Daily analysis of Silver for January 29, 2016

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Overview

The silver price declined strongly yesterday, breaking the 14.27 level, and has settled at a daily close below it. This stops the positive overview suggested in our recent reports and puts the price inside the sideways range again, waiting to breach one of the lines represented by the 13.65 support and 14.40 resistance to detect the next targets clearly. Therefore, the sideways trading will remain dominant on an intraday basis. Breaching the 14.40 level will reactivate the correctional bullish scenario, which next target is 15.30; while breaking the mark of 13.65 will resume the main bearish trend, which targets begin at 13.00 and extend to 12.00.

The expected trading range for today is between the 13.80 support and 15.67 resistance.

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

Daily analysis of GBP/JPY for January 29, 2016

GBPJPYH4.png

Overview

The H4 chart demonstrates that a rebound from 163.96 extends higher today and the price has breached 38.2% retracement of 188.79 to 163.96 at 173.44. The rebound is stronger than expected and there is no sign of topping yet. A further rise could be seen to 55-day EMA (now at 176.45). On the downside, breaches below the minor support at 168.55 will turn the bias back to the low of 163.96.

Daily Pivots: (S1) 169.12; (P) 170.13; (R1) 171.60

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