EUR/NZD analysis for October 22, 2014

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Overview:


In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5904 in a high volume. Strong rejection from our resistance level at the price of 1.6230 caused price to start with a bearish continuation phase. I have placed Fibonacci expansion from the most recent swings to find support levels and I got Fibonacci expansion 100% at the price of 1.5815 and Fibonacci expansion 161.8% at the price of 1.5535. According to the 4H time frame, we can observe strong supply in the background and very weak reaction from buyers, which is a sign that buying looks risky. Be careful when buying and watch for potential selling opportunities after retracement.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6050


R2: 1.6090


R3: 1.6155


Support levels:


S1: 1.5919


S2: 1.5879


S3: 1.5813


Trading recommendations: Be careful when buying the EUR/NZD pair since we started short-term bearish continuation.


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Gold : analysis for October 22, 2014

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Overview:


Since our last analysis, gold has been trading sideways around the price of 1,248.00. We are facing a very calm market day and very low activity. We are still waiting for a larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the test, so be careful when buying gold. If the price breaks the level of 1,245.00 in a high volume, we may see potential testing the level of 1,262.00 (major Fibonacci retracement 38.2%). According to the daily time frame, we can observe weak demand and weak price action. Any larger supply may confirm futher bearish movement and a bearish corrective phase. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,227.00.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,254.78


R2: 1,257.12


R3: 1,260.90


Support levels


S1: 1,247.22


S2: 1,244.48


S3: 1,241.10


Trading recommendations: Buying still looks risky since gold is near resistance level.


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Technical analysis of GBP/USD for October 22, 2014

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Forecast :



  • According to the previous events, the price of GBP/USD pair has still been trapped between the levels of 1.6000 and 1.6125. In the long term, buying above the level of 1.6000 with the first target at 1.6093, it may resume to move towards 1.6187. However, stop loss should be set below 1.6000. On the other hand, below the price 1.6167 (1.6167: 127.% of Fibonacci retracement levels) look for further descending movement with targets at 1.6095 and 1.6031 in order to test the weekly pivot point.


Note :



  • The weekly support and the resistance will set at 1.5936 and 1.6187 respectively. Moreover, the weekly pivot point sets at the level of 1.6031. 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 reaches resistance 2 or support 2 and even resistance 3 or support 3.


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Technical analysis of EUR/USD for October 22, 2014

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Trading recommendations :



  • According to the previous events, the price of the EUR/USD pair is still moving between the levels of 1.2625 and 1.2755. Moreover, it should be noted that the market was so stable and the trend was also too clear (downward). Similarly, we expect a range around 72 pips today. Additionally, the value of 50% Fibonacci retracement levels is 1.2755 for that the key level of 1.2755 represents a downtrend to confirm the bearish market. Also, it should be noted that the weekly pivot point is set at the same level. Therefore, sell deals are recommended below the 1.2755 level with targets at 1.2665 in order to test weekly support 1, and it will resume towards the double bottom at the price of 1.2620.


Daily technical levels:


Date:22/10/2013


Pair:EUR/USD



  • Projected high: 1.2830

  • Breakout (buy stop): 1.2766

  • Strong resistance (sell limit): 1.2755

  • Weekly Pivot: 1.2630

  • Strong support (buy limit): 1.2625

  • Breakout (sell stop): 1.2591

  • Projected low: 1.2563


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Technical analysis of USD/CAD for October 22, 2014

General overview for 22/10/2014 12:30 CET


The corrective cycle is getting more complex and time-consuming as the market is retracing deeper. The current key level is the upper golden channel boundary that should provide resistance and another leg down should be made to complete the corrective cycle. Any breakout higher would put the level of weekly pivot at the level of 1.1282 to test. Moreover, any further breakout higher is bullish and an alternative count indicating the low for wave 2 purple at the level of 1.1202 is in play. Otherwise, the intraday support at the level of 1.1202 should be broken and lower prices are expected.


Support/Resistance:


1.1381 - WR1


1.1292 - Intraday Resistance


1.1282 - Weekly Pivot


1.1256 - Intraday Resistance


1.1202 - Intraday Support


1.1178 - WS1


1.1159 - Wave (c) Blue Target


Trading recommendations:


Day trader should consider opening sell orders from the level of 1.1255 with SL above the level of 1.1292 and TP at the level of 1.1202 with a possible extension to the level of 1.1159.


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Elliott wave analysis of EUR/NZD for October 22 - 2014

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Today's support and resistance levels:


R3: 1.6035


R2: 1.6015


R1: 1.5978


Current spot: 1.5954


S1: 1.5931


S2: 1.5906


S3: 1.5860


Technical summary:


The break below support at 1.5949 has invalidated the immediate bullish count. The question now is whether a series of wave one's and two's is developing or we are looking at an expanded diagonal. If we are looking at a series of waves one's and two's the decline from 1.6445 must stay above 1.5717 for a break above 1.6082, which calls for a new impulsive rally to 1.6446 and higher to 1.6800. If however support at 1.5717 is broken, the count switches to the expanding diagonal count and call for a continuation lower to 1.5660 before the final rally higher to 1.6800.


Trading recommendation:


We will buy EUR at 1.5725 with stop at 1.5710 or upon a break above 1.6082.


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Technical analysis of EUR/JPY for October 22, 2014


Technical outlook and chart setups:


The EUR/JPY pair has corrected itself towards 135.60/70 levels as expected. Please note that the pair is bouncing off the back side of resistance line which would act as support. Furthermore, the fibonacci 0.382 support is also around the same region. It remains possible that the pair corrects further towards 135.20/30 levels before reversing towards forming higher highs. Recommendations are to initiate 50% long positions now and remaining at 135.20/30, with risk below 134.50. Support is seen at 135.20/30, followed by 134.20, while resistance is seen at 137.00 (interim), followed by 138.00, 139.00 and higher respectively.


Trading recommendations:


Initiate 50% long positions now and the remaining 50% at 135.20/30, stop at 134.50, the target is open.


Good luck!


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Technical analysis of GBP/CHF for October 22, 2014


Technical outlook and chart setups:


The GBP/CHF pair has raised through the 1.5300 levels yesterday (the expected pullback was shallow at 1.5200). The pair is currently trading at 1.5290 levels and is expected to test 1.5320/30 levels before reversing lower. Please note that 1.5320/30 is the fibonacci 0.618 resistance of the fall between 1.5550 and 1.4975 respectively. It is recommended to initiate short positions between 1.5300 and 1.5320/30, risk remains at 1.5450 at least. Resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200 (interim), followed by 1.4975 and lower respectively.


Trading recommendations:


Initiate short positions around 1.5320/30, stop at 1.5450, the target is open.


Good luck!


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Technical analysis of Silver for October 22, 2014


Technical outlook and chart setups:


Silver is still trading between $17.20 and $17.50/60 as seen here. The metal could be looking to form base around $17.00 levels before resuming rally. As seen here, an engulfing bullish candle was confirmed at $16.60/70 levels earlier and the bullish reversal should hold for now. Support is seen at $17.00, followed by $16.60/70 and lower while resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up respectively. It is still recommended to hold long positions and add further on dips since bulls should remain in control till prices remain above $16.60/70 in the sessions to come.


Trading recommendations:


Remain long, stop at $16.40, the target is open.


Good luck!


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Technical Analysis on EUR/JPY for October 22, 2014

The ECB is likely to buy corporate bonds, which weakens the euro further. In yesterday's session, the pair faced selling pressure, erased its 2-day gains. Today, the pair opened above the previous close, but rejected at 35DEMA in the h4 chart. We have been recommending selling on every high from a couple of weeks. Still, we are sticking to the same strategy. The pair has resistance at 137.06 20Dsma. Until the pair closes above the 20Dsma, traders can use every rise to sell. In the h4 chart, we can observe the minor double top formation around 137.00. On an intraday basis, the pair has resistance at 136.22 (21hrsma). Until the h4 candle closes below this, be on the selling side. On the downside, 135.78 is the key trend decider level, below this the 135.55, 135.00, and 134.75 levels.


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Technical Analysis on USD/CAD for October 22, 2014

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In yesterday's session, again the pair was rejected from the highest closed level 1.1297 and fell back to 1.1203. For an Intraday view, the prices are closed and the pair is trading below the key hourly moving averages. In the h4 chart, we can observe lower lows and lower highs. This strategy will breach once the pair closes above the 1.1298 levels. But today, in Asian session the pair is facing resistance at a descending trend line. For an hourly view, the pair has support at 1.1200 below this, 1.1160 with 1.1120 as an open target. We recommend selling below 1.1199. On the bullish positional front, in case the pair closes above 1.1298 on a daily basis immediately, we can see 75-85 pips on the higher side. The weekly support existed at 1.1199 20Dsma. The weekly trading pattern is framed between the 1.1184-1.1298 levels. We recommend fresh buying only above the 1.1300 target at the 1.1385 levels on a positional basis.


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Technical analysis of Gold for October 22, 2014


Technical outlook and chart setups:


Gold has hit a new intraday high at $1,255.00 levels yesterday, before pulling back. Please note that $1,255.00 region is seen to be converging with past support turned resistance, and the fibonacci 0.382 resistance of the downswing between $1,344.00 and $1,184.00 respectively. High probability for the metal is to turn lower from current levels, at least towards $1,210.00 if not further. It is recommended to initiate short positions, risk remains above $1,255.00. Support is seen at $1,210.00, followed by $1,184.00 while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher up respectively.


Trading recommendations:


Initiate short positions, stop at $1,260.00, the target is $1,210.00 minimum.


Good luck!


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Technical analysis of EUR/USD for October 22, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as German 30-y Bond Auction. The U.S. will release the economic data too such as the CPI m/m, Core CPI m/m, Crude Oil Inventories. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2774.

Strong Resistance:1.2766.

Original Resistance: 1.2754.

Inner Sell Area: 1.2742.

Target Inner Area: 1.2712.

Inner Buy Area: 1.2682.

Original Support: 1.2770.

Strong Support: 1.2658.

Breakout SELL Level: 1.2650.

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.


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Technical analysis of USD/JPY for October 22, 2014

1413945073_!USDJPY.jpg In Asia, Japan will release the Trade Balance. The U.S. will release some economic data such as CPI m/m, Core CPI m/m, and Crude Oil Inventories. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the U.S. session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.49.

Resistance. 2: 107.28.

Resistance. 1: 107.07.

Support. 1: 106.81.

Support. 2: 106.60.

Support. 3: 106.39.

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.


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Technical Analysis on USD/CHF for October 22, 2014

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Stronger U.S. data pushed the green back ahead of Swiss Franck 4-day higher and closed at the highest level. In the daily chart the pair breached and closed above the symmetric triangle and is still trading above that. On the higher side, the pair has resistance at the 0.9516 level (20Dsma). In case, the pair manages to close above 20Dsma, we can see a strong momentum towards the 0.9562 levels. In yesterday's session, the 200WEma gave a good amount of support. The trading pattern is framed between the 0.9562-0.9398 levels. In case, if the pair closes below 0.9398, we can see a sharp correction towards the 0.9353 and 0.9301 levels.


Support is at 0.9398, 0.9353, and 0.9301.


Resistance is at 0.9516, 0.9562, 0.9625.


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For an hourly view, the prices are closed and the pair is trading below the 12ema and 34hrsma levels. The pair has resistance at 0.9505 or 61.8 fib level in the h4 chart above this, it can extend its upward journey towards the 0.9515 and 0.9545 levels. On the down side, it has support at 0.9480, 0.9458 (12ema) and 0.9440 (35DEMA). We recommend selling only below the 0.9440 levels as panic might emerge below 0.9398. The pair can challenge 0.9515 and 0.9545 only above 0.9505.


Intrada y- Fresh buying only above 0.9505.


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Intraday trading recommendations on EUR/USD for October 22, 2014

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The euro was sold off in yesterday's session against the U.S. dollar and closed at the lowest point of the day. Today, at the Pacific session, the pair made a low at 1.2707, it has parallel support at 1.2706, below this at 1.2699 (20Dsma). The pair is trading in a verge of an ascending trend line. In case, if the pair closes below 1.2699, the euro can fall 50-75 pips initially, reaching later the 1.2575 level. The ECB is likely to buy corporate bonds, which weakens the euro further. For an Intraday view, we recommend selling below the 1.2699 levels. The pair has resistance at 1.2760 (34h sma), above this at 1.2781 (35DEMA). In the h4 chart, we can see a large distribution pattern between the 1.2845 and 1.2840 levels. From a positional view, we can use every rise to sell.


Trade -


Selling below 1.2699.


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Daily analysis of USDX for October 22, 2014

The USDX is trying again to consolidate above the support level of 85.18, so that the next target would be the resistance level of 86.20 in the medium term. Furthermore, the USDX had already made a rebound at the support level of 84.29, so this instrument is strong in the current bullish trend.


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Daily chart's resistance levels: 86.20 / 87.35


Dailychart's support levels: 85.18 / 84.29


On the H1 chart, the USDX has managed to consolidate above the 200 SMA, because the USDX made a rebound at the support level of 84.81. Now, the USDX could touch the resistance level of 85.49 in the coming hours, but we must not rule out the possibility that this instrument could make a pullback at the current levels.


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H1 chart's resistance levels: 85.49 / 85.73


H1 chart's support levels: 86.27 / 85.03




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


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Daily analysis of GBP/USD for October 22, 2014

On the H4 chart, the GBP/USD pair found resistance at the level of 1.6184, where the pair has formed a fractal. However, the GBP/USD pair could prolong the fall to the support level of 1.6051, because this pair is still maintained below 200 SMA. In addition, if the GBP/USD pair achieves consolidation above the level of 1.6247, the next target would be the level of 1.6276. The MACD indicator is entering the negative territory which is favoring the current bearish bias.


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H4chart's resistance levels: 1.6226 / 1.6247


H4chart's support levels: 1.6051 / 1.6004


The GBP/USD pair has made a strong retracement from the resistance level of 1.6170 so far. This pair could fall to the support level of 1.6075 where the 200 SMA is located. However, we must stress that this pair could make one bullish consolidation in the coming hours, due to the dynamic support offered by the 200 SMA on the H1 chart.


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H1 chart's resistance levels: 1.6170 / 1.6216


H1 chart's support levels: 1.6117 / 1.6075


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 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.


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Intraday technical levels and trading recommendations on GBP/USD for October 21, 2014

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Note the depicted Shooting Star daily candlestick that occurred previously around 61.8% Fibonacci level. Such bearish pressure offered SELL positions a few days later at retesting.


Note that the bullish rejection was initiated when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg was expressed below 1.6060.


On the other hand, the price zone of 1.6100-1.6140 remains a prominent SUPPLY zone where considerable bearish pressure was applied on the pair on Thursday resulting in formation of an Inverted Hammer daily candlestick followed by a long bearish engulfing daily candlestick.


On Wednesday, bullish recovery was expressed off 1.5880. Bullish engulfing daily candlestick is depicted on the chart. Bullish targets are located ain the price zone of 1.6130-1.6180 where price action should be watched for price action.


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4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.


A SELL entry was suggested around the price level of 1.6140 last week. The resulting bearish swing managed to push below 1.5950 ( weekly DEMAND level ).


This week, the bulls managed to push beyond the upper limit of the channel as well as previous broken bottom ( probably now acting as resistance ).


However, another SELL entry remains suggested around 1.6140-1.6180. Stop Loss should be located above 1.6200.


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Intraday technical levels and trading recommendations on EUR/USD for October 21, 2014

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Last week, the EUR/USD pair looked oversold and was trading beyond the lower limit of the channel before the bullish momentum could get it back inside the channel.


That's why, price action around 1.2580-1.2600 (the lower limit of the channel) was important to determine the next destination.


Bullish recovery was expressed off 1.2500 and 1.2600 to push towards 1.2700 and 1.2830 (back inside the channel).


The origin of the bullish engulfing pattern (around 1.2600) provided a good BUY position as suggested in previous articles. It's running in profits now.


The upper limit of the movement channel (1.2880-1.2900) is being approached. Bearish pressure is anticipated to be applied offering a valid SELL entry.


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The medium-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2880-1.2900 (the recent consolidation zone).


A short-term bullish Head and Shoulders pattern was established on the 4H chart. 4H fixation above 1.2700 confirmed the reversal and allowed the bulls to reach 1.2850.


Another valid BUY position was suggested around the origin of the bullish Head and Shoulders pattern (price level of 1.2660). The final target was approached this week around 1.2900.


Recommendation:


Price action should be watched around 1.2870-1.2900 (upper limit of the channel and previous broken demand level) for one more SELL position. Stop loss for this short position should be located above 1.2965.


On the other hand, price level of 1.2730-1.2760 should be watched for price action. A break below this price zone ( the lower limit of the 4H channel ) indicates a SELL position towards 1.2620 initially.


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GBP/USD intraday technical levels and trading recommendations for October 21, 2014

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Overview:


On July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been moving downwards below the depicted downtrend line.


Many bearish impulses were previously initiated around 1.7180, 1.6630 and 1.6400 where the downtrend line came to meet the pair then.


The price zone of 1.6140 - 1.6100 constituted a weekly support that paused the bearish movement for a few days after September 9. However, the bears quickly managed to push below the price level of 1.6060.


A new bearish impulse was applied after retracement towards the price zone of 1.6350-1.6400 took place.


As suggested, the price level of 1.5890 provided evident bullish recovery. A bullish engulfing daily candlestick emerged.


Since last week, the bulls were pushing towards the downtrend line (price zone around 1.6110) where another bearish swing was anticipated. However, further upside movement took place instead.


Bullish fixtation above 1.6120 will probably liberate a strong bullish swing towards 1.6250 initially.


Trading recommendations:


Bullish breakout above 1.6110 ( the depicted trend line ) indicates a valid BUY entry towards 1.6250 and 1.6310. Stop Loss should be located below 1.6040.


On the other hand, conservative traders can wait for BUY positions at retesting of price level of 1.6070.


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USD/CAD intraday technical levels and trading recommendations for October 21, 2014

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Overview:


Two months ago, the ongoing bearish swing (initiated in March 2014) was hindered at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.


A bullish breakout off the movement channel took place in August. This enabled a bullish Flag pattern to be established. Bullish targets were successfully hit, including the price level of 1.1230 and recently 1.1289.


As mentioned before, breaching the price zone of 1.1230-1.1260 and fixation above it triggered new bullish swing. Strong bullish momentum has been expressed for a couple of weeks.


Few days ago, the USD/CAD pair tested the upper limit of a steeper bullish channel depicted on the chart. This corresponded to the price level of 1.1370. Bearish rejection was anticipated after such a long bullish swing.


Bearish correction occurred towards 1.1260. This is manifested in the resulting daily candlesticks which indicate strong bearish rejection around 1.1330-1.1350.


Recommendations:


The bulls were pushing beyond the upper limit of the movement channel. The USD/CAD pair looked overbought on the daily chart.


Conservative traders were looking for short positions around the price zone of 1.1370-1.1390 which was recommended as a valid SELL entry with SL located just above 1.1400. This position is running in profits now.


On the other hand, a break below 1.1230 ( previous prominent top and 50% Fibonacci level ) indicates another SELL entry with higher risk. Initial targets are located at 1.1180-1.1160.


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Technical analysis of USD/JPY for October 21, 2014

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Fundamental overview:


USD/JPY is expected to consolidate. USD/JPY is undermined by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday) and Japan's export sales. But USD/JPY downside is limited by the demand from Japanese importers, ultra-loose Bank of Japan monetary policy, yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 15.55% to 18.57; S&P 500 closed up 0.91% at 1,904.01 Monday).


Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is rising from oversold.


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 107.55 and the second target at 108.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.05. A break of this target would push the pair further downwards and one may expect the second target at 105.70. The pivot point is at 107.05.


Resistance levels:

107.55

107.85

108.15


Support levels:

106.05

105.70

105.50


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Technical analysis of USD/CHF for October 21, 2014

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Fundamental overview:


USD/CHF is expected to consolidate with a bullish bias. It is undermined by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday) 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 mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining but stochastics is bullish near the oversold zone.


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 0.9525 and the second target at 0.9560. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9360. A break of this target would push the pair further downwards and one may expect the second target at 0.9325. The pivot point is at 0.9390.


Resistance levels:

0.9525

0.9560

0.96



Support levels:


0.9360

0.9325

0.93


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Technical analysis of NZD/USD for October 21, 2014

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Fundamental overview:


NZD/USD is expected to consolidate with a bullish bias. It is underpinned by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday), Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential and firmer dairy prices. Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average was above 15-day MA and is advancing.


Technical comment:

Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average was above 15-day MA and is advancing.


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 0.8050 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 0.7880. A break of this target would push the pair further downwards and one may expect the second target at 0.7840. The pivot point is at 0.7945.


Resistance levels:

0.8050

0.8075

0.8095



Support levels:


0.7880

0.7840

0.78


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

Technical analysis of GBP/JPY for October 21, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate with a bullish bias. It is supported by the buoyant GBP/USD and demand from Japanese importers. But GBP/JPY gains are tempered by Japan's export sales.


Technical comment:
Daily chart is mixed as MACD is in a bearish mode but stochastics rising from oversold.


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 173.05 and the second target at 174. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.20. A break of this target would push the pair further downwards and one may expect the second target at 169.15. The pivot point is at 171.35.


Resistance levels:

173.05

173.35

174

Support levels:

170.20

169.75

169.15


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