Technical analysis of GBP/CHF for October 21, 2014 2014-10-21 Technical outlook and chart setups: The GBP/CHF pair has bounced off the 1.5000 levels as expected and reached initial resistance at 1.5200/50 as seen here. The pair is expected to pullback towards 1.5100 and further rally towards 1.5320/30 at least. Immediate support is seen at 1.4975, followed by 1.4750/60 and lower, while resistance is at 1.5320/30, followed by 1.5450, 1.5550 respectively. It is recommended to to book profits on long positions taken earlier, and again enter at 1.5100; risk remains at 1.4950. The structure indicates that a top might be in place at 1.5550 and that bears should remain in control till prices remain lower than 1.5500/50. The current rally could just be a counter trend. Trading recommendations: Book profits on long positions. Again enter buying around 1.5100 levels, stop is below 1.4950, target is 1.5320. Good luck! Technical analysis of EUR/JPY for October 21, 2014 2014-10-21 Technical outlook and chart setups: The EUR/JPY pair printed lows at 134.20/30 levels last week before pulling back towards 137.00 as seen here. Please note that the pair has broken recent trend line resistance and has entered into the buy zone again. Immediate support is seen at 135.80/90, followed by 135.20 and 134.20, while resistance is seen at 138.00, followed by 139.00 and higher up respectively. It is recommended to enter long positions on dips around 135.20/30 levels which is also the fibonacci 0.618 support ( of the rally between 134.25 to 137.00 ). Furthermore, the resistance turned support trend line is coinciding around 135.20/30 levels as seen here. Trading recommendations: Look to enter long positions around 135.20/30, stop is at 134.00, target is open. Good luck!
Posted on: Tue, 21 Oct 2014 09:15:44 +0000
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