Technical analysis on EU,GU and majors

[bhanu545]

Weekly technical levels of GBP/USD for November 24-28, 2014

Trading recommendations:
According to previous events, the price of GBP/USD pair has still been trapped between 23.6% of Fibonacci retracement and 61.8% in H1 chart. So, these ratios will coincide with the levels of 1.5624 and 1.5680 respectively.
Long buying:
Buy above the level of 1.5590 (the double bottom) with the first target of 1.5660 in order to test the weekly pivot point, it might resume to 1.5680 today.
However, the stop loss should always be in account, for that it will quite safe to set the stop loss at the level of 1.5565. Also, it should be noted that support 1 is set at the 1.5585 level.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

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Technical Analysis of USD/CHF for November 24, 2014

The US dollar is well placed at higher levels against the Euro, JPY, and CHF. A surprise interest rate cut by China made the USD friendly. The People�s Bank of China cut the one-year benchmark lending rate by 40 basis points to 5.6% and the one-year deposit rate by 25 basis points to 2.75%. The Swiss gold referendum will take place on November 30, 2014. Today, the pair opened with a gap up, but unable to sustain there. The pair has immediate parallel resistance at 0.9742. On the daily chart, the pair has made higher lows and higher highs formation. In case if the price breaches the 0.9742 levels, it can extend its rally up to 0.9950. We have been recommending using every dip to buy with the targets at 0.9800, 0.9840,0.9970, and 1.017. The parallel monthly resistance exists at 0.9751. We recommend buying above 0.9751 with the targets at 0.9820 and 0.9870. If a daily close is above 0.9742, the bulls will challenge new highs by adding 150 or 200 pips on the higher side.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/JPY for November 24, 2014

Today, Japan will not release any economic data. However, the US is ready to publish Flash Services PMI. So, there is a big probability the USD/JPY pair will move with low volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 118.35.
Resistance. 2: 118.12.
Resistance. 1: 117.89.
Support. 1: 117.61.
Support. 2: 117.38.
Support. 3: 117.14.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for November 24, 2014

Gold price continues to trade around the 61.8% retracement level. The trend is neutral as we have not seen a clear break above $1,200 yet. A clear break above $1,200 could push Gold price towards $1,225. Critical short-term support is found at $1,190-$1,174. I still believe this upward move from $1,130 is corrective and we have not seen the low in Gold price.

Black line = support
Gold price continues to trade around the 61.8% Fibonacci retracement which is important resistance. Holding above the cloud and the black trend line is a sign that bulls continue to have the upper hand. Short-term support by the kijun-sen is at $1,191. Soon, we will see if support holds and price bounces above Friday's highs or we see a trend reversal from the current levels and a push towards $1,174 support. My longer-term view remains bearish targeting at $1,050.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for November 25, 2014

When the European market opens, some economic news will be released such as German Final GDP q/q and Italian Retail Sales m/m. The US will also release the economic data such as the Prelim GDP q/q, Prelim GDP Price Index q/q, HPI m/m, S&P/CS Composite-20 HPI y/y, CB Consumer Confidence, and Richmond Manufacturing Index. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2490.
Strong Resistance:1.2482.
Original Resistance: 1.2470.
Inner Sell Area: 1.2458.
Target Inner Area: 1.2428.
Inner Buy Area: 1.2398.
Original Support: 1.2386.
Strong Support: 1.2374.
Breakout SELL Level: 1.2366.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 25, 2014

Overview:
The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.
The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.
Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards the next support level located around 1.5600 where the lower limit of the ongoing channel is located.
The GBP/USD pair looks quite oversold. Bullish correction should be anticipated as the pair is currently testing a prominent WEEKLY support corresponding to multiple previous tops established back in May and June 2013.
Bullish Four-Hour fixation above price level of 1.5710 ( Last Friday's highest price level ) is mandatory to pause the ongoing bearish momentum confirming the possible multiple-bottom pattern on the 4H chart.
On the other hand, a break below the recent bottom around 1.5590 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.
Trading recommendations:
Bullish fixation above the price zone of 1.5670 - 1.5710( Friday's highest price level ) indicates a bullish corrective movement.
If so, the bullish target level would be initially located around 1.5850 and 1.5880. Stop Loss should be set as daily closure below 1.5600.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/CHF for November 25, 2014

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is undermined by the softer USD sentiment (ICE spot dollar index last 88.15 versus 88.41 early Monday) after lower Markit flash U.S. November services PMI of 56.3 versus final October reading of 57.1, drop in Chicago Fed National Activity Index to +0.14 in October from +0.29 in September, spillover strength from euro on the Swiss franc and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.
Technical comments:
Daily chart is mixed as stochastics is in bullish mode, but MACD is bearish.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9720 and the second target at 0.9740. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9605. A break of this target would push the pair further downwards and one may expect the second target at 0.9555. The pivot point is at 0.9655.
Resistance levels: 0.9720 0.9740 0.9760
Support levels: 0.9605 0.9555 0.9515

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for November 25, 2014

In Asia, Japan will release the Monetary Policy Meeting Minutes, SPPI y/y, and and BOJ Gov Kuroda Speech. The US will publish some economic data such as Prelim GDP q/q, Prelim GDP Price Index q/q, HPI m/m, S&P/CS Composite-20 HPI y/y, CB Consumer Confidence, and Richmond Manufacturing Index. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 118.58.
Resistance. 2: 118.35.
Resistance. 1: 118.12.
Support. 1: 117.83.
Support. 2: 117.60.
Support. 3: 117.37.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for November 25, 2014

Gold price remains around the 61.8% Fibonacci retracement and is showing signs of strength as it is holding above the short-term support of $1,189 and is trying to break above the sideways consolidation targeting $1,220-$1,225 in the short-term.

Black line = support
Gold price remains above the Ichimoku cloud and above the black line support. As long as these two conditions are met, a short-term trend remains bullish. Important resistance is at $1,225-$1,230. Breaking above that level will put my longer-term bearish view in challenge. Critical resistance is also the $1,255 high. Breaking above that level will make me rethink of my bearish expectations for $1,050. Concluding, the short-term trend targets $1,225, breaking support of $1,145 will favor my bearish view for a move down to $1,050.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for November 26, 2014

Overview:
The EUR/USD pair is trading between the levels of 1.2360 and 1.2480 (those levels coincide with the Fibonacci retracement levels 00% and 50% respectively). It should be noted that the 1.2508 price will act as a strong resistance because it represents the ratio of 61.8% Fibonacci retracement levels in H1 chart. Moreover, the weekly pivot point has always set below the resistance and it will act as a minor resistance around the area of 1.2451. Therefore, it will be rather gainful to sell below the levels of 1.2508 or 1.2451 and look for further downside with 1.2357 and 1.2360 targets. It should also be reminded that the double bottom will set at the point of 1.2360; but the weekly support 1 has already been found at 1.2310. On the other hand, stop loss should always be taken in account, consequently, it will be of beneficial to set the stop loss above the resistance 1 at the price of 1.2540; because the stop loss must never exceed the maximum exposure amounts.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for November 26, 2014

Overview:
The GBP/USD pair has been moving downwards respecting the depicted bearish channel since mid-September when the ongoing channel was initiated. Many bearish impulses were previously initiated around 1.6450, 1.6170, and 1.5940 where the upper limit of the channel came to meet the pair.
The price zone of 1.5890-1.5870 constituted a transient daily support that paused the bearish movement for a few days. However, bears quickly managed to push lower.
Bullish fixation above 1.5890-1.5900 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market pushed towards the next support level located around 1.5600 where the lower limit of the ongoing channel is located.
The GBP/USD pair looks quite oversold. Bullish correction should be anticipated as the pair has tested a prominent WEEKLY support corresponding to multiple previous tops established back in May and June 2013.
Bullish Four-Hour fixation above price level of 1.5710 ( Last Friday's highest price level ) confirms the possible multiple-bottom pattern on the 4H chart.
On the other hand, a break below the recent bottom around 1.5590 invalidates this bullish scenario and renders the current movement as a bearish flag pattern with projection target at 1.5410.
Trading recommendations:
Bullish fixation above the price zone of 1.5670 - 1.5710( Friday's highest price level ) indicates a bullish corrective movement.
If so, the bullish target level would be initially located around 1.5880. Stop Loss should be set as daily closure below 1.5600.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/CHF for November 26, 2014

Fundamental overview:
USD/CHF is expected to trade with a bullish bias. It is undermined by softer USD sentiment and spillover strength from euro on the Swiss franc. But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy and franc sales on buoyant EUR/CHF as the cross rebounds further from the 1.2000 EUR/CHF floor. USD/CHF upside is limited by the softer dollar sentiment (ICE spot dollar index last 87.89 versus 88.15 early Tuesday) as surprise fall in Conference Board U.S. consumer confidence index to 88.7 in November from October's 94.5 (versus forecast for rise to 96.8) and big drop in Richmond Fed manufacturing index to 4 in November from 20 in October offset unexpected upward revision in U.S. 3Q GDP to 3.9% from preliminary reading of 3.5% (versus forecast 3.3%).
Technical comments:
Daily chart is mixed as MACD is bearish but stochastics is neutral.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9675 and the second target at 0.9720. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9555. The pivot point is at 0.9610.
Resistance levels: 0.9675 0.9720 0.9740
Support levels: 0.9580 0.9555 0.9515

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for November 26, 2014

Today, Japan will not release any economic data. But the US will publish many important economic reports such as Core Durable Goods Orders m/m, Unemployment Claims, Core PCE Price Index m/m, Durable Goods Orders m/m, Personal Spending m/m, Personal Income m/m, Chicago PMI, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations, New Home Sales, Pending Home Sales m/m, Crude Oil Inventories, and Natural Gas Storage. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 118.40.
Resistance. 2: 118.17.
Resistance. 1: 117.94.
Support. 1: 117.66.
Support. 2: 117.43.
Support. 3: 117.20.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for November 26, 2014

Gold price is trading very nervously still inside a trading range of $1,208 and $1,189. Ichimoku indicators remain bullish but with the tendency to change to neutral. Price is below the important resistance and pivot point of the 61.8% retracement of the decline from $1,255. Bulls should keep their stops tight as the down trend could resume any time.

Red line = resistance
Black line = support
The short-term chart above shows the choppy action in Gold the last few days. There is no clear impulsive action from $1,130 and I believe that this upward move is only a correction against the bigger down trend. Prices usually reverse around the 61.8% retracement levels and this is what I expect to happen in Gold as long as price remains below $1,208.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for November 27, 2014

When the European market opens, some economic news will be released such as German Prelim CPI m/m, Spanish Flash CPI y/y, German Unemployment Change, M3 Money Supply y/y, Private Loans y/y, Italian 10-y Bond Auction, Spanish HPI q/q, and GfK German Consumer Climate. The US will not release any economic data. So, amid the reports, EUR/USD will move low volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2559.
Strong Resistance:1.2551.
Original Resistance: 1.2539.
Inner Sell Area: 1.2527.
Target Inner Area: 1.2497.
Inner Buy Area: 1.2467.
Original Support: 1.2455.
Strong Support: 1.2443.
Breakout SELL Level: 1.2435.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of GBP/USD for November 27, 2014

Overview:
The price of GBP/USD pair is going to move with the bullish bias from the level of 1.5666 which represents the weekly pivot point. Additionally, the price of 1.5666 coincides with the double bottom and the ratio of 23.6% Fibonacci retracement levels in H1 chart. Accordingly, it will be a good sign to buy above 1.5666 with the first target of 1.5764 to test a minor resistance at this price and it should be noted that the price of 1.5800 represents strong resistance. Also, it will call for an uptrend in order to continue its bullish movement towards 1.5825. Equally important, the resistance will set at the 1.5825 level. So, it will very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at the price of 1.5633. Furthermore, it should be noted that the range today will be moved between the levels of 1.5732-1.5825.
Intraday technical levels:
Date: 27/11/2014
Pair: GBP/USD
R3: 1.5965 R2: 1.5885 R1: 1.5838 PP: 1.5758 S1: 1.5711 S2: 1.5631 S3: 1.5584

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/CHF for November 27, 2014

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%). But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.
Technical comments:
Daily chart is mixed as MACD is bearish but stochastics is neutral.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9665 and the second target at 0.970. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9575. A break of this target would push the pair further downwards and one may expect the second target at 0.9545. The pivot point is at 0.9610.
Resistance levels: 0.9665 0.97 0.9720
Support levels: 0.9575 0.9545 0.9515

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for November 27, 2014

Fundamental overview:
USD/JPY is expected to consolidate with risks skewed lower. Liquidity was thin later on a trading day as financial markets in U.S. are shut for Thanksgiving Day. USD/JPY is undermined by the lower U.S. Treasury yields (10-year at 2.246% versus 2.261% late Tuesday), weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000), larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%); fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000), unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise) and weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4. USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale easing policy.
Technical comment:
Daily chart is tilting negative as stochastics is turned bearish at the overbought levels, MACD histogram bars are turning negative.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 117. A break of this target will move the pair further downwards to 116.65. The pivot point stands at 117.85. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 117 and the second target at 116.65.
Resistance levels: 118.20 118.60 119
Support levels: 117 116.65 116.35

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for November 27, 2014

Gold price has broken below the triangle pattern overnight and is now back testing the triangle break level. Short-term trend is still neutral with a hint of reversing to bearish. As long as price is below $1,208 I believe we are in a topping formation with increased chances of breaking lower.

Red line = support
Black line = triangle
Gold price remains above the cloud support and above the red trend line support. Gold price also remains below the important resistance of $1,208 where the 61.8% Fibonacci retracement is found. I believe that once the cloud is broken we will see a strong downward move towards $1,050. I prefer to be short with $1,208 stop and add to my short positions if support at $1,165-$1,170 fails.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for November 28, 2014

When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate, and Italian Prelim CPI m/m. The US will not release any economic reports. So, in this context EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2513.
Strong Resistance:1.2505.
Original Resistance: 1.2493.
Inner Sell Area: 1.2481.
Target Inner Area: 1.2451.
Inner Buy Area: 1.2421.
Original Support: 1.2409.
Strong Support: 1.2397.
Breakout SELL Level: 1.2389.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014