Technical analysis of GBP/CHF for December 21, 2015

Technical outlook and chart setups:

The GBP/CHF pair is holding support at 1.4730, which is Fibonacci 0.786, of the entire rally between 1.4550 and 1.5550/70 respectively. Also, the trend-line support has been being tested for the last several trading sessions. A drop from here, would indicate a deeper correction. At the moment, bulls are having an advantage of the trend-line support. It is hence recommended to remain long with risk at 1.4700. Immediate support is seen at 1.4700 followed by 1.4550, while resistance is seen at 1.5000 followed by 1.5150 an higher respectively.

Trading recommendations:

Remain long with stop at the level of 1.4700.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for December 21, 2015

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Overview:

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was executed on July 15 (shown on the weekly chart). The long-term bullish target was projected towards the level of 1.3270.

Significant bearish rejection has been observed around 1.3450. Since then, another consolidation range was established between 1.2800 and 1.3400.

Few weeks ago, a bearish breakout below the support level of 1.3075 was needed to allow the further bearish decline towards 1.2900. However, an evident bullish rejection was expressed around this level.

A bullish breakout above 1.3400 (the upper limit of the recent consolidation range) was performed on December 7.

Daily fixation above 1.3400 enhances the bullish side of the market.

A bullish visit towards the next resistance level of 1.4100 (Fibonacci Expansion 100%) should be expected.

Significant bearish rejection and a valid sell entry should be expected around this level.

On the other hand, the price zone around 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if a bullish pullback occurs soon.

Trading recommendations:

Conservative traders should wait for the USD/CAD pair to retrace towards the zone of 1.3380-1.3400 looking for a low-risk buy entry. S/L should be placed below 1.3300.

Initial T/P levels should be placed at 1.3500 and 1.3600. The long-term bullish target is projected towards 1.4100.

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Technical analysis of EUR/JPY for December 21, 2015

Technical outlook and chart setups:

The EUR/JPY pair dropped to 130.00/50 as expected earlier and bounced off. The wave structure has been unfolding till now encouraging bulls. The pair rallied from 129.50 to 134.50 earlier and the drop from there was corrective, in 3 waves. It is hence recommended to initiate fresh long positions with risk at 130.00. If this wave count works well, the pair could be seen rallying above 134.50 soon. Immediate support is seen at 130.00, followed by 129.00, while resistance is seen at 133.70 and 134.50.

Trading recommendations:

Initiate 50% long positions with stop at 130.00.

Good luck!

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Intraday technical levels and trading recommendations for GBP/USD for December 21, 2015

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A few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

Recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5220 (the neckline of the Head and Shoulders pattern). This supported the bearish side of the market in the long term.

A long-term bearish target is projected towards the level of 1.4800 for this reversal pattern.

The previous demand level of 1.5200 (the origin of a previous bullish engulfing weekly candlestick) was broken to the downside a month ago. This bearish tendency was confirmed by the Shooting Star and the bearish engulfing weekly candlesticks of the previous weeks.

Hence, a quick bearish decline towards the weekly demand level of 1.4950 was expected as a result of the bearish breakdown below 1.5200.

Note that the previous weekly closure below 1.4950 clears the way towards 1.4800 (long-term bearish target).

On the other hand, a bullish closure again above 1.4950 brings another bullish pullback towards 1.5350.

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Recently, the key level of 1.5200 was temporarily breached to the upside before a daily bearish engulfing candlestick was expressed around 1.5330 on November 20.

Bearish persistence below 1.5200 and then 1.5050 (previous weekly bottom) enhanced a further bearish decline towards the weekly demand level of 1.4950 (corresponding to the lower limit of the depicted channel).

A bullish engulfing daily candlestick was expressed around 1.4950 earlier this month on December 3.

A bullish pullback towards 1.5200-1.5230 was expressed as the GBP/USD pair managed to hold above 1.5000 and 1.5100.

Last week, a significant bearish rejection was expressed around 1.5230. Many bearish engulfing daily candlesticks were already expressed. The level of 1.4950 is the key level to be watched for new sell entries if bullish pullback occurs.

Trading Recommendation:

A valid sell entry was suggested around the supply level of 1.5250. S/L should be lowered to 1.4970.

Risky traders can sell the GBP/USD pair after the obvious daily closure below 1.4950 which took place on Thursday.

An initial bearish target would be located at 1.4850. S/L should be set as a daily closure above 1.4960.

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Technical analysis of Gold for December 17, 2015

Technical outlook and chart setups:

Gold is trading around the levels of $1,070.00 and is looking for an opportunity to drop towards $1,057.00 before reversing again. As seen here, the yellow metal is drifting in a channel since last week and bouncing off the support and resistance levels respectively. The most probable wave count could be a drop in 3 waves before rallying back. It is hence recommended to take some profits on long positions and look for a way to add around the level of $1,057.00. Immediate support is seen at $1,064.00 followed by $1,057.00, while resistance is seen at $1,075.00 and higher.

Trading recommendations:

Initiate fresh long positions again around the level of $1,057.00.

Good luck!

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Technical analysis of Silver for December 21, 2015

Technical outlook and chart setups:

Silver is looking for an opportunity to correct lower to the levels of $13.80/90 before reversing higher again. The wave structure may be unfolding into a consolidation as depicted by the arrows here before breaking out. The metal is producing an evening star bearish candlestick pattern at the moment and is trading around $14.15/20. It is hence recommended to take partial profits on the long positions taken earlier and look for an opportunity to enter around the level of $13.80/90. Immediate support is seen at $14.02 followed by $13.88 and lower, while resistance is seen at $14.30 and higher.

Trading recommendations:

Remain long (but book partial profits). Enter fresh longs at $13.80/90.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for December 21, 2015

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Previously, the EUR/USD pair moved lower after breaking below the 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 pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, next monthly candlesticks (August, September, October and November) reflected strong bearish rejection, which existed around the level of 1.1450.

Hence, the long-term projected target is still seen at 0.9450 if a bearish breakout below the monthly demand level of 1.0555 occurs before the end of this month (December).

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On August 24, the market looked overbought as bulls were pushing the pair further above the level of 1.1500 (daily supply level).

Shortly after, the intraday supply zone of 1.1360-1.1400 provided significant bearish pressure. An intraday sell entry was suggested. All T/P levels located at 1.1150 and 1.1050 were already reached.

A bearish breakout of the depicted uptrend has been performed on October 23. This enhanced a long-term bearish scenario with targets projected at 1.0800 and 1.0600.

Three weeks ago, daily persistence below the level of 1.0700 (key level) ensured enough bearish momentum towards 1.0550 (prominent monthly low) where the recent bullish pullback was initiated.

This week, the level of 1.1000 constituted a significant supply level offering a valid sell entry. S/L should be lowered to 1.0930. Initial T/P levels were located at 1.0900 and 1.0810.

On the other hand, an obvious bearish closure below 1.0820 (the depicted key level) is needed to allow more bearish decline towards 1.0730 and even 1.0550 again.

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Technical analysis of GBP/CHF for December 21, 2015

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GBP/CHF established a consistent downtrend with new lower lows and lower highs. While price is moving downwards, it rejects the downtrend trend line on every occasion confirming the validity of the downtrend.

At the same time, 61.8% and then 38.2% Fibonacci retracement levels became resistance and both were rejected. At the moment, there are no obvious signs of trend reversal, although it might be coming pretty soon. So, this could be the last wave down before potential reversal.

Consider selling GBP/CHF, while the price is near R2, targeting 161.8% Fibonacci retracement area near 1.4650. The stop loss should be placed just above the R4.

Support: 1.4755, 1.4645

Resistance: 1.4820, 1.4865, 1.4900, 1.4930

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Technical analysis of EUR/USD for December 21, 2015

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Overview:

  • The EUR/USD pair probably will keep the bearish sentiment from the level of 1.0909. In addition, it should be noted that the level of 1.0909 represents the weekly pivot point. Accordingly, it will be a good choice to sell below it at 1.0909 with the first target at 1.0802 to test a double bottom in this area. Then, if the price breaks the double bottom, it will call for a downtrend market in order to continue its bearish movement towards 1.0759 (the weekly support 1). Equally important, the resistance would set at the level of 1.0930. Besides, it should be noted that a range about 107 (1.0909 - 1.0802) pips is expected today, but we anticipate a range of up to 283 pips today. However, the stop loss should be placed above the the weekly pivot point at 1.0969, so the stop loss of 60 pips should be set since the risk of 60 pips could make profit of 90 pips.

Notes:

  • The weekly pivot point (1.0909) represents the key level this week.
  • The price hit the weekly pivot point and the support 1 last week.
  • The double bottom will set at the point of 1.0802.
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Technical analysis of GBP/USD for December 21, 2015

The weekly technical analysis of GBP/USD pair:

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Overview:

  • According to the previous events, the GBP/USD pair is still moving between the levels of 1.4998 and 1.4763
  • Also, it should be noted that the double bottom set at the level of 1.4864.
  • Buy above the level of 1.4864, which represents the double bottom in the long term with the first target at 1.4998 in order to test the weekly pivot point.If the trend succeeds in breaking the weekly pivot point at 1.4998, then It might resume to 1.5040.
  • The stop loss should always be taken into account, so it will be very useful to set your stop loss below support 1 at the level of 1.4743 this week.

Notes:

  • Strong resistance is seen at the level of 1.5040.
  • The support was found at the level of 1.4763. Currently, the double bottom is set at 1.4863.
  • We expect a range of 73 pips today.
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Technical analysis of USD/CHF for December 21, 2015

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After a sharp drop on December 3, USD/CHF clearly showed signs of weakness. The price is still moving to new lower lows, yet failing to go above R2 resistance, a high hit on December 4.

An overall downtrend is likely to continue especially after the price rejected an upper trend line of the descending channel together with 76.4% Fibonacci retracement level.

Consider selling USD/CHF, while it is near R1 (0.9974) resistance area targeting potential double bottom formation. The S5 support area is near 0.9800. The stop loss should be placed just above the R2 (1.0030) resistance.

Support: 0.9940, 0.9910, 0.9880, 0.9845, 0.9800

Resistance: 0.9975, 1.0030

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Technical analysis of USD/JPY for December 20, 2015

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USD/JPY is still under pressure. Last Friday, the US. stocks fell sharply for the second straight day dragged by weakness in financial, technology, and transportation shares. The Dow Jones Industrial Average dropped 2.1% to 17128, the S&P 500 lost another 1.8% to 2005, and the Nasdaq Composite was down by 1.6% to 4923. Meanwhile, the US government bonds strengthened as lower stock prices boosted demand for safe-haven assets. The benchmark for 10-year Treasury yield declined to 2.215% from 2.236% at the previous session.

Nymex crude continued its downward journey giving up another 0.6% to settle at $34.73 a barrel, while gold closed by 1.5% up at $1,065 an ounce.

The US dollar retreated to give back a part of previous sessions' gains, with the Wall Street Journal Dollar Index edging down 0.5% at 90.28. EUR/USD gained 0.4% to 1.0865, USD/JPY plunged 1.1% to 121.20, and AUD/USD was up 0.6% to 0.7169. On the other hand, USD/CAD traded as high as 1.4002 during the day before moving up by 0.1% to 1.3953. The pair accelerated to the downside after breaking below the previous key support of 122. It is currently being capped by the descending 20-period (30-minute chart) moving average, which stands below the 50-period one. The intraday relative strength index stays below the neutrality level of 50 lacking upward momentum. As long as the bearish intraday outlook persists, the pair should decline toward the first downside target at 120.85 (a price base seen on December 15) and second one at 120.55 (the low of December 15).

Trading recommendations:

he 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 120.85. A break of that target will move the pair further downwards to 120.50. The pivot point stands at 121.90 . 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 122.25 and the second target at 122.60.

Resistance levels: 122.25 122.60 123.20

Support levels: 120.85 120.50 120

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Technical analysis of USD/CHF for December 20, 2015

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USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair is moving sideways above its key support of 0.9925. Meanwhile, the relative strength index stands above 50. Further upside is therefore expected with the next horizontal resistance and overlap at 0.9990 first. A breakout above this level would call for a further advance toward 1.0015.

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 0.9990 and the second target at 1.0015. In the alternative scenario, short positions are recommended with the first target at 0.99 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 0.9875. The pivot point is at 0.9925.

Resistance levels: 0.9990 1.0015 1.0060

Support levels: 0.99 0.9875 0.9835

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Technical analysis of NZD/USD for December 20, 2015

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NZD/USD is expected to trade in a higher range as the bias remains bullish. Currently trading at 0.6742, the pair has formed a strong support base at 0.67 turning upwards now. The intraday outlook is positive, as the 20- and 50-period moving averages are being reversed upwards playing support roles. The relative strength index holds above its neutrality area of 50. To sum up, as long as 0.67 is not broken, look for a further advance to 0.6775 and 0.6805.

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 0.6775 and the second target at 0.6805. In the alternative scenario, short positions are recommended with the first target at 0.6675 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 0.6650. The pivot point is at 0.67.

Resistance levels: 0.6775 0.6805 0.6860

Support levels: 0.6675 0.6650 0.6615

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Technical analysis of GBP/JPY for December 20 , 2015

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GBP/JPY is expected to trade in a lower range. The pair stays below its key resistance at 181.80 capped by its descending 50-period moving average. Meanwhile, the relative strength index lacks upward momentum. The first target to the downside is set at the horizontal support and overlap at 180.20. A breakout below this level would open the way to further weakness toward 179.25.

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 180.20. A break of that target will move the pair further downwards to 179.25. The pivot point stands at 181.80. 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 182.50 and the second target at 183.15.

Resistance levels: 182.50 183.15 184

Support levels: 180.20 179.25 178.65

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Global macro overview for 21/12/2015

Global macro overview for 21/12/2015:

The overnight data from New Zealand revealed the businesses confidence was reported at the highest level since April. The ANZ Business Confidence Index increased from 14.0 to 23.0 beating analysts' expectations. A possible trigger for such optimistic data may lie in the recent GDP reading for the third quarter. According to the data report, the GDP rose to 0.9%, outperforming expectations of a 0.8% expansion. Moreover, the Reserve Bank of New Zealand cut the official rate from 2.75% to 2.5% earlier this month to boost the national economy. This is a quite optimistic end of 2015 for the New Zealand.

The NZD/USD pair is trading inside of the rising blue channel, but still below the important resistance at the level of 0.6837. The next important daily support is seen at the level of 0.6429.

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USDX technical analysis for December 21, 2015

The US dollar index made a reversal at the level of 99.25 where the 61.8% Fibonacci retracement resistance was found for a decline from 100.50 to 97.20. Bulls can still move this index higher, but bears are currently in control of this reversal.

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The index found short-term support at 98.20 that bulls need to hold in order to move upwards at 97.20 and continue moving higher. On the other hand, bears have managed to reverse trend lower. However, they need to break below an important low of 97.20 to gain control of the short-term trend.

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Blue line - long-term resistance

The weekly chart remains bullish as the price is above the Ichimoku cloud and both the tenkan- and kijun-sen indicators. However, there are signs of reversal as the price is testing the tenkan-sen support level and the stochastic oscillator is turning lower from overbought levels. Bulls need to be very cautious, and if I was long I would exit if 97.20 was broken,

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Gold technical analysis for December 21, 2015

Gold price made a double bottom at the area of $1,046, and as I have been saying for several weeks as gold is trading between $1,080-$1,040, the downside is limited and traders should only be looking for an opportunity to trade on the expected bounce that can push the price towards $1,120-30.

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Green line - support of double bottom

Red line - downward sloping resistance trend line

Gold price has made a double bottom at $1,045 area and is now testing the resistance trend line at $1,080 once again. A daily close above it will open the way towards the 38% Fibonacci retracement, which is our first target.

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Black lines - bullish wedge

With the price moving inside the downward sloping wedge, Gold price is expected to bounce at least towards the kijun- and tenkan-sen indicators or even the upper wedge boundary where we also can find the Ichimoku cloud. Stochastic is oversold and that is why I continue to believe the upside potential of gold. I am not lookimg for an opportunity to trade the downside.

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Global macro overview for 21/12/2015

Global macro overview for 21/12/2015:

Markets almost forgot the problems caused by the Greece austerity protesters earlier this year, but now another political problem can arise after the Popular Party has won the elections in Spain. This conservative party can not rule along as it has not got the majority, so the PP leader Mariano Rajoy will have to go into coalition with at least one leftist party. This kind of co-operation is likely to cause huge problems for the country in the continued implementation of austerity and reforms needed to match the eurozone's rules. The inability to find a correct political decision might result in economic instability and political paralysis, which can heavily influence the EUR/USD exchange rate next year as Spain is the 4th largest economy in the eurozone.

So far, the EUR/USD pair is slowly trading above the nearest support level of 1.0795. The next important resistance is seen at the level of 1.0923.

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Technical analysis of EUR/JPY for December 21, 2015

General overview for 21/12/2015 08:10 CET

A corrective cycle in wave 2 blue looks completed, but the confirmation that a low is in place comes with violation of intraday resistance at 132.20. Any kind of a breakout higher like this might lead to more gains in this pair. Please notice the invalidation line or the whole structure is seen at the level of 129.65.

Support/Resistance:

134.82 - WR2

134.57 - Swing High

133.11 - WR1

132.20 - Intraday Resistance

132.06 - Weekly Pivot

131.04 - Intraday Support

130.68 - WS1

129.65 - Invalidation Level

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 132.21 and TP at the level of 131.20.

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Technical analysis of USD/CAD for December 21, 2015

General overview for 21/12/2015 07:50 CET

After very short wave 4 purple the top for the wave 5 purple has been made at the level of 1.4000. Currently, any breakout below the level of 1.3847 will be a top conformation, and further development in corrective wave 4 black is anticipated.

Support/Resistance:

1.4100 - WR1

1.4000 - Intraday Resistance

1.3888 - Weekly Pivot

1.3847 - Intraday Support

1.3776 - WS1

Trading recommendations:

Day traders should consider placing sell orders from current market levels with SL above the level of 1.4000 and TP at the level of 1.3847.

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Daily analysis of major pairs for December 21, 2015

EUR/USD: Last week, the EUR/USD pair reached the resistance line of 1.1050 (and almost the support line at 1.0800). This is the real threat to the current bullish outlook, and a further bearish movement of 150 pips would mean the bullish outlook is completely illogical. Until then, this the market remains bearish.

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USD/CHF: After testing the support level at 0.9800, of USD/CHF has been making some vivid bullish attempts, all in the context of a downtrend. At this juncture, it is not easy to predict the movement of the market, but the bearish bias would not be rendered invalid as long as the resistance level of 1.0050 is not overcome.

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GBP/USD: Based on our expectation, the cable fell by 300 pips last week, reaching the accumulation territory of 1.4900. There is a strong Bearish Confirmation Pattern in the market and there is a possibility that the cable would continue dropping further and further. Therefore, any rallies seen in the market should be taken as short-term selling opportunities.

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USD/JPY: Last week, the USD/JPY pair tested the demand level of 120.50 and then rallied to test the supply level of 123.50. Afterwards, the price dropped by 230 pips to close below the supply level of 121.50. In face of these wild swings, the bias is bearish on the market, which means the support level of 121.00 would be easily tested.

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EUR/JPY: Last week, the pair had been trading sideways from Monday to Thursday and broke downwards on Friday. The southward breakout was significant enough to result in a bearish outlook, which means the market would continue its weakness as long as the EUR is weak.

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Elliott wave analysis of EUR/NZD for December 21, 2015

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Wave Summary:

The odds do favor that an expanded flat wave ii ended at 1.5990 and wave iii higher will now develop to do a rally towards at least 1.7116, which is the first extension target for wave iii. Whenever wave two becomes an expanded flat correction, we should expect wave three to extend and in the case EUR/NZD the first extension target at 161.8% the length of wave i will be seen at 1.7116, which by the way also marked a 38.2% corrective target of a rally of wave 1.

So, an expected bottom has been found at 1.5990 for a breakout above 1.6246 as the first indication that the bottom is in place and wave iii higher is developing.

Trading recommendation:

We will buy on a breakout above 1.6246 and place our stop at 1.6010.

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Elliott wave analysis of EUR/JPY for December 21, 2015

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Wave summary:

A big question is of cause whether wave (ii) ended at 134.59? We do think that the time-span for wave (ii) was rather short in comparison to wave (i), so ideally we will see more correction in wave (ii) closer to 135.97, where wave c is equal to wave a in length. That said, we have to be aware of the possibility that wave (ii) could already have terminated at 134.59 and wave (iii) lower towards at least 123.21 is unfolding. If wave (ii) has already terminated a breakout below support at 129.69 should be seen soon.

Trading recommendation:

We will buy on a breakout above 131.93 and place our stop at 130.93 for a rally towards 135.97

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Technical analysis of EUR/USD for December 21, 2015

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When the European market opens, some economic news on the Consumer Confidence, German PPI m/m, and German Buba Monthly Report is due to be released. The US will not unveil any economic data, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0918.

Strong Resistance:1.0912.

Original Resistance: 1.0902.

Inner Sell Area: 1.0892.

Target Inner Area: 1.0867.

Inner Buy Area: 1.0843.

Original Support: 1.0833.

Strong Support: 1.0823.

Breakout SELL Level: 1.0817.

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 December 21, 2015

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In Asia, Japan will release data on the BOJ Monthly Report and all Industries Activity m/m, but the US will not release any economic data. 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: 121.78.

Resistance. 2: 121.55.

Resistance. 1: 121.31.

Support. 1: 121.02.

Support. 2: 120.78.

Support. 3: 120.54.

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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Daily analysis of USDX for December 21, 2015

The USDX is looking for an opportunity to find bottom around the level of 98.66 where a rebound can happen towards new highs. Because of that we should see a breakout above the level of 99.48 first for a huge rally. Another scenario is calling for a decline towards the support zone of 98.14, which is located below the 200 SMA on the H1 chart. The MACD indicator is in the negative territory.

USDXH1.png

H1 chart's resistance levels: 99.19 / 99.48

H1 chart's support levels: 98.66 / 98.14

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 seen at 99.19, take profit is at 99.48, and stop loss is at 98.86.

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Daily analysis of GBP/USD for December 21, 2015

On the H1 chart, GBP/USD is still finding strong resistance around the level of 1.4918, because the bullish momentum is not strong enough to do a corrective rally towards the level of 1.4962. A breakout below 1.4852, then we can expect a push lower towards the price zone of 1.4802. The 200 SMA is pointing to the downside. The MACD indicator is in the neutral territory.

GBPUSDH1.png

H1 chart's resistance levels: 1.4918 / 1.4962

H1 chart's support levels: 1.4852 / 1.4802

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 found at 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.

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