USD/CHF profit target reached once again, get ready to turn bullish

Price bounced nicely above our buying level yesterday. We remain bullish above 1.0129 support (Fibonacci retracement, horizontal overlap support) to see a bounce up to at least 1.0212 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is holding above our 9.3% support.

Buy above 1.0129. Set stop loss at 1.0083 and take profit at 1.0212.

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AUD/USD remains bearish below major resistance

Price continues to test major resistance at 0.7380 (Fibonacci retracement, Fibonacci projection, horizontal pullback resistance), and we expect a reaction off this level for a drop to at least 0.7245 (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is also seeing major resistance at the 93% level.

Sell below 0.7380. Set stop loss at 0.7446 and take profit at 0.7245.

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Daily analysis of gold for January 11, 2017

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Overview

Gold demostrates calm positive trading, approaching the $1,190.00 level. The EMA50 provides continuous positive support to the price. The bullish trend line can be seen on the chart, waiting for more rise in the upcoming sessions. Therefore, bullish trend will remain valid on the intraday and short-term basis. Our next target is located at $1,211.31, and breaching this level will extend gains to $1,249.94 which is the next main station. The price needs to hold above $1,172.68 and $1,160.00 levels to continue moving in bullish trend. The expected trading range for today is between $1,172.68 support and $1,211.31 resistance.

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Daily analysis of silver for January 11, 2017

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Overview

Silver price rallied and surpassed the 16.56 level which supports our bullish outlook in the upcoming period. The way is open towards the 17.43 level that represents the next main target. Besides, the key resistance lies at 17.15. The price needs to breach this level to confirm bullish trend. Therefore, we still expect continuation of upward movement in the upcoming sessions. Our view is supported by the EMA50. The price need to hold above the 16.56 level to sustain bullish momentum. The expected trading range for today is between 16.56 support and 17.15 resistance.

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NZD/USD Intraday technical levels and trading recommendations for January 11, 2017

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On November 8, significant signs of a bearish reversal were expressed around the upper limit of the depicted consolidation range (0.7350).

The bearish breakdown of 0.7250 (the lower limit of the depicted range) enhanced the bearish side of the market toward the price level of 0.7100 (recent bottom of October 28) which was broken as well.

Bearish persistence below 0.7100 allowed a quick decline toward 0.6960 (BUY zone) where bullish rejection and a valid BUY entry were expected. All T/P levels were successfully achieved.

Once again, bearish persistence below the price level of 0.7100 enabled the NZD/USD pair to pursue toward lower target levels around 0.6990 (the upper limit of the depicted BUY zone).

The price level of 0.6990 failed to apply enough bullish pressure. Instead, bearish continuation was achieved toward the lower limit of the depicted BUY zone (0.6860) which provided significant bullish rejection on December 23.

The NZD/USD pair was trapped within the depicted price range (0.6860-0.6990) until breakout occurred. That's why, the current bullish breakout above 0.6990 should be maintained and defended by the bulls.

A bullish breakout above 0.6960 will allow the pair to head initially for the price level of 0.7100 where bearish rejection is expected.

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EUR/NZD analysis for January 11, 2017

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Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5017 in a high volume. According to the 4H time frame, I found rejection from multi Fibonacci ratio, which is a sign that EUR/NZD may go lower. There is also a broken upward trendline in the background, which is another sign of weakness. I have placed Fibonacci expansion to find potential downward targets. I got Fibonacci expansion 100% at the price of 1.4910 and Fibonacci expansion 161.8% at the price of 1.4730.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5165

R2: 1.5200

R3: 1.5260

Support levels:

S1: 1.5050

S2: 1.5020

S3: 1.4965

Trading recommendations for today: Watch for selling opportunities with the first target at 1.4910.

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Global macro overview for 11/01/2017

Global macro overview for 11/01/2017:

After a large drawdown last week, today's Crude Oil Inventories data are being highly awaited. The -7,051k barrels drawdown in actual inventories of crude oil, gasoline, and distillate, such as jet fuel, is expected toady to rose to the level of 900k barrels. After the latest OPEC meeting in Vienna in December 2016, all OPEC and non-OPEC members agreed to cut the oil output from January 2017 by close to 2 million bpd, but it looks like the oil supply glut will stay here in 2017 as well. The U.S. Energy Information Administration expects U.S. crude oil production in 2018 to rise by 300,000 barrels per day (bpd) year-on-year, according to its monthly short-term energy outlook released on Tuesday. In conclusion, the temporary agreement on oil production cut will not be enough to get rid of the supply glut in 2017 and this might be the next important topic for the OPEC next meeting.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. The bears have managed to push the price lower towards the round number of $50 as the recent technical support at the level of 51.70 has been violated. Currently, the market is trading below all of the moving averages and it looks like the next technical support at the level of $49.94 will be tested soon.

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Gold analysis for January 11, 2017

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Recently, gold has been trading upwards. The price tested the level of $1,191.10 in an average volume. According to the 30M time frame, I found a fake breakout of yesterday's high, which is a sign of weakness. There is also a divergence in the Moving Average Oscilator. The price made a higher high and the oscilator made a lower high. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,184.50. Using the TPO Chart, I found yesterday's point of control at the price of $1,184.00. Anyway, if the price breaks the level of $1,191.10 in a high volume, we may see potential testing of $1,195.00

Resistance levels:

R1: 1,187.65

R2: 1,189.00

R3: 1,191.75

Support levels:

S1: 1,182.60

S2: 1,181.00

S3: 1,178.50

Trading recommendations for today: Watch for potential selling opportunities.

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Global macro overview for 11/01/2017

Global macro overview for 11/01/2017:

Another set of good economic data from the United Kingdom was released this morning. This time it was Industrial Production data that beat the market expectations of a 0.8% increase with a 2.1% figure (prior reading was -1.1%). Moreover, the Manufacturing Production surpassed the estimates as well with a 1.3% increase instead of the expected 0.6% gain. In conclusion, markets cheered upbeat data from UK industry. Please notice, that later today we will have NIESR GDP Estimate news, an unofficial estimate of UK GDP that comes out one month before the official release. Any figures better than 0.5% will be another reason for the British Pound appreciation.

Let's now take a look at the GBP/USD technical picture in 4H time frame. The pair is trading right at the technical support zone between the levels of 1.2113 - 1.2080 and the growing bullish divergence suggests a bullish bounce can happen any time soon. The next technical resistance is seen at the level of 1.2197.

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Technical analysis of USD/CHF for January 11, 2017

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Overview:

  • The USD/CHF pair didn't make any significant movements yesterday. There are no changes in our technical outlook. The bias remains bullish in the nearest term testing 1.0240 or higher. The USD/CHF pair faced strong support at the level of 1.0040. The USD/CHF pair continues to move downwards from the level of 1.0249. The pair dropped from the level of 1.0249 (this level of 0.9965 coincides with the double top) to the bottom around 1.0090. Moreover, the price spot of 1.0040 remains a significant support zone. Therefore, there is a possibility that the USD/CHF pair will move upside and the structure of a fall does not look corrective. In order to indicate the bullish opportunity above 1.0040, buy above 1.0040 with the first target at 1.0173. Additionally, if the USD/CHF pair is able to break out the top at 1.0173, the market will rise further to 1.0249 so as to test the daily resistance 2 again.
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  • Also, it should be noticed that resistance 1 is seen at the level of 1.0173 which coincides the ratio of 78.6% Fibonacci Expansion. Generally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.0040 with the first target at the level of 1.0173. If the trend is be able to break the first resistance at the level of 1.0173, then the market will continue rising towards the daily resistance 2 at 1.0249.
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Technical analysis of NZD/USD for January 11, 2017

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Overview:

  • The NZD/USD pair faces the key resistance at the level of 0.7047, while minor resistance is seen at 0.7028. Support is found at the levels of 0.6985, 0.6966, and 0.6946. Besides, a daily pivot point has already been formed at the level of 0.7012. Equally important, the NZD/USD pair is still moving around the key level at 0.7012, which represents a daily pivot on the H1 time frame at the moment. Today, resistance is seen at the levels of 0.7047 and 0.7028. So, we expect the price to set below the strong resistance at the levels of 0.7047, as it is in a bearish channel now. Amid previous events, the price is still moving between the levels of 0.7028 and 0.6946. Overall, we still prefer the bearish scenario as long as the price is below the level of 0.7028. Furthermore, if the NZD/USD pair is able to break the first support at 0.6985 and 0.6966, then the market will decline further to 0.6946.
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  • Generally, the price will probably fall into a bearish trend in order to go further towards the strong support at 0.6946 to test it again. The level of 0.6946 will form a double bottom. On the other hand, if the price closes above the strong resistance of 0.7047, the best location for a stop loss order is seen above 0.7080.
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Technical analysis of USD/JPY for January 11, 2017

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USD/JPY is expected to trade with a bearish bias as the key resistance is kept at 116.30. The pair remains under pressure below its nearest key resistance at 116.30, and is likely to post a new pullback. The 50-period moving average is still on the downside, which should confirm a negative outlook. Furthermore, the relative strength index lacks upward momentum.

Hence, as long as 116.30 is not surpassed, look for further downsides to 115.60 and 115.25 in extension.

Recommendation:

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 115.60. A break below this target will move the pair further downwards to 115.25. The pivot point stands at 116.30. If 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 116.75 and the second one at 117.10.

Resistance levels: 116.75, 117.10, 117.45

Support levels: 115.60, 115.25 114.70

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Technical analysis of USD/CHF for January 11, 2017

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USD/CHF is expected to extend its upside movement. The pair recorded a succession of higher tops and higher bottoms since Jan 10 and is holding on the upside. The upward momentum is further reinforced by its rising 20-period moving average, which is playing a support role. The relative strength index is above its neutrality level at 50 and lacks downward momentum.

As long as 1.0125 holds on the downside, look for a further upside toward 1.0195 and even 1.0220 in extension.

Resistance levels: 1.0195, 1.0220, 1.0240

Support levels: 1.0105, 1.0090, 1.0055

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Technical analysis of USD/CAD for January 11, 2017

General overview for 11/01/2017:

The sideways trending market is now more evident as no breakout was attempted since Friday last week. The growing bullish divergence between the price and momentum oscillator indicates a stronger bounce towards the 50%Fibo at the level of 1.3390. Nevertheless, the most important zone for bulls is the gray rectangular area between the levels of 1.3437 - 1.3460. Only a sustained breakout above this zone in the impulsive fashion will confirm the wave 3 is in progress and a new high will be made in this market.

Support/Resistance:

1.3101 - WS1

1.3177 - Intraday Support

1.3266 - Intraday Resistance

1.3280 - Weekly Pivot

1.3383 - WR1

1.3350 - 50%Fibo

1.3437 - 61%Fibo

1.3460 - Technical Resistance

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.3266 is clearly violated. If the low for the wave 2 or (b) is in place then the price should target the level of 1.3383.

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Technical analysis of EUR/JPY for January 11, 2017

General overview for 11/01/2017:

The count is evolving into a more complex and time-consuming corrective cycle in wave -ii-. The preferred labeling is suggesting an uncompleted irregular flat correction as the unfolding pattern in wave -ii-. The current labeling suggests more impulsive wave progression to come shortly, but the key to the upside levels is the wave (i) high at the level of 123.84. This line must be clearly violated, so the impulsive structure could develop. Otherwise, the corrective cycle in the blue wave (4) will evolve into an even more complex and time-consuming structure.

Support/Resistance:

123.97 - WR1

123.84 - Intraday Resistance

123.00 - Weekly Pivot

122.46 - WS1

122.01 - Intraday Support

121.59 - Black Impulsive Count Invalidation Level

121.47 - WS2

Trading recommendations:

Day traders should consider opening buy orders only if the level of 123.84 is clearly violated. The uncompleted wave progression to the upside supports this view.

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Technical analysis of NZD/USD for January 11, 2017

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NZD/USD is expected to continue its bounce. The pair has crossed above its 20-period and 50-period moving averages, while the relative strength index is positively oriented. As long as 0.6975 is not broken below, a further pullback is expected with 0.7020 as the next target.

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 0.7020 and the second one at 0.7040. In the alternative scenario, short positions are recommended with the first target at 0.6965 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 0.6945. The pivot point is at 0.6975.

Resistance levels: 0.7020, 0.7040, 0.7075

Support levels: 0.6965, 0.6945, 0.6925

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Technical analysis of USDX for January 11, 2017

The Dollar index made a lower high and pulled back down towards 101.50 yesterday but support at 101.28 held. Bulls are trying to push the index higher today and currently short-term resistance at 102.10 is being tested.

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Blue line - short-term resistance

Green line - divergence

The Dollar index is testing short-term resistance at 102.10. If broken we are going to see a bounce towards 102.50 where the most important short-term resistance is found. Support is at 101.28 and if broken we should expect a sharp decline towards 100-99

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On a daily basis trend remains bullish as price is making higher highs and higher lows. Price is currently trapped between the tenkan- and kijun-sen (red and yellow line indicators). A daily breakout will confirm the next big move in the index either to new highs or towards the Ichimoku cloud support at 100.

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Technical analysis of gold for January 11, 2017

Gold price made a new higher high yesterday but it was not confirmed on the 4-hour chart by the RSI, which means that bulls need to be very cautious as a pullback is imminent. Trend remains bullish in the short-term and I continue to target $1,200-$1,220 for a reversal.

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Red lines- bullish channel

Blue lines - divergence signs

Gold price continues to trade inside the bullish channel and above the 4-hour Ichimoku cloud. There are bearish divergence signs that provide a warning for Gold bulls. A pullback is justified and expected in the short term. Short-term support is at $1,180 and resistance at $1,200-$1,220.

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Gold price should at least reach the 38% Fibonacci retracement of the decline from the post election highs at $1,210 and ideally it would test the daily Ichimoku cloud resistance at $1,215-20. A pullback should be expected after that. Support is at $1,150-60. Gold bulls will need to see a higher low and an upward reversal in order to assume that $1,122 is an important long-term low.The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for January 11, 2017

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GBP/JPY is expected to trade in a lower range as the key resistance is holding at 141.560. The pair is rebounding and broke above its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50. Nevertheless, 141.50 is playing a key resistance role, which should limit the upside potential. As long as this key level is not broken, we keep our negative view unchanged with down targets at 140.60 and even 140.15 in extension.

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 140.60. A break below this target will move the pair further downwards to 140.15. The pivot point stands at 141.50. If 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 142.00 and the second one at 142.40.

Resistance levels: 142.00, 142.40, 143.00

Support levels: 140.60, 140.15, 139.10

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Elliott wave analysis of EUR/NZD for January 11, 2017

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Wave summary:

No much news to add here.

We continue to look for a break above minor resistance at 1.5282 that will confirm acceleration higher towards the next target area between 1.5837 - 1.5869. Longer term, we continue to look for much higher levels. Short term, support is seen at 1.4991 and below at 1.4960. Should the later be broken, we will see a dip to 1.4900 before the corrective low is in place and a new impulse rally can take hold.

R3: 1.5282

R2: 1.5228

R1: 1.5193

Pivot: 1.5080

S1: 1.4991

S2: 1.4960

S3: 1.4900

Trading recommendation:

We are long EUR from 1.5123 with stop placed at 1.4955. If you are not long EUR yet, then buy a break above 1.5282 and use the same stop at 1.4955.

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Elliott wave analysis of EUR/JPY for January 11, 2017

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Wave summary:

The deep decline from 123.73 is worrisome, but as long as support at 122.00 is able to protect the downside, our preferred count will remain that the triangle consolidation will finish with the test of 122.00 on January 5 and red wave ii is very close to completion. That said, we need a break above minor resistance at 122.94 to confirm that red wave ii has completed and red wave iii to above 123.73 is unfolding for a continuation higher towards 124,86 and the long-term ideal target at 126.54.

Should support at 122.00 be broken, that would indicate that the triangle consolidation is still unfolding, but the potential downside should be very limited. Likely not lower than 121.88.

R3: 123.73

R2: 122.94

R1: 122.62

Pivot: 122.31

S1: 122,00

S2: 121.88

S3: 121.54

Trading recommendation:

We are long EUR from 123.13 with stop placed at 121.75. If you are not long EUR yet, then buy near 122.00 or upon a break above 122.94 and use the same stop at 121.75.

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Intraday technical levels and trading recommendations for EUR/USD for January 11, 2017

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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 toward 0.9450.

In March 2015, EUR/USD bears challenged the 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 depicted supply levels (note the monthly candlesticks of May, August, and October 2016).

In the longer term, the level of 0.9450 remains a projected target if the current monthly candlestick maintains its bearish closure below the depicted monthly demand level of 1.0570.

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0575 is needed to pursue this bearish scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

Closure below 1.1250 (supply level 1) maintained enough bearish pressure and enhanced the downside momentum toward the price level of 1.1000 (key level 1).

On November 9, an obvious bearish break of the 1.1000 price level occurred (Shooting Star daily candlestick). Moreover, further decline below 1.0825 (Fibonacci Expansion 100%) was expressed.

Bearish persistence below 1.0825 allowed a further fall to occur at 1.0570 (demand level) where bullish rejection and a valid BUY entry were expressed on November 24.

The price level of 1.0825 (Fibonacci Expansion 100%) constituted a recent supply level which offered a valid SELL entry on December 8. Stop Loss should be lowered to 1.0600 to secure some profits.

Bearish persistence below the depicted demand level around 1.0570 allows further bearish decline. The first bearish target would be located around 1.0220.

On the other hand, the price level of 1.0570 constitutes a recent supply level to be watched for a SELL entry during the current bullish pullback above 1.0500.

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Technical analysis of EUR/USD for Jan 11, 2017

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When the European market opens, some Economic Data will be released, such as German 10-y Bond Auction. The US will release the economic data, too, such as 10-y Bond Auction and Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0610.

Strong Resistance:1.0603.

Original Resistance: 1.0593.

Inner Sell Area: 1.0583.

Target Inner Area: 1.0558.

Inner Buy Area: 1.0533.

Original Support: 1.0523.

Strong Support: 1.0513.

Breakout SELL Level: 1.0506.

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 Jan 11, 2017

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In Asia, Japan will release the Leading Indicators, 30-y Bond Auction and the US will release some Economic Data, such as 10-y Bond Auction, and Crude Oil Inventories. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 116.68.

Resistance. 2: 116.45.

Resistance. 1: 116.23.

Support. 1: 115.95.

Support. 2: 115.72.

Support. 3: 115.49.

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 January 11, 2017

EUR/USD: The EUR/USD has been making attempt to go upwards. Price is now above the support line at 1.0500, and might eventually target the resistance lines at 1.0550, 1.0600 and 1.0650. Bulls have been making some effort to push price upwards, and they may eventually succeed.

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USD/CHF: This market has become fairly choppy in recent times. However, the bias remains bearish because the EMA 11 is below the EMA 56, and the RSI period 14 is somewhat below the level 50. There could be more bearish effort, which would make price test the support levels at 1.0050 and 1.0000. It would not be easy for the support level at 1.0000 to be breached to the downside, unless there is a strong selling pressure.

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GBP/USD: The GBP/USD is still in a bearish mode. Any rallies in this market could be seen as an opportunity to go short, for the bias on 4-hour and daily charts is bearish. As long as price is not able to go above the distribution territory at 1.2650, the bearish bias would be valid.

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USD/JPY: There is a 'sell' signal on this pair – as USD becomes weak. There is a Bearish Confirmation Pattern in the chart, and further southward journey may be experienced, which may enable the demand levels at 115.50, 115.00 and 114.50 to be tested this week or next week.

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EUR/JPY: This currency trading instrument has been consolidating for a few weeks. The market environment is quite choppy, but a closer look at it shows some weakness in price, as it goes below the EMA 11 (which has crossed the EMA 56 to the downside). The RSI period 14 is also below the level 50. Unless EUR becomes very strong, this instrument would possibly go southward.

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Daily analysis of USDX for January 11, 2017

USDX is still looking to recover from recent losses and it's likely that we could see a spike toward the 200 SMA at H1 chart around 102.30. If the index manages to break above that area, it's expected to see a rally to test the resistance level of 102.81. However, if we see a pullback at the current stage, we could expect further downside toward 101.39.

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H1 chart's resistance levels: 102.29 / 102.81

H1 chart's support levels: 101.96 / 101.39

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 101.96, take profit is at 101.39 and stop loss is at 102.54.

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Daily analysis of GBP/USD for January 11, 2017

GBP/USD remains supported by the 1.2123 level across the board, as the Sterling continues to show weakness in the short-term. The price is already well consolidated below the 200 SMA at H1 chart and that should deliver more downside toward 1.2033 after the pair manages to break that support mentioned above. MACD indicator is favoring a recovery scenario.

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H1 chart's resistance levels: 1.2167 / 1.2203

H1 chart's support levels: 1.2123 / 1.2033

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2123, take profit is at 1.2033 and stop loss is at 1.2214.

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Daily analysis of GBP/JPY for January 10, 2017

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Overview

The GBPJPY price opened its trading today by gorming a big negative gap to suffer strong losses by reaching 140.20, to record the expected second target, the price faces 38.2% Fibonacci correction level at 140.00, to decelerate the negative attack, which forces the price to provide intraday sideways trading in the near period. We should mention that gathering the negative momentum will allow it to break the current support, which opens the way toward recording more of the negative targets by reaching 138.90 and 137.50, to confirm the suggested negativity we will depend on the stability of 142.00 level, which represents the main resistance against the current trading. The expected trading range for today is between 142.00 and 138.90

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Daily analysis of Gold for January 10, 2016

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Overview

Gold price didn't show any strong move since morning, to keep fluctuating near 1185.00 level, as long as the price above 1172.68 level, so the bullish trend scenario will remain active for today, supported by the EMA50, waiting for heading toward 1211.1 that represents the next main target for the current bullish wave. You should be aware that breaking 1172.68 then 1160.00 levels will stop the expected rise and pushes the price to visit 1124.88 levels before detecting the next trend. The expected trading range for today is between 1172.68 support and 1211.31 resistance.

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Daily analysis of Silver for January 10, 2017

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Overview

Silver price managed to breach 16.56 level and settles above it now, reinforcing our expectations for the continuation of the rise in the upcoming sessions, opening the way toward our next target at 17.43. Stochastic heads to the upside to support the chances of the bullish bias continuation for today, therefore, we will keep our positive expectations valid on the intraday basis conditioned by holding above 16.10 level. The expected trading range for today is between 16.40 support and 16.90 resistance.

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