Technical analysis of USD/CHF for June 19, 2015 Market Analysis Review

USD/CHF is expected to consolidate after hitting the month low of 0.9145 on Thursday. On Thursday, the Swiss National Bank maintained its deposit rate at -0.75% and reiterated it was prepared to take further measures to blunt the strength of the Swiss franc, which it said remains "significantly" overvalued. USD/CHF is supported by the improved USD sentiment, negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention. But USD/CHF upside is limited by the positions adjustment ahead of the weekend.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish, although latter is at oversold levels. Five and 15-day moving averages are declining.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9250 and the second target at 0.93. In the alternative scenario, short positions are recommended with the first target at 0.9145 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9105. The pivot point is at 0.9185.

Resistance levels: 0.9250 0.93 0.9360

Support levels: 0.9145 0.9105 0.9065

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Technical analysis of NZD/USD for June 19, 2015 Market Analysis Review

NZD/USD is expected to consolidate. It is undermined by the weaker-than-expected New Zealand Q1 GDP growth data, dovish Reserve Bank of New Zealand's monetary policy stance, improved USD sentiment, soft dairy prices, and kiwi sales on the buoyant AUD/NZD cross. But NZD/USD downside is limited by the positive investor risk sentiment and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is still negative-biased as the 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 long as it remains below the pivot point. Short positions are recommended with the first target at 0.68. A break of that target will move the pair further downwards to 0.6820. The pivot point stands at 0.6955. 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, long positions are recommended with the first target at 0.6995 and the second target at 0.7030.

Resistance levels: 0.6995 0.7030 0.7080 Support levels: 0.6850 0.6820 0.68

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Technical analysis of GBP/JPY for June 19, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. It is undermined by Japan's exports and the fears that Greece might get into default due to its debts and exit the eurozone. But GBP/JPY losses are tempered by the reduced safe-haven appeal of the yen amid positive risk sentiment, demand from the Japanese importers, and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is mixed as stochastics is bullish but the MACD is bearish, bearish shooting-star candlestick pattern was completed on Thursday.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 196.10 and the second target at 197.10. In the alternative scenario, short positions are recommended with the first target at 193.20 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 192.60. The pivot point is at 194.40.

Resistance levels: 196.10 197.10 198

Support levels: 193.20 192.60 192

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Technical analysis of USD/JPY for June 19, 2015 Market Analysis Review

USD/JPY is expected to consolidate after hitting the six-day low of 122.47 on Thursday as markets awaited the Bank of Japan's monetary policy decision. USD/JPY is underpinned by the improved USD sentiment as fewer-than-expected 267,000 US jobless claims for the week ended on June 13 (versus forecast 276,000), stronger-than-expected rise in Philadelphia Fed general business activity index to 15.2 in June from May's 6.7 (versus forecast 8.0), larger-than-expected 0.7% rise in the US Conference Board May leading index (versus forecast +0.3%) offset lower-than-expected US May CPI of +0.4% on-month (versus forecast +0.5%) and core CPI of +0.1% on-month (versus forecast +0.2%). USD/JPY is also supported by the demand from Japan's importers, the Bank of Japan's ultra-loose monetary policy, and reduced safe-haven appeal of the yen amid positive global risk sentiment (VIX fear gauge eased 9.03% to 13.19; S&P 500 closed up 0.99% at 2,121.24 overnight). But USD/JPY gains are tempered by the Japanese exports and positions adjustment ahead of the weekend.

Technical comment:

The daily chart is still negative-biased as the MACD and stochastics are bearish.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 122.45. A break of that target will move the pair further downwards to 122.15. The pivot point stands at 123.35. 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, long positions are recommended with the first target at 123.70 and the second target at 124.10.

Resistance levels: 123.70 124.10 124.35

Support levels: 122.45 122.15 121.75

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Gold analysis for June 19, 2015 Market Analysis Review

Overview:

Gold has been trading sideways around the price of $1,202.00. In the daily time frame, we can observe a strong bullish bar in a volume below the average. According to the M15 time frame, I found trading range between the prices of $1,205.00 and $1,198.00. I am waiting for a stronger price action and breakout to confirm further direction. I placed Fibonacci retracement to find potential resisntace and got Fibonacci retracement 61.8% at the price of $1,205.00. If the price breaks the level of $1,205.00 in a high volume and strong price action, we may see possible testing of the level of $1,216.00 (Fibonacci expansion 61.8%).

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,205.00

R2: 1,210.00

R3: 1,220.00

Support levels:

S1: 1,188.00

S2: 1,183.00

S3: 1,174.00

Trading recommendations: I found trading range between the prices of $1,205.00 and $1,198.00. Wait for clear breakout with high volume to confirm further direction.

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GBP/USD intraday technical levels and trading recommendations for June 19, 2015 Market Analysis Review

Overview:

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

Persistence below the zone between 1.4950 and 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 (which initiated the ongoing bullish swing) was reached.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800 which offered a valid sell entry. The final bearish target at 1.5450 was already reached.

Recently, higher bottoms were established around the levels of 1.5200. This applied strong bullish pressure over resistance level around 1.5800 via the ongoing bullish swing.

That is why, resistance level at 1.5800 was breached by the current strong bullish momentum. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900.

Traders can take a valid sell entry anywhere around 1.5900-1.5930. Initial T/P levels are located at 1.5780, 1.5700 and 1.5600 while S/L should be set above 1.5950.

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USD/CAD intraday technical levels and trading recommendations for June 19, 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 has looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

Successive lower highs were reached 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 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend) for the USD/CAD pair. Bullish support was offered around these levels. A bullish pullback took place shortly after.

Recently, the price zone of 1.2450-1.2500 constituted strong resistance (backside of the broken uptrend and the previous consolidation zone).

As anticipated, a daily candlestick closure below 1.2430 (previous week) enhanced further bearish decline. Since then, the price zone of 1.2380-1.2400 constitutes solid intraday resistance for the USD/CAD pair.

However, the previous weekly candlestick closed above 1.2300 (lack of bearish momentum). That is why, we need frank weekly closure below 1.2300 to ensure further bearish decline in the long-term.

As anticipated, one daily candlestick closure below the level of 1.2300 offered a profitable sell position.

S/L should now be lowered to entry levels (1.2300) to offset the risk, while the rest of TP levels remain projected at 1.2100 and 1.1950.

On the other hand, the current weekly candle closure should be monitored to determine the next destination of the USD/CAD pair.

If the current weekly candlestick closes below 1.2200 (the previous weekly low), the weekly uptrend is likely to get breached soon. Otherwise, another pullback towards 1.2400 would be imminent.

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