Technical analysis of USD/JPY for September 08, 2015

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USD/JPY is expected to trade with a bullish bias. Key resistance is seen at 119.50. US markets were closed yesterday. This morning, Japan's government reported that the country's 2Q GDP (annualized, seasonally-adjusted) declined 1.2% from the previous quarter (vs -1.8% expected, -1.6% previously estimated). In Australia, the ANZ Roy Morgan Consumer Confidence Index dropped 5.8% from the previous week to 106.7 in the week ended on September 6. The pair is still trading below the key resistance level of 119.50. It is now around the overlapping 20- and 50-period intraday moving averages (MAs, at 119.33). If 119.50 isn't breached, the upside bias will remains calling for an upward movement back to the first upside target at 120.20 .

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 118.50 and the second target at 117.85. In the alternative scenario, short positions are recommended with the first target at 119.20 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 118.90. The pivot point is at 119.50.

Resistance levels: 120.20 120.65 120.95

Support levels: 119.20 118.90 118.25

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Technical analysis of USD/CHF for September 08, 2015

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USD/CHF is expected to trde with a bullish bias as the pair is challenging 0.9705. The pair stands firmly above 0.9705, and is likely to challenge the upper boundary of its intraday range between 0.975 and 0.9820. Technically, the RSI is above its neutrality area of 50, which should indicate positive momentum. Moreover, the 50-period intraday MA still acts as support. To conclude, as long as 0.9705 is not broken, a new upward movement to 0.9820 and then to 0.9850 is expected.

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 0.9820 and the second target at 0.9850. In the alternative scenario, short positions are recommended with the first target at 0.97 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 0.9670. The pivot point is at 0.9750.

Resistance levels: 0.9820 0.9850 0.99

Support levels: 0.97 0.9670 0.9630

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Technical analysis of NZD/USD for September 08, 2015

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NZD/USD is expected to trade in a higher range. The pair has been well supported by its 20-period and 50-period intraday MAs and remains on the upside. The intraday RSI stays above its 50% neutral area and is positively oriented. Further upside is therefore expected with the next horizontal resistance and a high of 0.6350. A break above this level would call for further advance toward 0.64.

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 0.6350 and the second target at 0.64. In the alternative scenario, short positions are recommended with the first target at 0.6220 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 0.6190. The pivot point is at 0.6250.

Resistance levels: 0.6350 0.640 0.6430

Support levels: 0.6220 0.6190 0.6150

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Technical analysis of GBP/JPY for September 08, 2015

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GBP/JPY is turning up and expected to trade in a higher range. The pair has crossed above its 20-period and 50-period intraday MAs and is reversing up. The intraday RSI is above its 50% neutrality area and is well-directed. Further upside is expected with the next horizontal resistance and overlap set at the horizontal support and overlap at 185.70 first. A break above this level would call for further advance toward 186.20 in extension. Only a break below the horizontal support at 183.30 would open the way to further weakness toward Sept. 4's low at 182.55 at first.

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 185.70 and the second target at 186.20. In the alternative scenario, short positions are recommended with the first target at 182.55 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 181.65. The pivot point is at 183.30.

Resistance levels: 185.70 186.20 187

Support levels: 182.55 181.65 181.15

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GBP/USD intraday technical levels and trading recommendations for September 8, 2015

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Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. That is where the depicted bullish swing was initiated.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered valid sell entries for risky traders (depicted with red numbers).

Recently, strong bullish pressure was applied at the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls pursued towards 1.5900 where the depicted Head and Shoulders pattern was confirmed.

The support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure which originated at 1.5800.

The nearest support zone to meet the GBP/USD pair was located at 1.5200-1.5170 where a valid Intraday buy entry was offered as suggested in yesterday's article.

On the other hand, another sell entry can be offered near the resistance level of 1.5470 (lower limit of the previous consolidation range) if the current bullish pullback persists above the level of 1.5330.

Persistence below the zones of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) enhances bearish momentum in the market.

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USD/CAD intraday technical levels and trading recommendations for September 8, 2015

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Overview:

Few months ago, when bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Higher lows were reached. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was rather bullish. That is why an extensive bullish movement is seen on the chart.

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls are revisiting this level today.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the Fibonacci Expansion zone around 1.3270 - 1.3300.

Moreover, bearish persistence below 1.3100 (lower limit of the depicted Flag pattern) is needed to expose the next support level around 1.2910 and then 1.2800 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry can be offered around the level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400.

Conservative traders should wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes the recent strong support.

Stop Loss should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900 and T/P levels to be placed at 1.3200 and 1.3050.

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Technical analysis of Silver for September 08, 2015

Technical outlook and chart setups:

Silver rallied higher towards the level of $14.75 against our expectation of a continued drop. The metal might be looking to test resistance at $15.00 again. It is hence recommended to exit short positions, take profits, and remain flat for now. Immediate support is seen at $14.00 followed by $13.00 and lower, while resistance is seen at $15.60 levels followed by $16.40/50, $17.75, and higher respectively. The metal should remain bearish untill prices stay below $15.60.

Trading recommendations:

Book profits/exit in short positions, remain flat for now.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for September 8, 2015

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Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which has been providing evident Resistance for the GBP/USD pair.

For several weeks, consecutive weekly candlesticks have been generating contradictory signals.

Previous weekly candlestick closure above 1.5500 hindered a further bearish decline for some time and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

The most recent weekly candlestick came as bearish engulfing one, closing below the level of 1.5450 (Head and Shoulders neckline).

This enhances the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5200. It constitutes a prominent demand level to be watched for a significant price action.

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Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached.

On the other hand, the level of 1.5550, which corresponds to the 50% Fibonacci level and the previous prominent top, was temporarily broken enabling further bearish decline towards 1.5350 where an ascending bottom was recently established.

Prominent supply/resistance existed around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern was originated.

That is why, a valid sell entry was suggested for retesting 1.5770 two weeks ago. The position has already achieved most of its targets.

Moreover, the previous bearish movement found its way towards the price level of 1.5200 (Prominent Demand Level) where evident bullish rejection was expressed (bullish engulfing Daily candlestick).

On the other hand, if the current bullish pullback persists above price level of 1.5300, bearish rejection should be expected at retesting of the price zone of 1.5450-1.5500 (recent resistance zone) with T/P levels projected towards 1.5200 again then 1.5050.

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Technical analysis of Gold for September 08, 2015

Technical outlook and chart setups:

Gold is trading around $1,122.00/23.00 at the moment and might be looking for an opportunity to rally further, before continuing its drop below the levels of $1,075.00. The yellow metal could also re-test $1,170.00 before dropping. it is hence recommended to book profits on short positions taken earlier and remain flat for now. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,075.00, and lower, while resistance is seen at $1,170.00 followed by $1,200.00 and higher.

Trading recommendations:

Book profits on short positions taken earlier and remain flat.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for September 8, 2015

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The pair was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established in January 1997). Bullish recovery was expressed shortly after.

April's candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection being expressed around 1.1450.

In the long term, a projection target will be still located at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 will take place only if May's 1-month high of 1.1465 gets breached.

This can be achieved if the current monthly candlestick closes above the weekly high (1.1465) by the end of this month.

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Recently, evident bullish recovery was expressed after hitting the level of 1.0800. Since then, bulls have been trying to achieve an extensive bullish movement towards 1.1500 and 1.1700.

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Extensive bullish pressure was applied until bearish resistance was expressed around the price level of 1.1700.

Recently, the market looked overbought as the bulls were pushing above the price level of 1.1500 (Daily Supply Level).

That is why a bearish movement is taking place towards the level of 1.1160 (61.8% Fibonacci level), which was temporarily breached yesterday.

Daily persistence below the level of 1.1160 exposes the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders can have a valid buy entry around the price zone of 1.0980-1.1000 (the depicted uptrend line). S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Technical analysis of EUR/JPY for September 08, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 134.00 at the moment, in a counter-trend move. Initial supply region is seen around 134.60/70 which are the fibonacci 0.382 levels of a drop between the levels of 139.00 and 132.00. It is recommended to exit long positions around 134.70 taken yesterday and turn bearish when a signal appear. Immediate support is seen at 132.00/25 (interim), followed by 130.00 and lower, while resistance is seen at 136.00/137.00 (interim), followed by 139.00 and higher.

Trading recommendations:

Book profits on long positions around 134.70 taken yesterday .

Good luck!

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Technical analysis of GBP/CHF for September 08, 2015

Technical outlook and chart setups:

The GBP/CHF pair rallied through the interim resistance of 1.4900 and is approaching the level of 1.5100 now as expected. Please note that 1.5100 is converging with fibonacci 0.618 resistance of a drop from 1.5400 to 1.4600 and backside of the trend line, which is resistance now. It is recommended to initiate short positions between 1.5060 and 1.5100, with risk at 1.5400. Immediate support is seen at 1.4900 followed by 1.4750, 1.4600, and lower, while resistance is seen at 1.5100 followed by 1.5400 and higher.

Trading recommendations:

Initiate short positions between 1.5060 and 1.5090, place stop at 1.5400, a target is open.

Good luck!

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Daily analysis of GBP/JPY for September 08, 2015

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Overview

On the H4 chart, a breakout of the medium-term trend-line support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. Also, GBP/JPY was close to the key cluster resistance line of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal resulting in a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

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Daily analysis of SILVER for September 08, 2015

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Overview

Silver price has been trading slightly downwards after testing the level of 14.70, and the EMA50 keeps supporting the bearish wave inside the bearish channel on the chart, with initial targets at 13.50 and 12.80. Therefore, the bearish trend will remain valid for today unless a breakout at the level of 14.70 takes place. That will push the price to test the bearish channel's resistance at 15.20 before making an attempt to get back into the bearish trend. We wait for a rebound to the downside to head towards 13.50 and 12.80. In case the price breaks the level of 14.70 and holds above it, the bearish wave will be temporarily stopped in order to visit resistance at 15.20.

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Technical analysis of AUD/USD for September 8, 2015

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Overview:

  • The support for the AUD/USD pair is found at the level of 0.6907 which coincides with the double bottom. In the H1 chart, the ratio of 38.2% Fibonacci retracement level represents the resistance line that we saw on September 8, 2015. Moreover, it should be noted that the major resistance will set at 0.7061 today. So, according to the previous events, the AUD/USD pair is going to move between the resistance (0.7061) and the support (0.6907) levels this week. As a rule, history will probably repeat itself at this level again for that we expect a range of 154 pips. Consequently, if the trend fails to close below the level of 0.8642, it will be a good opportunity to buy above 0.6907 with the first target at 0.7003. Hence, it will be continued straight towards 0.7062 (but the level of 0.7062 will represent the ratio of 38.2% Fibonacci retracement levels. For this reason, it will act a strong resistance in coming days). The stop loss should always be taken into account because it should never exceed your maximum exposure amounts. As a consequence, the best location to set your stop loss should be placed below the level of 0.6907 (the double bottom in H1 and H4 charts).
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Technical analysis of USD/CHF for September 8, 2015

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Overview:

  • The USD/CHF pair has been ascending for several days from the levels of 0.9666, 0.9708, and 0.9732. Due to the previous events, the price is still moving between the levels of 0.9732 and 0.9828. Besides, resistance is seen at the level of 0.9828 and the double top has already been placed at 0.9902. So, the area of 0.9902/0.9828 represents strong resistance this week. From this point, it will be wise to buy in the area of 0.9708-0.9732 with the first target at 0.9828 in order to break the major resistance level. Then, the price will be able to continue in uptrend towards 0.9902 (the level of 0.9902 coincides with the ratio of 100% Fibonacci retracement levels in H4 chart). On the other hand, stop loss should be placed below the support of 0.9708.

Notes:

  • Major support is seen at 0.9708.
  • Major resistance is placed at 0.9902/0.9828.
  • We expect a new range about 63 pips today and about 246 pips this week.
  • The level of 0.9732 will confirm the bullish trend.
  • The strength of the currency will be defined as follows: USD is in the uptrend and CHF is in the downtrend.
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Global macro overview for 08/09/2015

Global macro overview for 08/09/2015:

Crude oil prices fluctuated over the past three weeks as a result of global wealth concerns (China, USA) and currently the black gold has lost more than 25% since June. It looks like crude oil is following the Chinese stock market. On the other hand, the oversupplied commodity market is still pushing prices lower despite the OPEC's attempts to stabilize the situation.

The recent bounce in crude resulted in a 50% retracement from the last swing low ( with a top at the level of 49.50), but the market is currently trying to continue the downtrend as no new highs have been reached since August 31. The next support comes at the level of 43.19 and moving averages dynamic support is seen at 42.88 (SMA 13) and 42.75 (SMA 21).

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Global macro overview for 08/09/2015

Global macro overview for 08/09/2015:

Today, data on the revised EU GDP for the second quarter is due to be released. The market expects the indicator to stay flat at 0.3% q/q (1.2% y/y) compared to the previous reading. Please notice this data will be accompanied by data releases from Germany and France (trade balance).

The EUR/USD pair stays in the middle of its trading range between the levels of 1.1712 and 1.0808. Both bulls and bears are trying to win this battle. The support is seen at the levels of 1.1086 and 1.1015 and resistance at the levels of 1.1240 and 1.1331.

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EUR/NZD : analysis for September 08, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7878. In the daily time frame, we can observe a demand bar in a volume below average. The intraday trend is neutral. I found strong resistance (cluster) around the level of 1.7870. We need to see a change in the trend behavior to confirm any direction. In the H1 time frame, we can observe sings of weakness (supply coming in) that means we may expect a downward movement. I had placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at 1.7670, Fibonacci retracement 50% at 1.7605 and Fibonacci retracement 61.8% at 1.7540.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7875

R2: 1.7920

R3: 1.7990

Support levels:

S1: 1.7740

S2: 1.7695

S3: 1.7620

Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD around 1.7870.

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Gold : analysis for September 08 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around $1,120.00. Low activity is observed in the market today. We are waiting for larger activity and higher volume. As we had expected, the price re-tested the level of $1,117.00, which presets a strong support area. According to the daily time frame, we can observe a weak supply bar in a volume below the average (no supply). Strong support is found at the level of $1,117.50. If the price breaks this support level, we will get the second support around $1,085.00. According to the H1 time frame, we can observe a sign of strength on the background (test of the supply in on high volume). Anyway,we got a potential stopping volume in the background. The intraday trend is neutral.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,123.00

R2: 1,125.45

R3: 1,129.00

Support levels:

S1: 1,116.00

S2: 1,114.50

S3: 1,110.00

Trading recommendations: Neutral market. Wait for clear trend to confirm further direction. Strong support is seen near the level of $1,117.00.

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Technical analysis of USD/CAD for September 8, 2015

General overview for 08/09/2015 09:50 CET

Due to the fact that current price action is rather choppy overlapping waves at the top of the monthly range. Whether this is an ongoing distribution phase? According to the Elliott wave perspect, the five waves to the upside has been done and a kind of the corrective wave progression to the downside is anticipated.

Support/Resistnace:

1.3359 - WR1

1.3352 - Swing High

1.3326 - Intraday Resistance (strong)

1.3237 - Weekly Pivot

1.3148 - WS1

1.3136 - Intraday Support (weak)

1.3115 - Intraday Support (strong)

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur. Swingtraders should close their long-term buy orders and wait for further confirmation of a higher-degree corrective cycle.

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Technical analysis of EUR/JPY for September 8, 2015

General overview for 08/09/2015 09:30 CET

The corrective cycle to the upside continues and it can still be labeled as wave c of the wave (iv) green so far. Please notice the invalidation line at the level of 134.68. Any violation of this level invalidates the impulsive green count and makes the level of 132.22 the bottom for wave 5 black.

Support/Resistnace:

132.22 - Local Low

133.50 - Weekly Pivot

133.70 - Intraday Support

134.68 - Green Impulsive Count Invalidation Level

134.80 - WR1

Trading recommendations:

Daytraders consider opening sell orders from the level of 134.68 with SL just above this level (10-15 pips) and TP at the level of 132.22 with a possible downwards extension.

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USDX technical analysis for September 8, 2015

The US Dollar Index was rejected at the trend line resistance I showed in yesterday's analysis and pushed towards cloud support at 95.70. If the Dollar index breaks below the 95.60 support we should expect a push even lower towards 95. Otherwise, resistance at 96.40 is going to be tested.

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Green line - resistance

The US Dollar Index is trading above the cloud support and below the Green trend-line resistance. We have seen an initial rejection from the resistance trend line and a pullback towards cloud support that has held for now. I believe, it is more probable to continue lower towards 95 but if we breakout above the green trend-line, then the shallow correction will be completed and a new upward move will start.

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Red line - resistance

Green line - support

The weekly chart remains inside the bullish flag trading range. The rice is still above the Ichimoku cloud but below the weekly kijun-sen (yellow line) resistance. Weekly support is found at 94.50-94. Resistance is seen at 97.80. I remain neutral waiting for an opportunity to get a signal from the direction of the breakout.

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Gold technical analysis for September 8, 2015

Gold price remains above the support area of $1,117 and has not broken down yet. This increases chances of a bounce. If support fails to protect metal from falling further, we should expect a push below $1,100 to be seen.

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Gold price is trading below the Ichimoku cloud. A trend is bearish as we reacheda a lower high at $1,150. Short-term resistance is seen at $1,130 while support, as I said before, is found at $1,117. A break above a high

of $1,150 will probably push the price to the area above $1,180.

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The weekly chart remains bearish as the price is below the weekly tenkan-sen (red indicator). Bulls need to push price higher from the current levels. As $1,115-$1,117 is important short- and medium-term support, so a bounce should be expected from the current levels. The rejection at 61.8% retracement is also important resistance and I believe it will be tested.The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for September 8, 2015

EUR/USD: This pair traded sideways on Monday without any directional movement. The price would either breakout above the resistance lines at 1.1250 and 1.1300; or break below the support levels of 1.1100 and 1.1050. A break above the aforementioned resistance lines is more likely.

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USD/CHF: The price action seen on the USD/CHF chart so far points to its determination to continue the current bullish journey. Nonetheless, any meaningful sign of stamina in the EUR/USD pair would send USD/CHF southwards, plus any signs of strength in the CHF would also make the USD/CHF pair to go south.

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GBP/USD: The cable went100 pips upward on Monday (in the context of a downtrend). This upward movement could be seen as a rally in a downtrend, unless the distribution territories of 1.5350 and 1.5400 are overcome. There are also accumulation territories at 1.5200 and 1.5150.

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USD/JPY: The Bearish Confirmation Pattern is intact. There is a possibility that the demand levels at 118.00 and 117.50 could be tested this week; though a serious weakness in the yen could enable the USD to strengthen against the yen.

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EUR/JPY: Following the recent bearish plunge in the market, the price has performed a slight upward bounce. This would either prove to be a transient rally attempt when things still look bearish, or it might portend a meaningful bullish effort, especially when the yen losses steam.

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Technical analysis of EUR/USD for September 08, 2015

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When the European market opens, economic news on the Revised GDP q/q, French Trade Balance, French Gov Budget Balance, and German Trade Balance is due to be realesed.The US will unveil economic data on the Consumer Credit m/m, Labor Market Conditions Index m/m, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1213.

Strong Resistance:1.1207.

Original Resistance: 1.1196.

Inner Sell Area: 1.1185.

Target Inner Area: 1.1159.

Inner Buy Area: 1.1133.

Original Support: 1.1122.

Strong Support: 1.1111.

Breakout SELL Level: 1.1105.

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 September 08, 2015

!_USDJPY.jpg

In Asia, Japan will release data on Economy Watchers Sentiment, 30-y Bond Auction, Final GDP Price Index y/y, Bank Lending y/y, Final GDP q/q, and Current Account. The US will publish economic data about the Consumer Credit m/m, Labor Market Conditions Index m/m, and NFIB Small Business Index. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.96.

Resistance. 2: 119.72.

Resistance. 1: 119.49.

Support. 1: 119.21.

Support. 2: 118.98.

Support. 3: 118.74.

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

Daily analysis of USDX for September 08, 2015

The USDX had a quite day when the week began, as the Index was still trading below the resistance level of 96.64 with no changes in the current outlook for the medium and long terms. We could be in front of a higher high formation, which would give bullish momentum to the USDX to push it towards new highs.

USDXDaily.png

On the H1 chart, the USDX has been trading sideways, but it still remains above the 200 SMA in this time frame. The resistance level of 96.34 continues to be the closest upside target. Another short-term outlook calls for a breakout below the moving average mentioned above, with targets at the lows that were reached during the trading seccion on September 1.

USDXH1.png

Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.34 / 96.63

H1 chart's support levels: 96.09 / 95.80

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.34, take profit is at 96.63, and stop loss is at 96.01.

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Daily analysis of GBP/USD for September 08, 2015

On the daily chart, GBP/USD has been trading above the support level of 1.5181, after it was rejected at that territory during Monday's session. That's why we should be aware of possible rallies towards the resistance zone of 1.5329. When a breakout takes place there, the pair will try to gain positions across the level of 1.5479.

GBPUSDDaily.png

The pair is already trying to correct the decline that has been unfolding for several days. It could reach the 200 SMA on the H1 chart soon. That level is located at 1.5329, where a pullback could happen in order to gain fresh bearish momentum. There is an opportunity that GBP/USD will break the support level of 1.5272 and fall to 1.5220.

1441666725_GBPUSDH1.png

Daily chart's resistance levels: 1.5329 / 1.5479

Daily chart's support levels: 1.5181 / 1.5089

H1 chart's resistance levels: 1.5329 / 1.5402

H1 chart's support levels: 1.5272 / 1.5220

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 1.5272, take profit is at 1.5220, and stop loss is at 1.5328.

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Technical analysis of USD/JPY for September 07, 2015

USDJPYM30.png

USD/JPY pair is under presure and expected to trade with a bearish bias . US stocks dropped last Friday as August's jobs report failed to reduce uncertainties concerning the Federal Reserve's next interest rate hike. Nonfarm payrolls rose 173K against 220K that had been expected, while the unemployment rate fell to 5.1% (vs 5.2% expected) from 5.3% in July. The Dow Jones Industrial Average dropped 1.7% to 16102.38, the S&P 500 fell 1.5% to 1921 and the Nasdaq Composite was 1.1% down and reached 4683. Meanwhile, Nymex crude moved 1.5% down to $46.05 a barrel, gold slid 0.2% to $1122, and the 10-year Treasury yield fell further to 2.128% from 2.170% a day earlier. The US dollar was mixed against other major currencies. It fell against the euro (EUR/USD +0.3% to 1.1153) and yen (USD/JPY -0.9% to 119.01), but strengthened against the Canadian dollar (USD/CAD +0.8% to 1.3282), Australian dollar (AUD/USD -1.5% to 0.6912, the lowest level since March 2009), New Zealand dollar (NZD/USD -1.8% to 0.6284), and even the British pound (GBP/USD -0.6% to 1.5169). The pair is showing choppy price actions with a bearish bias, which is maintained by the declining 20- and 50-period intraday moving averages (MAs). Also the intraday RSI is badly directed within the selling area between 50 and 30. The first downside target is seen at 118.55 (around last Friday's low), and the second one is set at 117.80 (last seen on August 24).

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 118.50 and the second target at 117.85. In the alternative scenario, short positions are recommended with the first target at 120.25 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 120.65. The pivot point is at 119.70.

Resistance levels: 120.20 120.65 120.95

Support levels: 118.5 117.85 117.25

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Technical analysis of USD/CHF for September 07, 2015

USDCHFM30.png

USD/CHF is expected to trade with a bullish bias above 0.9675. The pair stands firmly above its nearest support at 0.9675, which has been tested several times. The intraday RSI lacks downward momentum. The key moving averages are shifting to positive. At the current stage, the pair is expected to post the limited consolidation before further its advance towards its key resistance at 0.9775 (last week's top). Only an upside breakout of this threshold would open the way to 0.9820.

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 0.9785 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9635 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 0.9565. The pivot point is at 0.9675.

Resistance levels: 0.9785 0.9825 0.9865

Support levels: 0.9635 0.9565 0.9525

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Technical analysis of NZD/USD for September 07, 2015

NZDUSDM30.png

NZD/USD is expected to trade in a lower range. The pair validated an intraday bearish reversal last Friday after the downside breakout of a rising trend-line support. The key resistance at 0.6325 maintains strong selling pressure. Furthermore, both the 20- and 50-period intraday MAs are turning down confirming a negative outlook. The intraday RSI is bearish below 50. As long as 0.6325 is not surpassed, look for further decline to 0.6220 and 0.6190.

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 0.6220. A break of that target will move the pair further downwards to 0.6190. The pivot point stands at 0.6325. 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 0.6350 and the second target at 0.640.

Resistance levels: 0.6350 0.640 0.6430

Support levels: 0.6220 0.610 0.6135

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Technical analysis of GBP/JPY for September 07, 2015

GBPJPYM30.png

GBP/JPY is expected to trade in a lower range as the key resistance is seen at 182.70. The pair stays below its key resistance at 182.70 and is expected to test the low, which was reached on September 4, in the forthcoming sessions. The descending 50-period MA maintains a bearish bias. The intraday RSI lacks strong upward momentum. The first downside target is therefore set at the horizontal support and overlap at a low of 180.90. A break below this level would open the way to further weakness towards 180.

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 180.90. A break of that target will move the pair further downwards to 180. The pivot point stands at 182.70. 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 183.35 and the second target at 184.

Resistance levels: 183.35 184 185.10

Support levels: 180.90 180 179.15

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Daily analysis of Silver for September 07, 2015

SILVERH4.png

Overview

According to the attached H4 chart, silver keeps its stability moving below the level of 14.70, which keeps the negative pressure valid in the upcoming period, supported by the EMA50. That could resume the bearish trend with targets at 13.50 and 12.80 in the near term. Stochastic positivity explains the reasons for the current fluctuation, being aware that a breake of the level of 14.70 will push the price towards its intraday gains. It might visit the level of 15.25 before making any new attempt to decline.

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Daily analysis of GBP/JPY for September 07, 2015

GBPJPYH4.png

Overview

Further fall is expected in GBP/JPY. Resistance at 184.70 remains intact. Next target is seen at the key support level of 174.86. Decisive break there will carry larger bearish implications. On the upside, above 184.70 minor resistance will turn bias neutral and bring recovery first. A break of the medium-term trend-line support is taken as a sign of trend reversal. This is supported by bearish divergence in the weekly MACD. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to psychological level of 200. A break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

Daily Pivots: (S1) 179.56; (P) 181.45; (R1) 182.42;

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