Technical analysis of USD/CHF for October 09, 2014

USDCHFM30.png


Fundamental overview:


USD/CHF is expected to trade in lower range.It is undermined by the negative dollar sentiment (ICE spot dollar index last 85.32 versus 85.66 early Wednesday) on dovish minutes of FOMC Sept. 16-17 meeting which showed the Federal Reserve was in no rush to raise interest rates and was concerned that the recent strength of the dollar could hurt U.S. exports and growth as well as putting downward pressure on already low levels of inflation. USD/CHF is also weighed by the lower U.S. Treasury yields (10-year at 2.318% versus 2.341% late Tuesday) and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.


Technical comments:
Daily chart is negative-biased as stochastics is falling from overbought zone, MACD staged bearish crossover against its exponential moving average.


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 its pivot point. Short position is recommended with the first target at 0.9460. A break of this target will move the pair further downwards to 0.9420. The pivot point stands at 0.9550. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.96 and the second target at 0.9650.


Resistance levels:

0.96

0.9650

0.9685



Support levels:


0.9460

0.9420

0.9380


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

Technical analysis of NZD/USD for October 09, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to trade in higher range.It is Supported by egative dollar sentiment (ICE spot dollar index last 85.32 versus 85.66 early Wednesday) on dovish minutes of FOMC Sept. 16-17 meeting which showed the Federal Reserve was in no rush to raise interest rates and was concerned that the recent strength of the dollar could hurt U.S. exports and growth as well as putting downward pressure on already low levels of inflation. NZD/USD is also weighed by the lower U.S. Treasury yields (10-year at 2.318% versus 2.341% late Tuesday) and Japan exporter sales. There is also Kiwi demand on buoyant NZD/JPY and soft EUR/NZD crosses amid positive risk sentiment and Kiwi demand on retreating AUD/NZD cross. But NZD/USD gains are tempered by the weak dairy prices and threat of central bank intervention to weaken the NZD.


Technical comment:

Daily chart is positive-biased as stochastics is rising from oversold zone, MACD is staged bullish crossover against its exponential moving average.


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 0.8005 and the second target at 0.8095. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7830. A break of this target would push the pair further downwards and one may expect the second target at 0.7785. The pivot point is at 0.7785.


Resistance levels:

0.8005

0.8095

0.8125



Support levels:


0.7830

0.7785

0.7765


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

Technical analysis of GBP/JPY for October 09, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to trade in lower range.It is supported by the buoyant EUR/USD and demand from Japan importers. But GBP/JPY gains are tempered by the soft USD/JPY undertone and Japan exporter sales and by sterling sales on buoyant EUR/GBP cross.


Technical comment:
The daily chart is mixed as MACD is bearish but stochastics is turning bullish at oversold zone, bullish outside-day-range pattern was completed on Wednesday.


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 its pivot point. Short position is recommended with the first target at 173.75. A break of this target will move the pair further downwards to 173.45. The pivot point stands at 175. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 175.45 and the second target at 176.


Resistance levels:

175.45

176

176.65

Support levels:

173.75

173.45

172.95


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

Technical analysis of AUD/USD for October 9, 2014

audusdh4.png

Overview :



  • The resistance of AUD/USD pair has set at the price of 0.8934 and the support at the 0.8820 price. So, according to the previous events, the AUD/USD pair is going to move between the resistance and the support in coming days. As a rule, history will probably repeat itself at this level again. Therefore, we expect a range about 114 pips this week. Accordingly, if the trend fails to close below the level of 0.8820, then it will be a good opportunity to buy above 0.8825 with the first target at 0.8890, then it will be continued straight towards 0.8935. Notwithstanding, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.8780.


audusddaily.png

Notes :



  • The risk of 76 pips must make a profit of 114 pips.

  • In the H1 chart, the value of 50% Fibonacci retracement levels is 0.9022.

  • The volatility: 259.71. As a rule, the market is highly volatile if the previous day had huge volatility.

  • The support will set at the level of 0.8821; and the resistance will be at the level of 0.8933.


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

Elliott wave analysis of EUR/JPY for October 9 - 2014

1412849141_2014-10-09-EURJPY-8H.png


Today's support and resistance levels:


R3: 138.04


R2: 137.86


R1: 137.62


Current spot: 137.40


S1: 137.28


S2: 137.11


S3: 136.90


Technical summary:


The triple zig-zag combination in red wave ii likely ended at 136.55 (just 20 pips above our target area). We will not be looking for a break above 137.86 as confirmation that the red wave ii is over and a new impulsive rally is developing for a back to 141.22 on the way towards 143.79. Once resistance at 137.86 is broken, then look for a minor rally to 138.15 before small correction back to 137.28 and the acceleration higher to 141.22 and higher. Only an unexpected break below 136.55 would invalidate the bullish count.


Trading rrecommendation:


Our take profit at 136.35 was missed by 20 pips and out stop + reverse at 137.85 was hit. So we are now long EUR at 137.85 and will place our stop at 136.50.


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

Technical analysis of EUR/JPY for October 9, 2014

General overview for 09/10/2014 10:45 CET


The corrective cycle in wave B (or alt:(2)) has completed sooner than expected and not the first indication of an impulsive wave progression to the upside is present. The key level for this scenario is the supply zone at the level of 137.93 and only a clear valid breakout higher would mean that market behavior has changed and now higher prices can be seen. Otherwise, this progression can be still seen as part of a bigger corrective cycle. Please note that this pair has broken out of the golden channel, which is a first bullish indication supporting my view.


Support/Resistance:


136.55 - Wave B Low


137.14 - Intraday Support


137.68 - Weekly Pivot


137.95 - Supply Zone|Intraday Resistance|Technical Resistance |Key Level|


138.45 - WR1


138.97 - 139.15 - Demand Breakthrough Zone


Trading recommendation


As long as the price stays above the level of 137.14, only buy orders should be opened with the potential TP at the level of 137.93 and above.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

#USDX Technical analysis for October 9, 2014

The Dollar index confirmed its reversal by breaking below important support at 85.50. Now it is testing next support at 85. If broken we should see more selling pressures push the Dollar index towards 84. I warned bulls several times that the parabolic rise should be treated with caution and stops should be raised to protect long positions.


usdx.jpg

Blue line = support


Red line =price channel


The Dollar index has broken short-term support at 85.50 and is now below the Ichimoku cloud. The Dollar index is heading towards the lower channel boundaries towards 84.75 if support at 85 is broken. Trend is bearish for the short-term. Resistance is found at 85.70 and 85.50. Breaking above these levels will probably bring the index back to its previous highs for a strong test for bulls.


usdxd.jpg

In the daily chart above, the Dollar index has broken below the 23% retracement and is heading towards the 38% retracement at 84.10. Longer-term support is found at 83.25 where the Ichimoku cloud is found and at 82.45 where the 61.8% retracement is. I do not believe though that we will fall further than the 38% retracement but it is still too early to tell. For now I prefer to stay neutral.


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

Gold Technical analysis for October 9, 2014

Gold price has broken above short-term resistance after backtesting the broken bearish price channel and is now heading towards $1,235-40. Short-term trend is bullish although the longer-term trend remains bearish. This counter-trend move is most probably another opportunity to sell before breaking below $1,180.


gold.jpg

The short-term trend in gold price is bullish. Gold price is above the Ichimoku cloud as shown in the 30 minute chart above. The ichimoku cloud indicators are fully bullish and as long as price is above the support level at $1,204, we should expect this upward move to continue.


goldh4.jpg

Gold price has broken above the downward sloping channel as shown in the 4 hour chart above. Price initially got rejected at the Ichimoku cloud and back tested the break out area of the bearish channel. Once support at $1,202 was held, Gold price spiked higher breaking above the Ichimoku cloud for the first time since August 15th. The 38% retracement is found at $1,235 and this is a possible target for a top in Gold. Breaking above this level will probably push gold price to the next most probable target of $1,265-70. For the time being, short-term trend is bullish. This changes if price falls below $1,204.


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

Technical analysis of EUR/JPY for October 09, 2014

EURJPYDaily.png


The pair has been trading below 50Wsma and 20Wsma, it represents selling on every rise in the near term and short term. This week, as of now today the pair was rejected at 20Wsma, 137.93. In the daily chart the pair has been trading below all the near- and short-term moving averages, it represents complete selling. The pair has support at 136.55, below this, 135.80 and 135.70 will act as major support. In case if the pair breaks below 135.70, we can see a free fall. Our positional target is up to 134 levels.


EURJPYH4.png

For an intraday view, the prices closed and trading above the hourly moving averages 35DEMA and 12ema levels. The pair is facing strong resistance at 137.95, the 50.0 fib level and 10-hr high. We recommend buying only above 138 levels. Selling will mint money on every rise.


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

Technical analysis of GBP/USD for October 09, 2014

GBPUSDDaily.png


The pair gave strong close in yesterday's session. The pair has strong resistance at 1.6210 200Wema and 20Dsma 1.6235 levels. In case, if the pair closes above 20Dsma 1.6235 and the weekly resistance trend line, the near-term trend turns positive. On the down side, the pair has support at 1.6090, 1.6050 and 1.5950 levels. Today as of now, the pound was unable to breach the previous day high of 1.6181 levels. Like EUR/USD, the pound as well breached and closed above the 13-days descending trend line, but is facing strong resistance at the 2-month descending trend line.


Support 1.6090, 1.6050, 1.5950


Resistance 1.6181, 1.6210, 1.6235


GBPUSDH4.png

For an intraday view, the prices are closed above 12ema. For the last 3 days the prices have been supported by 35DEMA on an hourly closing basis. We recommend fresh buying above 1.6182 only. The pair support is at 1.6129, 1.6091 and 1.6025 levels. Risky traders can start selling below 1.6150 for targets 1.6130, 1.61 and 1.6025 levels. Buy above 1.6182 for targets at 1.62, 1.6235 and 1.6250, may be even 1.63 levels.


Trade-


Buying above 1.6182


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

Technical analysis of GBP/JPY for October 09, 2014

GBPJPYWeekly.png


The pair again fell back to the symmetric triangle in the weekly chart. In yesterday's session the pair held 20Wsma and pulled back from the lows. The pair is facing resistance at the upper end of the triangle. In the daily chart the pair trading below the 20Dsma, but above 50Dsma. The trading pattern in the daily chart represents the 'selling the rise' strategy. In case if the price closes below 50Dsma (173.77), the short-term trend will turn down. In case if the pair closes above 177.50 on a monthly basis, then we can see 183 levels. But the chances are very remote.


GBPJPYH4.png

For an intraday view, the prices are closed above 35DEma, but the pair is facing strong resistance at 34hrsma. We recommend selling at the market price of 174.70 with sl 175.05 and targets at 174.74, 174.15. For bulls, above 175.12, it can fly up to 175.90 levels.


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

Technical analysis of EUR/USD for October 09, 2014

When the European market opens, some economic news will be released such as German Trade Balance, French Trade Balance, ECB Monthly Bulletin, ECB President Draghi Speech.The US will release the economic data too such as the Unemployment Claims, Wholesale Inventories m/m, Natural Gas Storage, 30-y Bond Auction, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2801.

Strong Resistance:1.2793.

Original Resistance: 1.2781.

Inner Sell Area: 1.2769.

Target Inner Area: 1.2739.

Inner Buy Area: 1.2709.

Original Support: 1.2697.

Strong Support: 1.2685.

Breakout SELL Level: 1.2677.


Best regards,


Arief Makmur


Official analyst of InstaForex Group


InstaForex Group


http://instaforex.com


email: Arief.jakarta@indo.instaforex.com


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

Technical analysis of USD/JPY for October 09, 2014

!USDJPY.jpg

In Asia, Japan will release the Core Machinery Orders m/m, Prelim Machine Tool Orders y/y, and the US will release some economic data such as Unemployment Claims, Wholesale Inventories m/m. Natural Gas Storage, 30-y Bond Auction. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 108.68.

Resistance. 2: 108.45.

Resistance. 1: 108.24.

Support. 1: 107.99.

Support. 2: 107.78.

Support. 3: 107.56.


Best regards,


Arief Makmur


Official analyst of InstaForex Group


InstaForex Group


http://instaforex.com


email: Arief.jakarta@indo.instaforex.com


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

Technical analysis of EUR/USD for October 09, 2014

Positional technical view-


EURUSDWeekly.png

The pair gave strong close in yesterday's session. The pair breached the descending 2-month trend line and closed above it. The 20Dsma level is acting as a strong resistance level, above this, the weekly support level is acting as resistance. In case the pair closes above 20Dsma (1.2766) and the weekly resistance trend line, the near term-trend will turn positive. This week, as of now the pair is showing strong strength after 25 weeks. Until the price trades above 1.2715 (previous week's high), the bulls have an upper hand towards 1.2765 and 1.28 trend line. If the pair breaches the 1.28 levels, we can expect another 50 pips on the upside.


Resistance: 1.2765, 1.28, 1.2850


Support: 1.2715, 1.2570, 1.2500


EURUSDDaily.png

For an intraday view, the prices are closed above 12ema. For the last 3 days the prices have been supported by 12ema on an hourly closing basis. In the H4 chart, the pair is in progress to made a higher high after July 2014. The pair support is at 1.2715, 1.2650 and 1.2619 levels. We recommend buying at the market price of 1.2729, sl 1.2715, targets are 1.2750, 1.2775 and 1.28. For bears, sell below 1.2650 with targets at 1.2620 and 1.2580 levels.


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

Daily analysis of USDX for October 09, 2014

The USDX is conducting a deep pullback on the daily, because this instrument is trying to make a breakout at the support level of 85.18. The above scenario could happen in the USDX, because the current bullish trend is strong and there is still plenty of space for this instrument to fall in the medium term. The MACD indicator is entering negative territory.


1412803875_USDXDaily.png


Dailychart's resistance levels: 86.20 – 87.35


Dailychart's support levels: 85.18 – 84.29


On the H1 chart, the USDX is finally consolidating below the 200 SMA and the resistance level of 85.49. The USDX is forming a lower low pattern to make a breakout at the support level of 8527 and fall to the level of 85.03. This bearish outlook could be supported by the current position of the MACD indicator on this chart.


1412803881_USDXH1.png

H1 chart's resistance levels: 85.73– 85.95


H1 chart's support levels: 85.49 – 85.27


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


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

Daily analysis of GBP/USD for October 09, 2014

On the daily chart, the GBP/USD is making a breakout at the level of 1.6146, in an attempt to reach the resistance level of 1.6235. These movements could be part of a bullish correction, so the GBP/USD could make a pullback at this resistance level. However, the GBP/USD could touch the 200-day moving average in the medium and long term, because the GBP/USD has been oversold during the last hours. The MACD indicator is trying to get into neutral territory.


GBPUSDDaily.png


Dailychart's resistance levels: 1.6235 – 1.6326


Daily chart's support levels: 1.6146 - 1.6046


On the H1 chart, we can see that this pair had a bullish strong momentum on the support level of 1.6031, so far, this pair is trying to make a breakout on the resistance level of 1.6170, to climb to the resistance level of 1.6252. However, we must stress the fact that this pair could make a pullback at current levels, because the 200-day moving average is serving as dynamic resistance. The MACD indicator would support our bullish outlook for the GBP/USD.


1412803856_GBPUSDH1.png


H1 chart's resistance levels: 1.6216 – 1.6252


H1 chart's support levels: 1.6170 – 1.6117


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6216, take profit is at 1.6252, and stop loss is at 1.6176.


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

Technical analysis of USD/JPY for October 08, 2014

USDJPYM30.png


Fundamental Overview:


USD/JPY is expected to trade in a lower range. It is undermined by the broadly weaker dollar undertone (ICE spot dollar index last 85.66 versus 85.77 early Tuesday) on lower U.S. Treasury yields (10-year at 2.341% versus 2.425% late Monday), smaller-than-expected $13.52 billion increase in U.S. August consumer credit (versus forecast +$21.1 billion) and stronger yen sentiment after lack of hints from the Bank of Japan on Tuesday about future monetary easing as the central bank left its policy unchanged, and PM Abe's comments about the debilitating effects of a weak yen on households, small and mid-sized companies. USD/JPY is also weighed by the Japanese exporter sales and flows to haven JPY amid increased risk-aversion (VIX fear gauge rose 11.25% to 17.2; S&P 500 closed 1.51% lower at 1,935.1 overnight) as worries mount over slowing global growth after weak German industrial output data and the International Monetary Fund slashing its forecast for global growth to 3.8% next year from an earlier view of 4.0%. But USD/JPY losses are tempered by the demand from Japan importers. Spotlight Wednesday on FOMC Sept. 16-17 meeting minutes (due at 1800 GMT) for clues whether the Federal Reserve might raise interest rates ahead of market expectations, which currently time the first increase around mid-2015. Fed's Dudley suggested Tuesday that it is unlikely the economy will heat up in a way that causes the Fed to chart a more aggressive path than most currently expect.


Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is 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 its pivot point. Short position is recommended with the first target at 107.95. A break of this target will move the pair further downwards to 107.65. The pivot point stands at 108.80. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 109.25 and the second target at 109.55.


Resistance levels:

109.25

109.55

110


Support levels:

107.95

107.65

107.35


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

Technical analysis of USD/CHF for October 08, 2014

USDCHFM30.png


Fundamental Overview:


USD/CHF is expected to trade in a lower range. It is undermined by the falling U.S. Treasury yields and broadly weaker dollar undertone (ICE spot dollar index last 85.66 versus 85.77 early Tuesday) on lower U.S. Treasury yields (10-year at 2.341% versus 2.425% late Monday), smaller-than-expected $13.52 billion increase in U.S. August consumer credit (versus forecast +$21.1 billion) and the franc demand on soft CAD/CHF cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy and the franc sales on soft CHF/JPY cross amid stronger yen sentiment and the franc sales on buoyant AUD/CHF cross.


Technical comments:
Daily chart is mixed as stochastics is falling from overbought but MACD is still in bullish mode.


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 its pivot point. Short position is recommended with the first target at 0.9535. A break of this target will move the pair further downwards to 0.95. The pivot point stands at 0.9620. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9650 and the second target at 0.9685.


Resistance levels:

0.9650

0.9685

0.9725



Support levels:


0.9535

0.95

0.9485


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

Technical analysis of NZD/USD for October 08, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to range-trade. It is supported by the falling U.S. Treasury yields. But NZD/USD upside is limited by the weak dairy prices, threat of central bank intervention to weaken NZD, the kiwi sales on buoyant AUD/NZD and EUR/NZD crosses and on soft NZD/JPY cross amid stronger yen sentiment and increased investor risk aversion.


Technical comment:

Daily chart is mixed as stochastics is rising from oversold but MACD is still in bearish mode.


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 0.7835 and the second target at 0.7870. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7765. A break of this target would push the pair further downwards and one may expect the second target at 0.7730. The pivot point is at 0.7780.


Resistance levels:

0.7835

0.7870

0.7910



Support levels:


0.7765

0.7730

0.77


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

Technical analysis of GBP/JPY for October 08, 2014

GBPJPYM30.png


Fundamental Overview:


GBP/JPY is expected to trade with the bearish bias. It is undermined by the stronger yen sentiment and Japan exporter sales, it is supported by the sterling sales on soft GBP/JPY cross amid stronger yen sentiment and increased investor risk aversion; the sterling sales on soft GBP/AUD and GBP/CHF crosses, and on buoyant EUR/GBP cross. U.K. data were mixed Tuesday as weaker-than-expected 2.5% on-year rise in U.K. August industrial production (versus forecast +2.6%) offset stronger-than-expected 3.9% on-year increase in U.K. August manufacturing output (versus forecast +3.4%) . But GBP/JPY losses are tempered by the demand from Japan importers.


Technical Comment:
Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and is 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 its pivot point. Short position is recommended with the first target at 173.50. A break of this target will move the pair further downwards to 172.95. The pivot point stands at 174.50. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 175.15 and the second target at 176.


Resistance levels:

175.15

176

176.65

Support levels:

173.50

172.95

172.50


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