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GBP/JPY Technical Levels and Trading Recommendations for October 10, 2012

2012-10-10 16:28:19 (читать в оригинале)

 

 

Overview
The H4 chart demonstrates today that the pair fails to break the Support level of 125.00 and bounces from it. Currently, the pair is trading between the Support level of 125.00 and the Resistance level of 125.80. Given that the pair manages to break this Support level and closes 4H below, we will receive a strong indicator for more bearish signals which will enable the Support level of 124.50 as a level target. Then we should wait for breaking of this Support level to continue the downward move and open the way towards the Support level of 124.05
On the other hand, if the pair fails to break the Support level of 125.00 and bounces from it, it may reverse the bearish move taking an upward move enabling the Resistance level of 125.80. Then we should wait for breaking this Resistance level to provide new bullish signals. In case the pair is able to break the Resistance level and close 4H above, we will get a bullish strength providing new buy signals enabling the Resistance level of 126.00 as a level target. Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level of 125.00 is unbroken, the upward move is still expected invalidating the bearish outlook.

Resistance and Support Levels
R3 (126.30)
R2 (126.00)
R1 (125.80)
S1 (125.00)
S2 (124.50)
S3 (124.05)

Trading Recommendations
According to previous analysis, we recommend selling after breaking the Support level of 125.00 and closing 4H below with TP 124.60; SL closing 4 hours above the Support level will be appropriate.

The material has been provided by Instaforex Company - instaforex.com

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Daily Trading Forecasts (October 10, 2012)

2012-10-10 16:27:18 (читать в оригинале)

EURUSD: The price has been going down, giving short sellers good trading opportunities. The support level at 1.2850 is being tested, and if it is broken to the downside, the next target could be 1.2800. The RSI 14 period is below the level 50.

USDCHF: It looks like USDCHF has bottomed out. This gives buyers good opportunities to enter at great price levels. The price is above the level at 0.9400, heading for the resistance level at 0.9450. The RSI 14 period is above the level 50.

 

GBPUSD: Bears rule on the Cable: it has dropped by close to 150 pips this week. There is currently a great struggle between buyers and sellers at the 1.6000 accumulation zone. The price is trying to rally in the near-term, but this may give bears another chance to enter at a better price.

 

EURJPY:  This cross has come down by more than 180 pips this week. This new bias has been confirmed as the EMA 11 crossed the EMA 56 to the downside. If the price level at 100.70 is broken to the downside, the next target would be 100.00.

 

USDJPY: This is a complicated market. After a drop in the price that happened earlier this week, the price has continued to move sideways, especially starting from Tuesday. It is advisable to stay out of this market until a clearer signal is generated. 

The material has been provided by Instaforex Company - instaforex.com

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USD/CHF: Technical Analysis

2012-10-10 16:25:26 (читать в оригинале)

Overview:
USD/CHF is going to trade in higher range. The pair is underpinned by broadly stronger demand for safe-haven USD as risk aversion rises. The reports that BNY Mellon and State Street intended to charge clients 25 basis points on deposits held in Swiss francs also affect the markets. 
Preference:
Long positions are above 0.936 with targets at 0.944 and 0.947 in extension.
Resistance Levels:
0.944 *** intraday resistance
0.9473 (Sept. 11 high)
0.9485 (Sept. 10 high)
0.9580 (Sept. 7 high).  
Alternative scenario:
Below 0.936 look for further downside with 0.9318 and 0.9295 as targets.
Support Levels:
0.9318 (Tuesday's low)
0.9295 (Monday's low)
0.9270 (Friday's low) 
Comment:
Daily chart is positive biased as MACD is in bullish mode, stochastics have turned to be bullish.  

Ahsan Aslam 
Official Analyst of InstaForex Companies Group 
InstaForex Companies Group 
http://instaforex.com
E-mail: ahsan.aslam@analytics.instaforex.com   

The material has been provided by Instaforex Company - instaforex.com

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USD/JPY: Technical Analysis

2012-10-10 16:23:03 (читать в оригинале)

Overview:
USD/JPY is going to trade in lower range. The pair is undermined by selling of yen crosses amid higher risk aversion (VIX fear gauge rose 8.34% to 16.37, S&P fell 0.99% overnight) after the International Monetary Fund warned the global economy risks skidding towards recession and lowered its 2012 and 2013 global growth forecasts. Meanwhile, debt problems of Spain and Greece remained unresolved after second day of European Union finance ministers' meeting in Luxembourg. USD/JPY also weighed by Japan exporter sales. But USD/JPY losses tempered by demand from Japan importers. 
Preference:
Short positions below 78.45 with targets at 78.05 and 77.79 in extension.
Support Levels:
78.15-78.08 band (Tuesday's low - Monday's low)
77.79 (Oct. 1 low)
77.43 (Sept. 28 low). 
Alternative scenario:
Above 78.45 look for further upside with 78.65 and 78.85 as targets.
Resistance Levels:
78.65*** intraday resistance
78.88 (Friday's high)
79.23 (Sept. 19 high)
79.34 (200-day moving average). 
Comment:
As long as 78.45 is resistance, expect a return to 78.05.USD/JPY daily chart mixed as MACD bullish, but stochastics have turned bearish; inside day range pattern completed Tuesday.  

 

The material has been provided by Instaforex Company - instaforex.com

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USD/CAD Intraday Technical Analysis and Trading Recommendations for October 10, 2012

2012-10-10 16:21:04 (читать в оригинале)

 

After the USD/CAD pair broke below 0.9845, the market went to the downside reaching the price level of 0.9635 testing the lower limit of the depicted bearish long-term channel which expressed a considerable bullish strength.
The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725) which is considered to be a bullish signal in the long-term.
It is important to notice that USD/CAD broke below the established ascending bottoms around 0.9797 and 0.9780. It opens the way for the pair to retest the broken bearish channel and 61.8% Fibonacci level of the newly established bullish swing around 0.9725 where price action should be watched for a valid BUY entry.
Price zone 0.9820-0.9850 is an intraday resistance zone, a break above which is necessary to resume the targets for the bullish 4H Head & Shoulders pattern around 0.9900.
Fixation below price level of 0.9650 invalidates the bullish scenario for the current situation.

The material has been provided by Instaforex Company - instaforex.com