Technical analysis of USD/JPY for July 17, 2015

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USD/JPY is expected to range-trade. It is underpinned by the higher longer-dated US Treasury yields (10-year rose 4.1 bps to 2.412% Thursday) after a bigger-than-expected 0.9% on-month increase in the US May personal spending being the largest rise since August 2009 (versus forecast +0.7%). The pair is also boosted by the fewer-than-expected 271,000 US jobless claims for the week ended on June 20 (versus forecast 273,000), and the stronger-than-expected June Kansas City Fed manufacturing activity index of -9 (versus forecast -10). USD/JPY is also supported by the demand from Japan's importers and the Bank of Japan's ultra-loose monetary policy.

Technical comment:

The daily chart is mixed as stochastics is rising from oversold levels, but the MACD is in bearish mode.

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 124.35 and the second target at 124.60. In the alternative scenario, short positions are recommended with the first target at 123.25 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 122.85. The pivot point is at 123.60.

Resistance levels: 124.35 124.60 135

Support levels: 123.85 122.85 122.40

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

Technical analysis of USD/CHF for July 17, 2015

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USD/CHF is expected to consolidate with bullish bias. It is underpinned by the comments of Swiss National Bank chairman Thomas Jordan that the Swiss franc remains "significantly overvalued" and the central bank had no easy fix for the problems the strong currency was causing to Switzerland. USD/CHF is also supported by the franc sales on the buoyant EUR/CHF cross, the negative Swiss interest rates, and the threat of the Swiss National Bank to carry out CHF-selling intervention. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.

Technical comment:

Tbe daily chart is positive-biased as the MACD and stochastics are bullish, five-day moving average is rising above 15-day moving average.

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 0.9640 and the second target at 0.9690. In the alternative scenario, short positions are recommended with the first target at 0.9470 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 0.9440. The pivot point is at 0.95.

Resistance levels: 0.9640 0.9690 0.9745

Support levels: 0.9470 0.9440 0.94

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

echnical analysis of NZD/USD for July 16, 2015

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NZD/USD is expected to consolidate. It is undermined by the comment of the Reserve Bank of New Zealand that it will keep investigating the use of macroprudential tools to control the housing market. NZD/USD is also weighed by the kiwi sales on the buoyant AUD/NZD cross, decreased investor risk appetite, divergent monetary policy stances the Reserve Bank of New Zealand and the US Federal Reserve, and soft dairy prices. But kiwi sentiment is boosted by the surprise New Zealand May trade surplus of NZ$350 million (versus forecast for NZ$100 million deficit). NZD/USD downside is also limited by the positions adjustment ahead of the weekend.

Technical comment:

The daily chart mixed as five- and 15-day moving averages are declining but stochastics is bullish at oversold levels.

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 0.6480. A break of that target will move the pair further downwards to 0.6410. The pivot point stands at 0.6605. 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 mo ve further to the upside. According to that scenario, long positions are recommended with the first target at 0.6670 and the second target at 0.6410.

Resistance levels: 0.6670 0.6725 0.6775

Support levels: 0.6480 0.6410 0.6360

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

Technical analysis of GBP/JPY for July 17, 2015

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GBP/JP is expected to consolidate with bullish bias. It is supported by the buoyant GBP/USD undertone and demand from Japan's importers. But GBP/JPY upside is limited 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 in bearish mode, five-day moving average is below 15-day moving average and is 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 194 and the second target at 194.70. In the alternative scenario, short positions are recommended with the first target at 191.50 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 190.65. The pivot point is at 192.35.

Resistance levels: 194 194.70 195.50

Support levels: 191.50 190.65 190

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