Daily analysis of major pairs for December 24, 2015 Market Analysis Review

EUR/USD: Though the movement on the EUR/USD pair looks deceptive, long trades would be rational on it. This is because the EMA 11 is above the EMA 56 and the Williams' Percentage Range is not far from the overbought region. It is even sloping upwards. There is a strong likelihood that the resistance lines of 1.0950 and 1.0000 will be reached within the next several trading days.

USD/CHF: This pair has only consolidated so far this week, owing to the perceived quietness in the market. This week, the price has oscillated between the resistance level of 0.9950 and the support level of 0.9850. A break out of this trading range may be possible next week because a serious movement is anticipated.

GBP/USD: The Bearish Confirmation Pattern on the GBP/USD pair is very strong, and it can hold out, despite the current shallow rally in the market. This kind of rally should be seen as another opportunity to go short while the outlook on the market remains bearish. A further bearish movement is expected soon (most probably next week).

USD/JPY: The USD/JPY pair remains steady – consolidating to the downside in the context of a downtrend. The price is now below the supply level of 121.00, targeting the demand level of 120.50. Since weak trading activity is expected today, the price would not go downwards significantly.

EUR/JPY: This cross went upwards on Monday and Tuesday, but came down on Wednesday, reinforcing the bearish pressure in the market. The demand zone of 131.50 has been tried and it can be retried, in spite of the upwards bounce that is currently happening (a bullish candle).

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Technical analysis of USD/CHF for December 24, 2015 Market Analysis Review

Trading recommendations:

• The resistance of the USD/CHF pair has already set at 0.9937 on December 24, 2015. Moreover, the double top sets at the level of 0.9978. Thus, we expect a range of 97 pips today because usually the last day of a week shows high volatility. Therefore, it will be quite profitable to sell below this level (0.9978) for retesting this level in the short term. Hence, sell deals are recommended below the level of 0.9978 with targets at 0.9908 (the level of 0.9908 is representing the first support) and 0.8979 to reach the second support. Additionally, the descending movement will probably be lower than the 0.9862 level with the target at the double bottom. The double bottom sets at the level of 0.9862 and also coincides with the major support today.

Observations:

• The resistance will be set at the level of 0.9970 and the support has already been placed at the price of 0.9862.
• We expect a new range about 232 pips this week.
• The key level will set at the level of 0.9910.
• The level of 0.9978 is going to represent the double top.

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Technical analysis of GBP/USD for December 24, 2015 Market Analysis Review

Overview:

• The GBP/USD pair closed below the resistance which represents the weekly daily point at the level of 1.4960. Additionally, the market was in a downtrend two days ago. Besides, it should be noted that the price has already broken most of Fibonacci retracement levels. Therefore, the market will probably indicate a bearish opportunity at the level of 1.4955. The price has still been moving between the price of 1.4955 and the 1.4763 level in the short term. Meanwhile, the area below 1.4968 (above the the ratio of 38.2% Fibonacci retracement level on H1 chart) is looking for a further downside with the first target at the 1.4805 level and continue towards 1.4763 in order to test the weekly resistance 1. However, the stop loss should be placed at the price of 1.5019 (above the weekly pivot point).

Notes:

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3. According to the previous events, the GBP/USD pair is going to move between 1.4763 and 1.4998 this week.

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Daily analysis of USDX for December 24, 2015 Market Analysis Review

On H1 chart, USDX is finding strong support at the 98.14 level, where a rebound is expected to re-test the resistance level of 98.66. We should remind you that a higher rally is expected to try a bullish consolidation ahead of the New Year Eve. However, if the index manages to break the 98.14 level, then it's possible to do a decline towards the 97.86 level. MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 98.66 / 99.19

H1 chart's support levels: 98.14 / 97.16

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 98.66, take profit is at 99.19, and stop loss is at 98.14.

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Daily analysis of GBP/USD for December 24, 2015 Market Analysis Review

GBP/USD managed to regain some losses during the start of this Christmas week and now we can see a bullish consolidation above the support level of 1.4852. A rally is expected to test again the 200 SMA on H1 chart. Around that zone, we should expect a pullback to resume the overall bearish bias. MACD indicator is entering the negative territory.

H1 chart's resistance levels: 1.4918 / 1.4999

H1 chart's support levels: 1.4852 / 1.4802

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4852, take profit is at 1.4802, and stop loss is at 1.4902.

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Daily analysis of GBP/JPY for December 23, 2015 Market Analysis Review

Overview

The tight rage controls silver price trading since yesterday, which fluctuates near the critical resistance at 14.25, as long as the price below this level, so we keep preferring the bearish trend on the short term basis, waiting for targeting 13.50 then 13.00 levels initially. You should be aware that stochastic and the EMA50 positive, which might push the price to attempt to stop the suggested negative scenario and head towards achieving some gains on the intraday and short term basis. Silver price didn't show any strong move since morning, therefore, there is no change on the overall bearish trend scenario that depends on the stability of the daily close below 14.25 level, we might witness more of the sideways fluctuation affected by stochastic and the EMA50 positivity, reminding you that our main targets begin at 13.50 then 13.00.

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NZD/USD intraday technical levels and trading recommendations for December 23, 2015 Market Analysis Review

The daily chart shows a bullish Flag pattern that was initiated around the level of 0.6230 on September 23.

On November 30, a bullish engulfing candlestick was expressed around 0.6520 where the depicted uptrend came to meet the NZD/USD pair.

Shortly after, a bullish breakout above 0.6600 (the upper limit of the flag pattern) took place. This enhanced the bullish side of the market towards 0.6800 initially.

A temporary bearish rejection was expected around 0.6750 and 0.6840 (daily resistance levels) in the daily chart. Actually, an earlier bearish rejection was expressed two weeks ago on Friday.

On the other hand, an estimated projection target for this flag pattern will remain at 0.6950 only if the NZD/USD pair manages to keep trading above 0.6750 and 0.6840.

Two weeks ago, an obvious bullish breakout above 0.6600 was executed via a full-body bullish candlestick on the H4 chart.

Shortly after, the NZD/CAD pair faced resistance between 0.6700 and 0.6750 providing evident bearish rejection.

For the NZD/USD conservative traders, a valid buy entry was suggested around 0.6600 (corresponding to the depicted uptrend and the upper limit of the broken consolidation range).

The level of 0.6840 remains a significant resistance level to offer a valid Intraday sell entry.

Shortly after, a previous bearish fixation below 0.6750 opened the way towards 1.6700 where the depicted uptrend line came to meet the NZD/USD pair.

A valid buy entry was suggested around the level of 0.6700 (the depicted uptrend line as well as a recent support level). It's already running in profits now.

This week, lack of strong bullish pressure was manifested above 0.6800.

That's why, a bearish pullback is taking place towards 0.6750 where another buy entry can be offered. S/L should be located below 0.6700. Initial T/P level remains located at 0.6840.

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