Daily analysis of major pairs for October 8, 2014 2014-10-07 EUR/USD: This currency trading instrument is still making an attempt to continue its rally in the context of a downtrend. The Williams’ % Range is already in the overbought region, and as soon as the price goes above the resistance line at 1.2700, the downtrend would be over. 1.png USD/CHF: This pair would continue to be weak as long as the EUR/USD is strong. Nevertheless, the price would need to cross the support level at 0.9500 to the downside so that a Bearish Confirmation Pattern may be formed in the chart. 2.png GBP/USD: The Cable still shows the determination to continue going upwards, though the long-term bearish outlook is not yet invalidated. For the long-term bearish outlook to be invalidated, the RSI period 14 must cross the level 50 to the upside and the EMA 11 also must cross the EMA 56 to the upside. At this time, the price could have crossed the distribution territory at 1.6200 to the upside. 3.png USD/JPY: The USD/JPY continues its weakness. The price has tested the demand level at 108.00, threatening to break it to the downside. Should this happen, the next target would be the demand level at 107.50. 4.png EUR/JPY: This is also a bear market, which almost tested the demand zone at 136.50. Only enough strength in the Euro, coupled with enough weakness in the Yen, can make this cross trend upwards. While the bearish continuation can take the price towards the demand zone at 136.00, any considerable rally may enable the supply zone at 137.50 to get tested. � 5.png Technical analysis of Gold for October 08, 2014 2014-10-07 Technical outlook and chart setups: Gold is holding gains at $1,214.00 levels for now. Please note that the metal is still in the sell zone of resistance line and that it needs to break past at least above $1,225.00/30.00 levels to confirm that bulls are to remain in control. Immediate support is at $1,180.00/83.00, while resistance is at $1,225.00/30.00, $1,240.00 and higher respectively. It is recommended to remain long from yesterday and also look to add further on dips, risk remains at $1,180.00. Bulls are expected to remain in control till prices stay above $1,180.00. On the flip side, a break below would be seeing a bearish move into $1,050.00 levels. Trading recommendations: Remain long for now, stop below $1,180.00, target is open. Good luck! Technical analysis of Silver for October 08, 2014 2014-10-07 Technical outlook and chart setups: Silver is breaking out if the immediate line of resistance around $17.20 levels. The metal had raised through the $17.60 levels yesterday before pulling back towards $17.20. Also note that Silver is bouncing off the backside of resistance turned support line at the moment. A bullish follow through here would see prices rallying through $18.20 levels at least. Immediate support is at $16.70 levels, while resistance is seen at $18.00 levels and higher respectively. It is recommended to remain long for now, risk remains at $16.40. A break above $18.40 would confirm that bulls are firmly in control. Trading recommendations: Remain long, stop at $16.40, target is open. Good luck! Technical analysis of GBP/CHF for October 08, 2014 2014-10-07 Technical outlook and chart setups: The GBP/CHF pair is stalling at 1.5400 levels for now; after pulling back from 1.5470 resistance levels earlier. A push below 1.5375 would be still required to accelerate further downfall towards 1.5200. Immediate support is seen at 1.5300, followed by 1.5200, while resistance is fixed at 1.5550 respectively. It is recommended to remain short for now, risk remains above 1.5550. The pair is poised to correct at least towards 1.5200 before resuming rally again. Please note that fibonacci 0.618 support and past resistance turned support region is also around the same level 1.5200/1.5180. Trading recommendations: Remain short for now, stop at 1.5560, target 1.5200. Good luck! Technical analysis of EUR/JPY for October 08, 2014 2014-10-07 Technical outlook and chart setups: The EUR/JPY pair is trading at 137.0 levels at the moment, just around the fibonacci 0.786 support level, of the rally between 135.80 and 141.30. As seen on the 4H chart here, the pair is forming a bullish morning star reversal candlestick signal here indicating a potential rally. Immediate support remains fixed at 135.80, while resistance is seen at 139.00, followed by 140.25, 141.30 respectively. It is recommended to remain long for now, risk remains at 135.80. The bulls are expected to regain control back, till prices remain above 135.80 levels. Trading recommendations: Remain long, stop at 135.80, target is open. Good luck! Technical analysis of USD/JPY for October 08, 2014 2014-10-07 !USDJPY.jpg In Asia, Japan will release the Current Account, BOJ Monthly Report, conomy Watchers Sentiment, and the US will release some economic data such as Crude Oil Inventories, 10-y Bond Auction, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during the day. TODAY TECHNICAL LEVELS: Resistance. 3: 108.87. Resistance. 2: 108.66. Resistance. 1: 108.45. Support. 1: 108.19. Support. 2: 107.98. Support. 3: 107.76. Best regards,
Posted on: Wed, 08 Oct 2014 09:01:31 +0000
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