5450 where extensive bearish pressure was previously applied.

This enhanced the bearish side of the market towards the levels of 1.5300, 1.5250, and 1.5100 where the most recent bullish swing was initiated on May 5.

As anticipated, the price zone of 1.5750-1.5800 (critical resistance zone) offered a valid sell entry by the end of last week (Friday). S/L should be advanced to 1.5600 to protect some profits.

Intraday Support-1 (price level of 1.5400) is the most prominent support level to be watched for buy entries. Initial bullish target is located at 1.5650.

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USD/CAD intraday technical levels and trading recommendations for May 20, 2015 Market Analysis Review

Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looked quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

Successive lower highs were established within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

Daily fixation below 1.2300 cleared the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (projection target of the recent range breakout and the depicted weekly uptrend).

That is why we expected these price levels to provide significant bullish SUPPORT. Bullish pullback is currently taking place.

The price zone of 1.2330-1.2350 remains significant intraday RESISTANCE at further retesting. This zone is likely to offer a low-risk sell entry.

Trading recommendations:

Risky traders could have taken a suggested buy entry anywhere around 1.1950. S/L should be advanced to 1.2050 to secure some profits. T/P levels are projected at 1.2100, 1.2270, and 1.2320.

Conservative traders can wait for bullish pullback towards 1.2300-1.2340 for a low-risk sell entry. S/L should be placed above 1.2400.

T/P levels should be placed at 1.2220, 1.2100 and 1.1950.

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Intraday technical levels and trading recommendations for GBP/USD for May 20, 2015 Market Analysis Review

Evident bullish recovery emerged from the area around 1.4550 where a significant bullish engulfing weekly candlestick was expressed.

As mentioned before, persistence above the levels of 1.5000-1.5080 exposed the weekly supply zone of 1.5500-1.5550 (roughly corresponding to weekly 50% Fibonacci level), where significant bearish pressure was previously applied on February 22.

Last week, the market has already pushed above the weekly supply (1.5530) and 1.5720 (FE 100%). That is why the current weekly candle closure should be monitored to determine the next destination of the pair.

Note that persistence above the weekly supply at 1.5530 hinders the long-term bearish trend for some time.

Sideways movement with slight bearish tendency had been expressed on the daily chart until the bullish breakout took place above 1.4970-1.5000 (via a long-term bullish reversal pattern).

The price zone between 1.5000 and 1.5050 (daily 38.2% and 50% Fibonacci levels) failed to hold. Moreover, it constitutes a prominent demand level for the GBP/USD pair now.

It offered a valid buy entry for retesting that took place last week.

A daily closure above the weekly supply zone 1.5500-1.5530 exposed the next supply level located at 1.5720 (100% Fibonacci Expansion of the recent bullish swing).

Evident bearish pressure was applied around 1.5720 (100% FE and the upper limit of the depicted bullish channel) so bearish pullback is taking place towards 1.5500.

On the other hand, the price zone (1.5450-1.5500) constitutes a prominent demand zone to be watched for a valid Intraday buy entry as long as no daily closure occurs below 1.5440 (S/L).

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Intraday technical levels and trading recommendations for EUR/USD for May 20, 2015 Market Analysis Review

The market was pushed lower after breaking below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The EUR/USD pair lost almost 1.500 pips since the beginning of 2015. Moreover, EUR/USD bears have already pushed the market slightly below the monthly demand level of 1.0550 (established on January 1997).

The previous monthly closure had a negative impact on the EUR/USD pair. However, April's monthly candlestick came as a bullish engulfing candle as depicted on the chart.

In the long term, bearish breakdown of the monthly demand level at 1.0550 should not be excluded as the long-term breakout target is roughly projected towards the level of 0.9450.

Meanwhile, further bearish decline can be hindered for a few weeks.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1600 is highly probable especially if Intraday Demand zone (1.1150-1.1100) remains defended by bulls.

The obvious bearish breakout of the weekly demand level at 1.1100 allowed the market to fall dramatically shortly afterwards.

After such a long bearish rally (which started around the levels of 1.1300), bullish rejection was expressed at 1.0570 (monthly demand level).

A bullish continuation pattern with an ascending bottom was established around the level of 1.0650.

This applied strong bullish pressure to the key zone at (1.1150-1.1050). That's why bears failed to pause the ongoing bullish momentum of the EUR/USD pair.

Further bullish advancement was enhanced by the multiple daily closures above the levels of 1.1150 and 1.1250 until bearish pressure was applied around 1.1450 (just below the depicted daily supply 1.1500).

Today, bearish pullback is taking place towards 1.1150 -1.1050 where a valid buy entry can be offered.

On the other hand, the current daily candlestick should be monitored by the end of the day, as a daily fixation below 1.1040 hinders further bullish advancement. If so, initial bearish target would be located at 1.0900.

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