Intraday technical levels and trading recommendations for GBP/USD for September 16, 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), which prevented further bearish decline. Instead of it, evident bullish rejection was expressed (bullish engulfing daily candlesticks).

Trade Recommendation:

A valid sell entry should expect around the current price zone of 1.5500 (recent resistance zone). It corresponds to (50% Fibonacci level) and the backside of a broken uptrend.

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

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Intraday technical levels and trading recommendations for EUR/USD for September 16, 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 1.1150 (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 1.1150 (61.8% Fibonacci level) 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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EUR/USD technical analysis for September 16, 2015

EUR/USD is trying to bounce back towards the 1.1330 resistance area after testing successfully the Ichimoku cloud support. With the Fed's rate decision set for tomorrow every scenario is open. Traders should better stay neutral and wait for price to reach or break important levels.

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Blue lines - trading range boundaries

EUR/USD was rejected earlier this week at the 38% Fibonacci retracement. The price had moved back and today it touched the Ichimoku cloud support in the 4-hour chart. With prices bouncing higher back towards 1.13 now traders should be very cautious approaching the Fed's rate decision. Important levels are the 61.8% Fibonacci retracement and a low of 1.1085 reached in September.

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Blue lines - bullish channel

EUR/USD continues to trade inside the upward sloping blue channel and above the Ichimoku cloud. As long as the price is above the Ichimoku cloud and inside the blue trend lines we should mainly be focused on the upside. Breaking below 1.1085 will be a big bearish sign for what to come. Of course the Fed rate decision tomorrow will play its role. My most probable scenario is to see a bounce towards 1.14 and then bearish reversal and eventually breaking below 1.10 and moving towards 1.07.

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Gold analysis for September 16 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,109.79. The intraday trend is neutral. According to the daily time frame, we can observe supply in a volume below average (weak supply). According to the H1 time frame, we can observe a no-demand bar and weak close of the bar (closed on the middle), which means buying looks very risky at this stage. Anyway, my advice is to wait for a change in trend behavior before taking any steps. Support level is around the price of $1,1099.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,104.00

R2: 1,104.50

R3: 1,104.90

Support levels:

S1: 1,102.90

S2: 1,102.50

S3: 1,101.95

Trading recommendations: Weak demand is around our resistance level at the price of $1,109.75. Be careful when buying gold at this stage. The trend is still neutral.

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Technical analysis of Silver for September 16, 2015

Technical outlook and chart setups:

Silver has rallied towards the level of $14.55 levels for now producing a bullish morning star candlestick pattern on the daily chart view. Please note that $15.00 remain initial resistance and the pair needs to take out to at least $15.60 in order to confirm a trend change. It is hence recommended to remain short with risk at $15.50/60. Immediate support is seen at the levels of $14.00 followed by $13.00, $12.00, and lower while resistance is seen at $15.60 followed by $16.40 and higher. The metal would confirm that bulls are in control after breaking $15.60.

Trading recommendations:

Remain short for now with stop at $15.00, a target is open.

Good luck!

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Technical analysis of Gold for September 16, 2015

Technical outlook and chart setups:

Gold continues to trade in a tight range, after bouncing from initial support at $1,100.00 earlier. The metal is trading around $1,108.00 now, facing trend-line resistance. A breakout above $1,110.00 would open doors to at least $1,125.00. Please note that the broader technical trend is bearish until prices stay below the levels of $1,170.00 and subsequently $1,200.00. It is hence recommended to remain short now with risk at $1,150.00. Immediate support is seen at the territory of $1,090.00 followed by $1075.00 and lower, while resistance is seen at $1,150.00/70.00 followed by $1,200.00 and higher.

Trading recommendations:

Remain short now with stop at $1,150.00, a target is open.

Good luck!

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Technical analysis of AUD/USD for September 16, 2015

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Overview:

  • The AUD/USD pair closed at the level of 0.7157. The support is found at 0.7103 and the resistance is seen at the level of 0.7235 (61.8% Fibonacci retracement levels). Also, the price has been moving below the ratio of 61.8% Fibonacci retracement levels since the August 24, 2015. Equally important, the market showed imperturbability and extended further to as low as 0.7160 today. Consequently, it should be noted that the price has formed strong resistance at the level of 0.7157. Moreover, this strong level has still been moving between 61.8% of Fibonacci retracement levels and 38.2% in the H4 chart. Accordingly, the market will start showing signs of bearish market again in order to indicate a bullish opportunity from the level of 0.7157 heading towards the strong support area around 0.7103. The level of 0.7103 is going to form a double bottom. Moreover, bulls will be forced to pull back at this spot. As a result, it will be profitable to sell at 0.7103 (in the short term) with a target at 0.7066, and it might resume to the 0.7032 today.
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Technical analysis of EUR/JPY for September 16, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around 135.25 after hitting 135.80/90 yesterday. The pair remains vulnerable for further drop into the levels of 134.00/50, before turning bullish again. Please note that its 50-day moving average is also passing through 135.00. It is hence recommended to remain flat and wait to initiate short positions between 134.00 and 134.50. Immediate support is seen at the levels of 134.00/50 (fibonacci 0.618) followed by 132.00 and lower, while resistance is seen at 137.00 (interim) followed by 139.00, 140.00/141.00, and higher.

Trading recommendations:

Remain flat now and look for an opportunity to go long around 134.00/50.

Good luck!

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Technical analysis of USD/CAD for September 16, 2015

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Overview:

  • As priviously expected, the USD/CAD pair rebounded at the level of 1.3164 in the long term. It showed signs of strength following the level of 1.3164. The level of 1.3164 is going to represent a strong support on September 16, 2015. Additionally, the resistance was broken and turned to support at the same level (1.3164). Also, it should be noted that the area of 1.3164 - 1.3202 is acting as a strong spot because the price set above the support three week ago. Furthermore, the price has still traded between 1.3202 and 1.3351. Therefore, the USD/CAD pair started showing signs of bullish market, so the market indicates the bullish opportunity at the level of 1.3202 with the first target at 1.3269, and continues towards the level of 1.3351 again. On the other hand, the stop loss should always be taken into account, consequently it will of the wisdom to set your stop loss at the 1.3133 price.

Intraday technical levels:

Date:16/09/2015

Pair:USD/CAD

  • R3: 1.3317
  • R2: 1.3294
  • R1: 1.3271
  • PP: 1.3248
  • S1: 1.3225
  • S2: 1.3202
  • S3: 1.3179
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Technical analysis of GBP/CHF for September 16, 2015

Technical outlook and chart setups:

The GBP/CHF pair has bounced off support at 1.4900 today, producing a bullish engulfing candlestick pattern on the H4 chart. The pair might be on its way to test at least 1.5350 on the higher side. It is hence recommended to remain long from yesterday, with risk moved just below 1.4900. Immediate support is seen at 1.4900 followed by 1.4700/50, 1.4600, and lower, while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher.

Trading recommendations:

Remain long for now with stop at 1.4800, a target is open.

Good luck!

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USDX technical analysis for September 16, 2015

The US Dollar Index has bounced as expected from the 38% Fibonacci retracement. It is heading towards the green trend-line resistance at the level of 96.10 where we also find the Ichimoku cloud resistance. So, bulls are still not in control of the larger trend as we remain trapped below important resistance levels.

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Green line - resistance

The US Dollar Index is heading towards the Ichimoku cloud resistance at 96. This will be an important test for the index and combined with the Fed rate decision tomorrow it is preferred to stay neutral and wait for the dust to settle after tomorrow's announcement. All scenarios are open. Rejection and new pull back towards 94 or breakout above 96 and a push towards at least 98.

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Red line - resistance

Green line - support

The weekly chart remains below the weekly kijun-sen indicator and below the red trend line resistance. Bulls need to break above the red trend-line resistance for this bullish flag to confirm the upside potential. Weekly support is found at 94 by the Ichimoku cloud and in the area of the previous lows around 92. We are trapped inside a trading range, so it is better to stay neutral until the Fed's rate decision.

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Gold technical analysis for September 16, 2015

Gold price is making an attempt to break above the short-term resistance levels and reverse the short-term bearish trend. The price could bounce towards $1,115. Only if it breaks above $1,125, we could say with certainty that short-term trend has changed.

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Black line - resistance

Gold price has broken above the black downward sloping trend-line resistance and could bounce towards the cloud resistance at $1,115. I remain bearish, but I would not open new short positions at current levels as there is still a high possibility of an upside bounce.

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The weekly chart remains bearish as the price is trading below the tenkan-sen (red line indicator). The weekly chart is still below both cloud indicators and the Ichimoku cloud. Price is trading above $1,100 and a bounce towards $1,115-20 is very possible. A break above $1,125 will increase the chances of a move towards $1,150. Breaking above the 61.8% retracement will the pair push towards the weekly cloud resistance at $1,200.The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 16/09/2015

Global macro overview for 16/09/2015:

LTonight, market participants will be treated with another news from New Zealand regarding their GDP in the second quarter. The market expects a rather massive increase to the level of 0.6% form 0.2% in the last quarter and 2.6% y/y. The GDP is one of the most important measure of the overall economic well-being. Nevertheless, the economic expansion, indicated by growing GDP, raises concerns about inflationary pressure.

The NZD/USD pair trapped in a tight congestion zone between the levels of 0.6242 and 0.6474 as the market awaits the Fed's meeting results. Please notice that any breakout above the resistance at the level of 0.6474 would be bullish and even the next important technical resistance at the level of 0.6708 might be tested then.

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Global macro overview for 16/09/2015

Global macro overview for 16/09/2015:

The highly anticipated two-day Fed's meeting is set for today. Investors from all over the world will focus on tomorrows highly anticipated Federal Reserve's announcement regarding its short-term interest rate decision. Nevertheless, there are some important data scheduled for release at 8:30 am GMT in UK. The most interesting would be the wage growth. The average earning including bonuses are expected to post a 2.5% rise on ta hree-month basis, a slight increase from its prior reading of 2.4%. If this trend continues, the BoE might rise the interest rates sooner than most of the market participants thinks, and that would be as soon as the beginning of the next year.

The technical picture for GBP/USD ahead of the important news release is rather clear: after a failure to break out above the level of 1.5475, the price reversed and is currently testing the main support at the level of 1.5329.

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Technical analysis of USD/CAD for September 16, 2015

General overview for 16/09/2015 08:20 CET

This market has been awaiting the important fundamental news release, the Fed's meeting, and its interest rate decision since the beginning of the last week. A clear distribution pattern is currently in progress and any breakout below the level of 1.3114 will support the bearish outlook. A 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 refrain from trading until one of the levels is violated and more clear pattern will be visible.

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Technical analysis of EUR/JPY for September 16, 2015

General overview for 16/09/2015 08:10 CET

The first three waves down are completed labeled as wave (b) blue, but this wave might get more complex and time-consuming. Moreover, the market broke out of the black channel testing it from the downside. Mow it is trying to continue to move downwards. A breakout below the intraday support at the level of 135.00 is needed to confirm this scenario.

Support/Resistnace:

138.80 - WR1

137.09 - Intraday Resistnace (strong)

135.47 - Intraday Support

135.88 - Intraday Resistance (weak)

135.72 - Weekly Pivot

134.53 - WS1

Trading recommendations:

Yesterday's buy orders had not hit the anticipated TP level ( 30 pips miss), but overall it was a good, profitable trading idea. Due to the FED meeting later on tonight the traders should refrain from trading.

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Elliott wave analysis of EUR/NZD for September 16, 2015

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Technical summary:

We continue to look for a strong rally higher to 1.8289, but the correction in wave ii has taken longer than first expected. To confirm that the correction in wave ii is over, we need a break above resistance at 1.7955, which will call for the next impulsive rally in wave iii towards 1.8289 and more likely higher to 1.8702 as wave iii was expected to extend.

Trading recommendation:

We are long EUR from 1.7490 with stop placed at 1.7620. If you are not long yet, buy on a break above 1.7955 with stop placed at 1.7620.

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Elliott wave analysis of EUR/JPY for September 16, 2015

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Technical summary;

We have seen a 38.2% correction from a hifg of 137.05 and if resistance at 136.41 is broken the rally from 132.19 will move higher towards 138.00 where strong resistance is found.

If however resistance at 136.41 is able to protect the upside for a continuation lower, we could see the top of the x-wave from 132.19. For now, we need to stay open to both possibilities and wait to see whether or not resistance at 136.41 would be able to protect the upside.

Trading recommendation:

We are short from 136.41 with stop placed at 136.45.

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Technical analysis of EUR/USD for September 16, 2015

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When the European market opens, economic news on the German 30-y Bond Auction, Final Core CPI y/y, and Final CPI y/y is due to be published. The US will release data about the TIC Long-Term Purchases, Crude Oil Inventories, NAHB Housing Market Index, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1324.

Strong Resistance:1.1318.

Original Resistance: 1.1307.

Inner Sell Area: 1.1296.

Target Inner Area: 1.1270.

Inner Buy Area: 1.1244.

Original Support: 1.1233.

Strong Support: 1.1223.

Breakout SELL Level: 1.1216.

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 16, 2015

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In Asia, Japan will release the Final CPI y/y. The US will publish economic news about TIC Long-Term Purchases, Crude Oil Inventories, NAHB Housing Market Index, Core CPI m/m, and CPI m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.93.

Resistance. 2: 120.69.

Resistance. 1: 120.46.

Support. 1: 120.17.

Support. 2: 119.93.

Support. 3: 119.70.

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 major pairs for September 16, 2015

EUR/USD: In spite of the consolidation to the downside, there is a (threatened) Bullish Confirmation Pattern in the chart, which may be rendered ineffectual in case the support line at 1.1150 is violated. On the other hand, we may see bulls making further bullish attempts.

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USD/CHF: This pair is still in a consolidation mode. There would be a breakout to the upside or to the downside today, pushing 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: The cable moved yesterday downwards slightly going below the distribution territory around 1.5350. The price might go above the distribution territory again or test the accumulation territory of 1.5300. Only a movement below the accumulation territory at 1.5200 could trigger a new bearish signal.

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USD/JPY: This pair moved largely sideways on Tuesday. A breakout could take place any day this week, which would make the price go above the supply level at 121.00 or below the demand level at 119.00. By then, there would have been a directional movement in the market.

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EUR/JPY: After testing the demand zone at 135.00, the EUR/JPY pair bounced upward. Bears are still fighting for supremacy on the cross. Bulls would need to prevent bears from pushing the price below the demand zone at 134.00; otherwise the outlook would turn bearish.

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Daily analysis of USDX for September 16, 2015

On the daily chart, the USDX has been trading above the support level of 95.26, after a bullish momentum gained during yesterday's session. Ahead of the Fed's decision on ots interest rate hike, we should expect moves between the 95.83 and 95.26.

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The USDX is currently facing strong resistance around the level of 95.65 where the 200 SMA is located in the H1 chart. We should expect a pullback over there and then the Index could fall again until at least 95.41. Consolidation below that zone will open doors to a test at 95.20 during coming hours.

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Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 95.65 / 95.83

H1 chart's support levels: 95.41 / 95.20

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is at 95.41, take profit is at 95.20, and stop loss is at 95.61.

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Daily analysis of GBP/USD for September 16, 2015

GBP/USD made a pullback made near the resistance level of 1.5479 on the daily chart. This move could push the pair lower until the support level of 1.5181 when a breakout around 1.5329 happens. The 200 SMA is still neutral in this time frame, which adds some uncertainty to the current trend.

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On the H1 chart, the pair is looking for an opportunity to consolidate below the support zone of 1.5327 after a lower low pattern formation. However, the current price is very close to the 200 SMA zone, as we expect that GBP/USD could retrace until that territory. If a breakout happens above the level of 1.5402, then GBP/USD will test the level of 1.5470 .

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Daily chart's resistance levels: 1.5479 / 1.5559

Daily chart's support levels: 1.5329 / 1.5181

H1 chart's resistance levels: 1.5368 / 1.5402

H1 chart's support levels: 1.5327 / 1.5286

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 1.5368, take profit is at 1.5402, and stop loss is at 1.5334.

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Technical analysis of USD/JPY for September 15, 2015

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USD/JPY is expected to trade in a lower range. US stocks retreated on muted volume (5.3 bln shares vs YTD average of 6.7 bln shares) with the Dow Jones Industrial Average losing 0.4% to 16,370, the S&P 500 declining 0.4% to 1,953, and the Nasdaq Composite easing 0.3% to 48,205. Nymex crude oil dropped 1.4% to settle at $44.00 a barrel, gold was 0.4% higher at $1,108 an ounce, while the 10-year Treasury yield edged down to 2.181% from 2.183% last Friday. Overnight, the US dollar remained soft against most other major currencies as market data on the Fed funds futures showed that most investors believe the Federal Reserve will leave interest rates unchanged at its meeting later this week. AUD/USD remains firm above the 0.7100 level, while Malcolm Turnbull has won the leadership of the ruling Liberal Party and will replace Tony Abbott as Australia's prime minister. The pair is below both the 20- and 50-period intraday moving averages (MAs), and it is currently trading along the upper Bollinger band while those bands are widening. And the intraday relative strength indicator (RSI) is well directed within the buying area between 50 and 70. Therefore, the intraday outlook has turned bearish. The first downside target is set at 119.60 and the second one at 119.10 (around the high of September 11).

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 120.80. 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: 121.30 121.70 122

Support levels: 119.60 119.10 118.75

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Technical analysis of USD/CHF for September 15, 2015

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USD/CHF is expected to trade in a higher range. Bullish bias is above 0.9675. The pair stands above its key horizontal support at 0.9675 and is moving sideways around its 20-period and 50-period intraday MAs. The intraday RSI is around its neutrality level of 50 and lacks downward momentum. Thus, even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The first upside target is set at 0.9795 and the second one at 0.9825 (the high of September 11) in extension.

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 0.9640 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 0.96. The pivot point is at 0.9675.

Resistance levels: 0.9795 0.9825 0.9850

Support levels: 0.9640 0.96 0.9545

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Technical analysis of NZD/USD for September 15, 2015

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NZD/USD is expected to trade in a lower range intradaily as key resistance is at 0.6350. The pair remains in consolidation below its key resistance at 0.6350 on an intraday basis. The upward potential is likely to be limited by this threshold as the intraday RSI lacks upward momentum. Our downside targets are set at 0.6275 and 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 15, 2015

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GBP/JPY is expected to trade with bearish bias. Key resistance is at 185.45. The pair has reversed downwards after breaking below its previous support at 185.45, which should now play a key resistance role. The descending 50-period MA maintains a bearish bias. The intraday RSI is still negatively oriented. The first target to the downside is therefore set at the horizontal support and overlaps at yesterday's low of 184.10. A break below this level would open the way to further weakness towards 183.35 in extension.

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

Daily analysis of Silver for September 15, 2015

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Overview

Silver price fluctuates near the 14.40 level after the bearish rebound that began yesterday. The price is under negative pressure that comes from the EMA50, reinforcing the expectation of targeting 13.50 and then 12.80 levels in the upcoming sessions. Therefore, the bearish trend remains valid and active if the price settled below the bearish channel's resistance level at 15.00, where breaching this level will turn the short-term trend to the upside. Expected trading range for today is between the 14.00 support and 14.70 resistance.

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

Daily analysis of GBP/JPY for September 15, 2015

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Overview

Intraday bias in GBP/JPY remains neutral with focus on the 187.36 resistance. Firm break there will argue that fall from 195.86 has completed. More importantly, this will be a signal that a larger uptrend is resuming. Meanwhile, below 183.87 minor support will turn focus back to 180.36 instead. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to key cluster resistance of the 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring deeper a fall to the 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious of strong resistance from 199.80/200.00 to bring a reversal finally.

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