EUR/NZD analysis for October 11, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5645. On the 30M time frame, I found that price went back into a trading range and broke the recent swing highs (support levels), which is a sign that EUR/NZD may go lower. The price is trading below the 50SMA, which indicates that sellers are in control. My advice is to watch for selling opportunties. Take profit levels are set at the price of 1.5590 and 1.5535.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5645

R2: 1.5670

R3: 1.5710

Support levels:

S1: 1.5560

S2: 1.5535

S3: 1.5495

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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Elliott wave analysis of EUR/NZD for October 11, 2016

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Wave summary;

We have finally seen the break above resistance at 1.5668 confirming more upside towards 1.5969 and higher towards 1.6491.

Short term, we would like to see support at 1.5558 which acts as a floor for the next impulsive rally higher to 1.5969. If, however support at 1.5558 fails to protect the downside, we should see a new corrective decline closer to 1.5498 before the next rally higher.

Trading recommendation:

We are long EUR from 1.5515 and we will raise the stop to 1.5550. If you are not long EUR yet, then buy a break above 1.5738 and use the same stop at 1.5550.

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Elliott wave analysis of EUR/JPY for October 11, 2016

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Wave summary:

We are currently looking for wave [iv] towards 114.51 from where a new rally higher to the ideal wave [v] target at 117.09 is expected to complete the first impulsive rally of wave [iii] from 112.05. Once the impulsive rally is complete near 117.09, then look for another corrective decline in wave ii of (iii) towards 114.51 before the next impulsive rally higher to 121.24 and above.

Only a break below support at 113.52 will indicate that an even more bullish count is unfolding in a series of wave one's and two's.

Trading recommendation:

We are looking to buy EUR at 114.60 with stop placed at 114.10.

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Gold analysis for October 11, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,252.47 in a high volume. According to the 30M time frame and using the market profile analysis, I found a rejection from a profile peak at the price of $1,262.00, which is a sign that sellers are in control. The short-term trend is downward and my advice is to watch for selling oportunities. The price is below 50SMA according to the 30M time frame. The downward target is set at the price of $1,242.40.

Fibonacci pivot points:

Resistance levels:

R1: 1,259.60

R2: 1,260.45

R3: 1,261.80

Support levels:

S1: 1,256.95

S2: 1,256.10

S3: 1,254.80

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,242.40.

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USD/CAD intraday technical levels and trading recommendations for October 11, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) is needed to enhance bearish momentum in the market.

However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

This week, daily persistence below 1.2950 (61.8% Fibonacci level) should be achieved in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.

On the other hand, note that daily fixation above 1.3000 (61.8% Fibonacci level) opens the way towards the price level of 1.3300 (50% Fibonacci level) where price action should be watched for a better SELL entry with a lower risk/reward ratio.

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NZD/USD Intraday technical levels and trading recommendations for October 11, 2016

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Bullish persistence above 0.6550 (depicted support) was necessary to keep the price moving towards higher bullish targets.

In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed.

Later on May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied. However, obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (lower limit of the depicted channel). That is why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair kept trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.

On July 12, the price zone of 0.7350 - 0.7400 (upper limit of the depicted channel) enhanced a quick bearish decline towards the price levels of 0.6960 where the current bullish swing was initiated.

Recently, the price zone between 0.7470-0.7500 has been corresponding to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry were expressed a month ago.

S/L should be lowered to 0.7200 to secure some profits. T/P levels should be located at 0.7160 and 0.7060.

On the other hand, the price zone between 0.6960-0.6860 constitutes a significant support zone to be watched for a valid BUY entry when the current bearish swing extends below 0.7100.

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Intraday technical levels and trading recommendations for GBP/USD for October 11, 2016

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The price zone between 1.3845 and 1.3550 (historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts (fundamental reasons).

Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).

Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirms the bearish Flag pattern.

A bearish projection target would be located around 1.2020 if enough bearish pressure is maintained below 1.2700.

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Intraday technical levels and trading recommendations for EUR/USD for October 11, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (note the monthly candlesticks of May, June, and August).

In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on an intermediate-term basis (low probability).

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On July 27, the EUR/USD pushed above the price zone of 1.1000-1.0950 (previous consolidation range). Hence, further bullish advance towards 1.1250 was executed.

Temporary bullish breakout was expressed above the price zone of 1.1250 (supply level 1). However, significant bearish rejection was seen on August 26.

On September 6, evident bullish recovery and a temporary bullish breakout above 1.1250 were expressed again, but evident bearish pressure was expressed on the EUR/USD pair on September 16.

The recent bearish closure below 1.1250 (supply level 1) should be defended to maintain enough bearish pressure and enhance the bearish side in the market again. Initial bearish targets should be located at 1.1050 and 1.0990.

On the other hand, a daily candlestick closure above 1.1250 (supply level 1) allows a bullish advance towards 1.1400 (supply level 2) where a better SELL entry can be offered (low probability).

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Global macro overview for 11/10/2016

Global macro overview for 11/10/2016:

Some interesting comments from FED policymakers has hit the mass media recently. First remarks come from Charles Evans, FED policymaker, who claimed overnight that he would be fine with the central bank raising interest rates in December, but would prefer to see inflation rise closer to the 2% target before deciding. Another FED member Neel Kashkari recently appeared to share Evans' views on this matter, so we will be able to see if he still shares this view as he will be speaking later today. The next interesting remarks might come from William Dudley tomorrow, just before the FOMC meeting minutes release at 06:00pm GMT. In conclusion, even if these two policymakers are not the active FED voting members (they will be next year), they also share the view to increase the funds rate, which might suggest even more hikes next year.

Let's now take a look at the US Dollar index technical picture in the daily time frame. Bulls were finally able to break out above the key resistance at the level of 96. 52 and now they are heading towards the next key resistance at the level of 97.60. Please notice this might be an important upward breakout as the long-term golden trend line has been violated as well.

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Global macro overview for 11/10/2016

Global macro overview for 11/10/2016:

The ZEW Economic Sentiment Survey data were released this morning at it turned out to be better than expected. The overall ZEW Economic Sentiment for the eurozone was at the level of 12.3, way better than 6.3 points expected and 5.3 points a month ago. Moreover, in Germany the ZEW Economic Sentiment increased to the level of 6.2 points from 0.5 points a month ago (4.2 points were expected). In conclusion, sentiment has improved but it still remains below pre-Brexit levels. While the hard data currently suggests the Brexit impact has been muted, confidence still clearly remains fragile with the occasional increase.

Let's now take a look at the EUR/USD technical picture in the 4H time frame. The post-NFP rally has been completely retracted and now bears are testing the important support at the level of 1.1103. If this level is clearly violated, then the next support is seen at the level of 1.1043.

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Technical analysis of NZD/USD for October 11, 2016

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Overview:

  • The NZD/USD pair continues to move downwards from the level of 0.7175. Yesterday, the pair dropped from the level of 0.7175 to the bottom around 0.7067, without any rebound to close at 0.7079. Today, the first support level is seen at 0.6983, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.7175, which coincides with the 61.8% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6983, the market will decline further to 0.6920 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.7079 with the first target at 0.6983 and further to 0.6920. However, stop loss is to be placed above the level of 0.7105
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Technical analysis of USD/CAD for October 11, 2016

General overview for 11/10/2016:

As anticipated yesterday, the top for the wave X brown has been established at the level of 1.3312 and now the market is in decline. The first wave of this decline has been done with a low at the level of 1.3139 (now intraday support). Currently the price is testing the weekly pivot at the level of 1.3229 and it should be rejected. Please remember, that according to Elliott Wave Principle, this kind of corrective patterns might evolve into double and triple zig-zags before the overall correction is finally done. The most important level is the gray zone labeled as demand zone, as any break out below this zone would indicate the corrective cycle is now completed. Moreover, the growing bearish divergence supports the bearish outlook.

Support/Resistance:

1.3312 - Intraday Resistance

1.3281 - Previous High

1.3229 - Weekly Pivot

1.3139 - Intraday Support

1.3147 - WS1

Trading recommendations:

Day traders should consider opening sell orders from current market levels with tight SL and TP set at the level of 1.3186.

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Technical analysis of EUR/JPY for October 11, 2016

General overview for 11/10/2016:

The golden trend line resistance has been broken, but the internal wave progression does not look impulsive. This indicates a possible wave (b) in progress. When this wave is finished, one more wave down should develop in order to complete the corrective cycle. Please be aware that the overall corrective structure in wave (iv) does not look completed and might evolve into a more complex and time-consuming pattern.

Support/Resistance:

116.72 - WR1

115.73 - Intraday Resistance

115.19 - Weekly Pivot

115.03 - Intraday Support

114.05 - WS1

112.50 - WS2

Trading recommendations:

Day traders should consider opening buy orders from current market levels with tight SL and TP set at the level of 116.72.

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Technical analysis of USD/CHF for October 11, 2016

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Overview:

The USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9751. On the H4 chart, the level of 0.9751 coincides with 61.8% of Fibonacci, which is expected to act as major support today. Since the trend is above the 61.8% Fibonacci level, the market is still in an uptrend. But, minor support is seen at the level of 0.9810. Furthermore, the trend is still showing strength above the moving average (100). Thus, the market is indicating a bullish opportunity above the mentioned support levels for that the bullish outlook remains the same as long as the 100 EMA heads upwards. Therefore, minor support will be found at the level of 0.9810 providing a clear signal to buy with a target seen at 0.9884 in order to test the double top. If the trend breaks the minor resistance at 0.9884, the pair will move upwards continuing the bullish trend development to the level of 0.9920 in order to test the daily resistance 1. On the other hand, if the price closes below the strong support of 0.9751, the best location for a stop loss order is seen above 0.9710.

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Technical analysis of EUR/AUD for October 11, 2016

After breaking the ascending channel, EUR/AUD has been consolidating between 1.4750 and 1.4550 areas. While consolidating, the pair rejected the 200-Moving Average suggesting that bears is still driving this pair.

Consider selling EUR/AUD while it is traging near 61.8% Fibs (1.4730) applied to the channel breakout point, targeting either 38.2% (1.4505) or 23.6% Fibs (1.4365) support levels. Stop loss should be well above the 200-Moving Average, that is above 1.4800 phsycological resistance level.

Support: 1.4618, 1.4505, 1.4365,1.4140

Resistance: 1.4730

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Technical analysis of AUD/CHF for October 11, 2016

AUD/CHF managed to break above the 38.2% Fibs (0.7473) resistance that should result in a continuation of an uptrend. While the rate is near 50% Fibs (0.7430) support, consider buying AUD/CHF 23.6% (0.7526) or 0% Fibs (0.7612). Stop loss should be just below 61.8% Fibs (0.7387).

Support: 0.7387, 0.7430

Resistance: 0.7473, 0.7526, 0.7612

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Technical analysis of USDX for October 11, 2016

The Dollar index continues to trade inside the upward sloping channel. Price held support yesterday and bounced towards recent highs above 97. If this week we see a close above 97, this will be a bullish confirmation breakout above cloud resistance.

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Dark blue lines - bullish channel

Price remains in a bullish trend in the short-term as price holds inside the bullish channel and above the Ichimoku cloud on the 4-hour chart. Short-term support is at 96.40-96.60. Resistance is at 97.25-97.50. Long-term support is at 95.

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Red line - resistance

Green line - support

The Dollar index is breaking above weekly cloud and trend line resistance. It is of great importance for price to remain above the cloud, otherwise a fake breakout will be a very bearish signal. The upward sloping green trend line remains the most important technical support indicator for the trend. As long as price is above it bulls remain in control.

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EUR/USD profit target reached again, prepare to buy

Price reached our profit target for the fourth time in a row. We now look to buy above 1.1130 major support (Fibonacci projection, Fibonacci retracement) for a push up to 1.1205 target.

Stochastics (21,3,3) is above 6% support where multiple bounces have occurred previously.

Buy above 1.1130. Stop loss at 1.1100. Take profit at 1.1205

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USD/JPY profit target reached again, continue to buy

Price has reached our profit target once again. We look to continue to buy above 103.35 support (Fibonacci retracement, wave structure) for a further push up to 104.95.

RSI (34) remains above a strong ascending support which keeps our bullish view.

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Buy above 103.35. Stop loss at 102.75. Take profit at 104.95.

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EUR/JPY close to major resistance, prepare to sell

Price is close to major resistance at 115.75 (Fibonacci retracement, Fibonacci projection, horizontal overlap resistance) where we expect a reaction from and a drop to 114.50.

RSI (34) has made a bearish channel exit signalling a bearish move is in being triggered.

Sell below 115.75. Stop loss at 116.34. Take profit at 114.50.

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AUD/NZD profit target reached again, time to start selling

Price reached our profit target perfectly from yesterday again. We are ready to sell at major resistance at 1.0700 (Fibonacci projection, Fibonacci retracement) for a drop to 1.0575.

RSI (34) is below the long-term descending resistance line.

Sell below 1.0700. Stop loss at 1.0750. Take profit at 1.0575.

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Technical analysis of NZD/USD for October 11, 2016

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NZD/USD is under pressure. Despite the recent technical rebounds, the pair is still trading below its key resistance at 0.7145, which maintains the strong selling pressure. The downward momentum is further reinforced by the descending 50-period moving average. Besides, the relative strength index is mixed to bearish below its neutrality area at 50. To sum up, as long as 0.7145 is not surpassed, the pair is likely to drop to 0.7035 at first, if breakout, look for further downsides to 0.7000.

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 126.80. A break below this target will move the pair further downwards to 126. The pivot point stands at 130. 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 131.00 and the second one at 132.30.

Resistance levels: 0.7175, 0.7200, 0.7250

Support levels: 0.7035, 0.7000, 0.6950

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Technical analysis of GBP/JPY for October 11, 2016

GBPJPYM30.pngGBP/JPY is under pressure. The pair remains capped by its descending trend line, and is likely to test the next support at 126.80. The downward momentum is further reinforced by the falling 50-period moving average, which maintains a bearish bias. In addition, the 130 level represents a key resistance, and the upside potential should be limited by it. The British pound kept defending its positions as "hard Brexit" uncertainty remained. GBP/USD sank 0.6% further to 1.2358 extending its losing streak to a third session.

In these perspectives, as long as 130 is not broken up, the pair is likely to pull back to its next level at 126.80 and even to 126 as possible.

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 126.80. A break below this target will move the pair further downwards to 126. The pivot point stands at 130. 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 131.00 and the second one at 132.30.

Resistance levels: 131.00, 32.30, 133.25

Support levels: 126.80, 126, 124.40

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Technical analysis of EUR/USD for Oct 11, 2016

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When the European market opens, some economic data will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment. The US will also publish some economic news such as Federal Budget Balance, Labor Market Conditions Index m/m, NFIB Small Business Index, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1192.

Strong Resistance:1.1186.

Original Resistance: 1.1175.

Inner Sell Area: 1.1164.

Target Inner Area: 1.1138.

Inner Buy Area: 1.1112.

Original Support: 1.1101.

Strong Support: 1.1090.

Breakout SELL Level: 1.1084.

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 Oct 11, 2016

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In Asia, Japan will release the Economy Watchers Sentiment, Current Account and the US will reveal some Economic Data such as Federal Budget Balance, Labor Market Conditions Index m/m, NFIB Small Business Index. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 104.44.

Resistance. 2: 104.24.

Resistance. 1: 104.03.

Support. 1: 103.78.

Support. 2: 103.57.

Support. 3: 103.37.

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 Gold for October 11, 2016

Gold price continues to trade inside the downward sloping channel despite the bounce from $1,241 to $1,266. The current price formation implies that this is just a pause in the downward trend and a new low towards $1,215 should follow. However, this will change only if we see a break above $1,266.

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Dark blue lines - bearish channel

Price is below the Ichimoku cloud and inside the bearish channel. Price drop has stopped just above the 78.6% Fibonacci retracement of the rise from $1,200 to $1,375. Short-term support is at $1,255 while resistance is at $1,266.

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On a weekly basis price has stopped the decline at the 38% Fibonacci retracement of the entire rise from $1,045. A bounce should come from these levels but if we break to new lows, price will be in danger of reaching $1,214 and the weekly Ichimoku cloud support and also 50% Fibonacci retracement. My longer-term view remains bullish. This downward move could bring price even towards $1,170 but this will be a gift for bulls.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for October 11, 2016

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USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair is trading above its rising 50-period moving average, which now acts as strong support. At the same time, a support base at 0.9790 has formed, and the downside room should be limited by this level. Additionally, the relative strength index is above its neutrality area at 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

The U.S. dollar remained firm while being buoyed by expectations of the Federal Reserve probably raising interest rates in December. Wednesday's release of the Federal Reserve Open Market Committee's latest meeting minutes should be closely watched by investors.

Hence, as long as 0.9790 is not broken, expect a new rise to 0.9865, if breakout, look for 0.9885.

Resistance levels: 0.9865, 0.9885, 0.9935

Support levels: 0.9765, 0.9745, 0.9700

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Daily analysis of major pairs for October 11, 2016

EUR/USD: This is a trendless market, albeit things look choppy right now. Price swings are observed between the resistance line at 1.1250 and the support line at 1.1100. The price needs to go above the resistance line or below the support line before there could be a directional movement.

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USD/CHF: This pair moved further upwards yesterday, giving more credence to the current Bullish Confirmation Pattern in the market. Today or tomorrow, bulls may be able to target the resistance levels at 0.9850 and 0.9900, although it is unlikely that they will manage to push the price above the resistance level at 0.9900. They would meet a fierce opposition at that level.

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GBP/USD: Following the flash crash on the Cable (and of course, other GBP pairs), the price has threatened to trend further downwards, and while it may really continue declining, the expectation for this week is bullish. This means the Cable might still go a kind of upwards, though that would not be significant enough to override the long-term bearish bias on the market.

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USD/JPY: This pair trended upwards on Monday, following the bearish correction that was witnessed last Friday. The bias is bullish and price is supposed to continue going upwards, reaching the supply levels at 104.00 and 104.50 this week.

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EUR/JPY: This pair moved sideways on October 10, 2016. The outlook on the market is now bearish, and the price is supposed to go upwards again and thus end the present correction. The outlook on JPY pairs is bullish for this week, and the EUR/JPY cross could be seen going upwards again, as bulls target the supply zones at 103.50, 104.00 and 104.50.

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Technical analysis of USD/JPY for October 11, 2016

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USD/JPY is expected to trade with a bullish bias and retain its upside movement. The pair is showing strong upward momentum, and is likely to challenge its nearest resistance at 104.20. Meanwhile, the rising 50-period moving average acts as support, and should continue to push the prices higher. In addition, the relative strength index is bullish above its neutrality area at 50.

On Monday, U.S. stock indexes rebounded as energy shares were boosted by oil prices' 3% rally. The Dow Jones Industrial Average rebounded 88 points (+0.5%) to 18,329, the S&P 500 added 9 points (+0.5%) to 2,163, and the Nasdaq Composite was up 36 points (+0.7%) to 5,328. The U.S. dollar remained firm while being buoyed by expectations of the Federal Reserve probably raising interest rates in December. Wednesday's release of the Federal Reserve Open Market Committee's latest meeting minutes should be closely watched by investors.

Hence, as long as 103.20 holds on the downside, we expect a new bounce to 104.20 and even to 104.50 if possible.

Trading Recommendation: 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. Therefore, long positions are recommended with the first target at 104.20 and the second one at 104.50. In the alternative scenario, short positions are recommended with the first target at 102.75 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 102.40. The pivot point lies at 103.20.

Resistance levels: 104.20, 104.50, 104.85

Support levels: 102.75, 102.40, 102.00

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

Daily analysis of USDX for October 11, 2016

Following the second presidential debate in the United States between Donald Trump and Hillary Clinton, USDX gained momentum in favour of the bullish bias and now it's targeting the resistance level of 97.36. The 200 SMA on the H1 chart remains bullish and we expect that moving average will act as dynamic support. Next objective is placed at the 97.36 level to the upside.

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H1 chart's resistance levels: 96.74 / 97.36

H1 chart's support levels: 96.27 / 95.79

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.74, take profit is at 97.36 and stop loss is at 96.15.

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

Daily analysis of GBP/USD for October 11, 2016

The pair was weak during a very quiet Monday's session in terms of macro data, as we had holidays in North America. Currently, GBP/USD is approaching the support level of 1.2312, where a breakout lower should expose the pair to the next interest area of 1.2229. Bears are still strong and one could expect further decline during the week, but a rebound should be taken as a corrective and it could go towards the 1.2468 in a first degree.

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H1 chart's resistance levels: 1.2388 / 1.2468

H1 chart's support levels: 1.2312 / 1.2229

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2312, take profit is at 1.2229 and stop loss is at 1.2394.

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