USD/CAD intraday technical levels and trading recommendations for September 15, 2015

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Overview:

Several months ago, when bulls pushed the price 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 anywhere around the level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400. T/P levels should be placed at 1.3200 and 1.3050.

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.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for September 15, 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 further bearish decline 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 candlesticks came as bearish engulfing ones, 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 constituted a prominent demand level that prevented further weekly decline. It is where the previous bullish engulfing weekly candlestick was initiated.

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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 corresponded 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 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.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. Most of its targets have been already achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (Prominent Demand Level) where evident bullish rejection was expressed (two recent bullish engulfing daily candlesticks).

Trade Recommendation:

If the current bullish pullback persists above the level of 1.5300, a valid SELL entry should be expected around the price zone of 1.5450-1.5500 (recent resistance zone).

T/P levels to be projected towards 1.5200 then 1.5050. S/L should be placed above 1.5600.

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Intraday technical levels and trading recommendations for EUR/USD for September 15, 2015

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The pair was moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established 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 observed shortly after.

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

In the long term, a projection target is still seen at 0.9450 if a bearish breakout 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 a high of 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month.

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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 level of 1.1700.

The market looked overbought as bulls were pushing further beyond the price level of 1.1500 (Daily Supply Level).

Hence, bearish movement took place towards the level of 1.1160 (61.8% Fibonacci level), which provided evident bullish rejection (note the recent daily candlesticks).

The current price zone of 1.1300-1.1330 constitutes an intraday supply level which provided bearish rejections many times before. It should be defended by bears to achieve further bearish decline.

On the other hand, daily persistence below the level of 1.1160 is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for a bearish pullback towards the price zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry. 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 Gold for September 15, 2015

Technical outlook and chart setups:

Gold remains in a downtrend until prices stay broadly below the levels of $1,200.00/30.00. At the moment, the yellow metal is trading flat around $1,100.00. A drop below $1,100.00 would accelerate downside towards $1,030.00 in the sessions to come. Only a push higher towards $1,170.00 would reduce chances of a continuing drop. It is hence recommended to remain short from yesterday, with risk at $1,150.00. Immediate support is seen at $1,090.00 followed by $1075.00 and lower, while resistance is seen at $1,150.00 followed by $1,170.00, $1,200.00, and higher.

Trading recommendations:

Remain short for now, with stop at $1,150.00. A target is at $1,030.00.

Good luck!

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Technical analysis of Silver for September 15, 2015

Technical outlook and chart setups:

Silver is trading around the $14.30 levels at the moment with initial resistance seen at $14.60 (50-day moving average passing). Please note that the metal should remain in control of bears until prices stay below the $15.60 interim resistance. It is hence recommended to remain short from yesterday with risk at the $15.50 levels. Immediate support is seen at the $14.00 levels followed by $13.00, $12.00 and lower, while resistance is seen at the $15.00 levels (interim) followed by $15.60, $16.40/50 and higher respectively. Only a break above $15.60 would negate the bearish bias.

Trading recommendations:

Remain short, stop is at $15.50, target is open.

Good luck!

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Technical analysis of NZD/USD for September 15, 2015

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Trading recommandations:

  • The level of 0.6301 represents the weekly support 1. It should be noted that the weekly support 1 coincides with a ratio of 23.6% Fibonacci retracement levels. So, according to the previous events, the NZD/USD pair will move between 0.6301 and 0.6392 today because the level of 0.6392 represents a minor resistance in the H1 chart. Therefore, buy above 0.6301 in the long term with the first target of 0.6363. It might resume to 0.6392 (if the trend will be able to break the level of 0.6363) in order to test the minor resistance. The stop loss should never exceed your maximum exposure amounts. Thus, it will be quite profitable to set your stop loss at the level of 0.6275. The major support had already set at the price of 0.6273. Moreover, the double bottom also coincides with the major support (0.6269).

Observations:

  • The double top will set at the level of 0.6395.
  • The minor support is seen at 0.6301 and this level is going to represent the weekly pivot point today.
  • The major support had already set at 0.6273. Moreover, the double bottom also coincides with the major support (0.6269).
  • We expect a new range of 86 pips today.
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Technical analysis of EUR/JPY for September 15, 2015

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading around 135.30 at the moment, after pulling back from 137.00 earlier. The pair is trading at the fibonacci support of 0.382 now, but the best level to enter long positions is seen between 134.00 and 134.50. It is recommended to remain flat for now and look for an opportunity to initiate long positions around the fibonacci support of 0.618 around 134.00 with risk at 132.00. Immediate support is seen at 134.50 followed by 134.00, 132.00, and lower, while resistance is seen at 137.00 followed by 139.00, 140.00/141.00, and higher.

Trading recommendations:

Remain flat and look for an opporyunity to move around 134.00/50 with stop at 132.00, a target is 139.00.

Good luck!

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Technical analysis of GBP/CHF for September 15, 2015

Technical outlook and chart setups:

The GBP/CHF pair is still trading around the levels of 1.4960/70. Please note that channel support is passing through 1.4800 and bulls are expected to remain in control until prices stay above channel support. Moreover, the pair is testing its 50 day moving average around current levels as well. It is recommended to initiate 50% long positions now and remaine around the channel support with risk at 1.4600. Immediate support is seen at 1.4900 (interim) followed by 1.4700, 1.4600, and lower while resistance is seen at 1.5100 followed by 1.5350, 1.5400/10, and higher respectively.

Trading recommendations:

Initiate 50% long positions now and stay at 1.4800 with stop at 1.4600, a target is open.

Good luck!

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Technical analysis of USD/CHF for September 15, 2015

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Overview:

  • According to the previous events, the USD/CHF pair is still moving between 0.9664 and 0.9726. So we expect a large range of about 62 pips in the coming minutes. The breakout is seen at the ratio of 38.2% Fibonacci retracement level (0.9665) for that the key level is set at the level of 0.9665 as it represents strong support and coincides with the 38.2% Fibonacci retracement level on the H1 chart. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good decision to buy above 0.9665 with the first target at 0.9730 in order to test the double top. It will call for an uptrend in order to continue its bullish movement towards 0.9769. On the other hand, the stop loss should never exceed your maximum exposure amounts, so it should be placed below the double bottom at the price of 0.9628.
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EUR/NZD : analysis for September 15, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.7890. We are facing low volatility on the market. I am waiting for larger acitivity and stronger pire actions to confirm further direction. In the daily time frame, we can observe a demand bar in a volume below the average and weak price action (potential selling). The intraday trend is neutral. I found strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support). In the H1 time frame, we can observe weakness (no demand bar) that means we may expect further downward movement. Buying looks very risky. We may see potential testing of our support at the level of 1.7660. Anyway, wait for changing in trend since the current intraday trend is neutral.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7970

R2: 1.8015

R3: 1.8090

Support levels:

S1: 1.7825

S2: 1.7900

S3: 1.7710

Trading recommendations: Weakness is observed in the H1 time frame. Be careful when buying EUR/NZD and watch for potential selling opportunities if the trend changes its direction.

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Gold : analysis for September 15 , 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,105.00. As we expected, the price tested the level of $1,098.60. The intraday trend is neutral. According to the daily time frame, we can observe demand in a volume below average . Also, according to the daily time frame, we can observe that price supports the level of $1,107.00 (four days in a row). According to the H1 time frame, we can observe a potential climatic action in the background with later absorption, which means selling looks very risky. First resistance level is expected around $1,109.50. Anyway, my advice is to wait for changing in trend behavior before taking any setup. Support level is around the price of $1,1099.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,108.50

R2: 1,109.60

R3: 1,111.30

Support levels:

S1: 1,105.00

S2: 1,104.75

S3: 1,102.00

Trading recommendations: Absorption volume is seen in the H1 time frame. The trend is neutral. Selling still looks risky, so watch for potential buying opportunities if trend changes.

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USDX technical analysis for September 15, 2015

The US Dollar index bounced as we expected from the 38% Fibonacci retracement level towards 95.50 as we mentioned in our last analysis. The price remains in a bearish medium-term trend as it is below the Ichimoku cloud. With Fed's rate decision on Thursday, I do not expect an important trend change or trend starting until then.

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Green line - resistance

The US Dollar Index remains below the green trend-line resistance and below the Ichimoku cloud. The price bounced off the 38% retracement and it could still move higher towards the kijun-sen at 95.66. Trend remains bearish in the short-term but we should keep in mind that the Fed's rate decision could provide the signal for a new trend to start.

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Red line - resistance

Green line - support

With a bullish flag pattern being formed in the weekly chart, my most probable scenario after the Fed rate decision is to see a breakout and push above 98.30 and the start of a new upward move to new highs above 101-102.

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Gold technical analysis for September 15, 2015

Gold price remains below resistance levels moving in the short-term bearish trend. The price remains trapped below the Ichimoku cloud, but also above an yearly low of $1,080. An important trend-hange level is seen at $1,125. As long as we are below it, we should expect more downside pressures.

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Black line - resistance

Gold price is trading below the Ichimoku cloud in the 4-hour chart and below the black downward sloping trend line. A trend is bearish. The price is headed towards lower lows and lower highs. Unless we break above the Ichimoku cloud and the level of $1,125 we should expect more downside movements.

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The weekly chart remains bearish as the price is trading below the tenkan-sen resistance indicator. As long as the weekly chart is below $1,125, we should remain short-term bearish. Breaking above it will be a short-term bullish signal with a possible target at $1,150. The longer-term trend remains bearish but this is not the level to open short positions.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 15/09/2015

Global macro overview for 15/09/2015:

The UK inflation data will be released at 8:30am today and they should be closely watched for any signs of an increase. The main indicator, the consumer price index, is expected to rise slightly to the level of 0.2% m/m( 0.0% y/y) from the last month's reading of -0.2% m/m (0.1% y/y). The core CPI should remain close to one percent at the level of 1.0% y/y, decreased slightly from 1.2% y/y last month. With this kind of numbers, the inflationary pressure will remain low and the BoE might wait a little longer before increasing its interest rates. Moreover, I am quite sure the BoE will not raise the rates before the Fed does it.

From the technical point of view, the market retraced almost 50% of the recent swing low, tested the golden trend line from the below and currently is trading within a tight consolidation zone. It is likely to be waiting for the Fed's meeting minutes which are set for Thursday. The support is found at the level of 1.5329 and resistance is seen at the level of 1.5475.

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Global macro overview for 15/09/2015

Global macro overview for 15/09/2015:

An interesting set of data from EU and Germany is scheduled for release at 9am GMT today. The ZEW Sentiment is expected to decline to the level of 18.3 from 25 points last month as the general gauge for the Germany's economic situation is getting more and more pessimistic now. Moreover, the center for European Economic Research will release Eurozone ZEW Indicator of Economic Sentiment Assesses, which is expected to decline as well to the level of 42.1 from the level of 47.6 month ago, confirming the negative sentiment bias among German experts.

The technical pictire on the EUR/USD chart is not clear at all. After making a local swing at the level of 1.1086, the market is slowly climbing higher to test the golden trend line from the below and reverse. Current support comes at the level of 1.1228 and resistance is seen at the level of 1.1332.

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Daily analysis of major pairs for September 15, 2015

EUR/USD: This pair did not trend directionally yesterday because there was no steam in the market. A breakout to the upside or to the downside is anticipated today, which would most probably favor bulls. When this happens, we would see the price aiming for the resistance line at 1.1400.

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USD/CHF: The USD/CHF did not produce any significant movement on Monday, owing to the lack of momentum in the market. There would be a breakout to the upside or to the downside today that is likely to push the price above the resistance level at 0.9800 or below the support level at 0.9600. When a breakout does occur, it would probably favor bears. Nevertheless, a strong trend is needed for this to happen.

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GBP/USD: This currency trading instrument did not move so much on Monday. With further bullish attempts, the distribution territories at 1.5500 and 1.5550 would be attained this week. After all, there is a Bullish Confirmation Pattern in the market.

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USD/JPY: This pair moved largely sideways on Monday. There is supposed to be a breakout any day this week, which would make the price go above the supply level at 122.00 or below the demand level at 120.00. By then, there would be a directional movement in the market.

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EUR/JPY: The EUR/JPY got corrected downwards by at least 100 pips yesterday. However, there is still a bullish outlook on the market, which cannot be violated as long as the price stays above the demand zone at 134.50. This would require a strong bearish trend to happen, which does not exist right now.

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Technical analysis of EUR/JPY for September 15, 2015

General overview for 15/09/2015 07:40 CET

The top for the wave (a) blue or alt.2 blue has been established, but no impulsive channel breakout has been seen so far. The pair is trading around the weekly pivot at the level of 135.72 and only an impulsive breakout below the intraday support at the level of 135.47 would make the outlook more bearish. Please notice that as long as the pair trades above the weekly pivot at the level of 135.72, there is a chance that the corrective cycle will get more complex and waves (b) and (c) blue will be fully developed.

Support/Resistnace:

138.80 - WR1

137.09 - Intraday Resistnace

135.47 - Intraday Support

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Yesterday's sell orders had hit the anticipated TP level.

For today daytraders should consider opening buy orders from the level of 135.47 with very tight SL (10-20 pips) and TP at the level of 136.20.

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Technical analysis of USD/CAD for September 15, 2015

General overview for 15/09/2015 07:30 CET

As anticipated yesterday, the congestion zone still presents as the market has not even tryed to break the range yet. Nevertheless, any breakout above the level of 1.3325 will invalidate an impulsive bearish count. It is expected to reach a new high above the level of 1.3352 (it will be the last high in this market anyway).

Support/Resistnace:

1.3399 - WR2

1.3353 - Swing High

1.3334 - WR1

1.3325 - Intraday Resistnace

1.3243 - Weekly Pivot

1.3178 - WS1

1.3152 - Intraday Support

1.3136 - Intraday Support

1.3114 - Technical Support

Trading recommendations:

Daytraders should consider opening sell orders from current market levels with SL just above the level of 1.3325 and TP at the level of 1.3152.

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Elliott wave analysis of EUR/NZD for September 15, 2015

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Technical summary:

We do not see any changes here as we are still looking for a firm breakout above resistance at 1.7996 in order to perform the next rally higher to 1.8289 and even high to 1.8702 in wave iii of (v). In the short term, we expect minor support at 1.7777 to protect the downside for a breakout above 1.7996.

Trading recommendation:

We are long EUR from 1.7490 with stop placed at 1.7620. If you are not long EUR yet, buy on a break above 1.7996 and place you stop at 1.7775.

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Elliott wave analysis of EUR/JPY for September 15, 2015

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Technical summary:

An expected correction lower to 135.18 and possibly even lower to 134.04 is unfolding. That means X-waves do not have to be perfect three-wave corrections. Often, they are just as what we have seen in this cross and strong move where it is almost impossible to count the waves once the move is over, so is the x-wave and the next impulsive wave can take over to the downside.

In the short term, we expect resistance at 136.41 to protect the upside for a decline to 135.18 and possibly even lower.

Trading recommendation:

We took profit at 50% of our short position from 136.41 at 135.65 and will move our stop lower to 136.45

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Technical analysis of EUR/USD for September 15, 2015

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When the European market opens, economic news on the Trade Balance, Employment Change q/q, ZEW Economic Sentiment, German ZEW Economic Sentiment, and French CPI m/mis due to be released. The US will publish data on the Business Inventories m/m, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1364.

Strong Resistance:1.1357.

Original Resistance: 1.1346.

Inner Sell Area: 1.1335.

Target Inner Area: 1.1308.

Inner Buy Area: 1.1281.

Original Support: 1.1270.

Strong Support: 1.1259.

Breakout SELL Level: 1.1252.

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 15, 2015

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In Asia, Japan will release the BOJ Monetary Policy Statement. The US will unveil economic data about Business Inventories m/m, Industrial Production m/m, Capacity Utilization Rate, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.11.

Resistance. 2: 120.87.

Resistance. 1: 120.64.

Support. 1: 120.35.

Support. 2: 120.11.

Support. 3: 119.88.

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 14, 2015

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USD/JPY is expected to trade in a lower range. US stocks continued advancing on Friday with the Dow Jones Industrial Average gaining 0.6% to 16433, the S&P 500 rising 0.5% to 1961, and the Nasdaq Composite climbing 0.5% to 4822. Nymex crude oil dropped 2.8% to settle at $44.63 a barrel, gold fell 0.3% to $1107 a troy ounce, while the 10-year Treasury yield edged down to 2.191% from 2.222% on Thursday. While all eyes are on the US Federal Reserve interest rate decision at its September 16-17 meeting, the US dollar weakened against most other major currencies on Friday. The pair is trading below the key resistance at 120.95. Intraday technical indicators are mixed: the 20-period intraday moving average (MA) stays below the 50-period one, while the intraday relative strength indicator (RSI) is above the neutrality level of 50. As long as 120.95 holds as the key resistance, the pair is expected to show choppy price actions with a bearish bias. The first downside target is set at 119.60 (around the low of September 11); and the second one, at 119.10 (around the low of September 10).

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 119.60. A break of that target will move the pair further downwards to 119.10. The pivot point stands at 120.95. 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 121.30 and the second target at 121.70.

Resistance levels: 121.70 122 122.50

Support levels: 119.90 119.60 119.20

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Technical analysis of USD/CHF for September 14, 2015

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USD/CHF is expected to trade in a lower range. Technically, the pair broke below its support at 0.9745 and remains weak below its 20- and 50-period intraday MAs, which are turning down and play resistance roles. The upside potential should also be limited by the horizontal resistance at 0.9695. Moreover, the intraday RSI is bearish below its neutrality area at 50. In these perspectives, a break below 0.9695 would trigger further drop toward 0.9670.

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 0.9795 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9715.

Resistance levels: 0.9795 0.9825 0.9850

Support levels: 0.9695 0.9670 0.9630

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Technical analysis of NZD/USD for September 14, 2015

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NZD/USD Intraday: Key resistance is at 0.6350. The pair remains under pressure below its key resistance at 0.6350, and it seems more likely to challenge its nearest support at 0.6275. The intraday RSI is badly directed, calling for further decline. Besides, the 20- and 50-period intraday MAs are mixed to bearish. In this case, as long as 0.6350 is not surpassed, the risk of a break below 0.6275 remains high. Our next down target is set at 0.6240.

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 0.6275. A break of that target will move the pair further downwards to 0.6240. The pivot point stands at 0.6350. 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 0.6385 and the second target at 0.6425.

Resistance levels: 0.6385 0.6425 0.6475

Support levels: 0.6275 0.6240 0.6205

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

Technical analysis of GBP/JPY for September 14, 2015

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GBP/JPY is expected to trade with bearish bias as key resistance is at 185.55. The pair remains under pressure below its key resistance at 185.55, and it seems more likely to challenge its nearest support at 184.10. The intraday RSI is badly directed, calling for further decline. Besides, the 20- and 50-period intraday MAs are mixed to bearish. In this case, as long as 0.6350 is not surpassed, the risk of a break below 184.10 remains high. Our next down target is set at 185.55.

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 184.10. A break of that target will move the pair further downwards to 183.35. The pivot point stands at 1855.55. 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 186.45 and the second target at 187.40.

Resistance levels: 186.40 187.45 188

Support levels: 184.10 183.35 182.55

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