Thread: InstaForex Wave Analysis

Technical analysis of GBP/CHF for July 11, 2014




Technical outlook and chart setups:

1. The GBP/CHF pair is bouncing off the fibonacci 0.50 support levels around 1.5250 levels, as seen here. Please, note that the past resistance turned to support is around the same levels. Recommendations are to initiate long positions, risk remains just below 1.5240.
2. Support is seen at 1.5150, followed by 1.4950, 1.4780 and lower while resistance is seen at 1.5350/60 levels respectively.
3. The structure indicates that GBP/CHF pair may manage to push higher up from 1.5250 levels. Only a break below 1.5150 is a concern.


Trading recommendations:
Initiate longs, stop below 1.5240, target is open.

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Technical analysis of Silver for July 14, 2014




Technical outlook and chart setups:
1. Silver is trading at the $21.40 levels for now. It is expected to correct itself at least towards $20.00 and $19.75 levels before rallying further up. Recommendations are to remain flat for now and look to go long around the fibonacci support level as depicted here.
2. Support is seen around $19.75 (fibonacci), followed by $19.00, $18.60 and lower, while resistance is seen at $21.70, followed by $22.30 and higher up respectively.
3. The structure indicates that Silver is a clear buy on dips from here on.


Trading recommendations:
Remain flat for now. Consider to buy lower.

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Technical analysis of USD/JPY for July 17, 2014






In Asia, Japan will not release any economic data, but the US will release some economic data such as Building Permits, Unemployment Claims, Housing Starts, Philly Fed Manufacturing Index, Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session. TODAY's TECHNICAL LEVELS: Resistance. 3: 102.11. Resistance. 2: 101.91. Resistance. 1: 101.71. Support. 1: 101.47. Support. 2: 101.27. Support. 3: 101.07. DESCRIPTION: Please, pay attention to the levels of support 3 (101.07) and resistance 3 (102.11). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.


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Technical analysis of Gold for July 18, 2014



Technical outlook and chart setups:
1. Gold has rallied through $1,324.00 ;eve;s before pulling back. The metal could print highs around the $1,328.00 levels before reversing lower. Recommendations are to exit long positions now and remain flat.
2. Support is seen at $1,260.00 levels, followed by $1,240.00, $1,230.00 and lower while resistance is seen at $1,350.00/60, followed by $1,388.00 and higher.
3. The structure indicates that Gold has turned bullish till prices stay above $1,240.00 levels.


Trading recommendations:
Exit long positions. Remain flat for now.

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Technical analysis of GBP/JPY for July 21, 2014






The pair held the 50 DSma and pushed a bit higher. The previous week, the pair lost support at 20 DSma and closed below it, but held the 50 DSma and is trading above it. The weekly trading pattern is framed between 172.50- 173.77 levels. On the down side, if the pair hits the 50 DSma and closes below it, it can extend its fall to 172.11, 171.75 and 170.95 levels.
Support zone is between 172.50-172.36.
Resistance 173.46, 173.77.
or an hourly basis, the pair is trading below the hourly moving averages. The resistance levels are at 173.32 and 173.65 levels. The support levels are at 173.05 (8hr low), below this 172.69 (12 and 16hr low).



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Technical analysis of EUR/JPY for July 22, 2014






The hourly oscillators favor the pullback mode. The pair is holding above the hourly moving averages. In Asia's session, it is facing resistance at 137.39-137.45. Fresh buyers can buy above 137.50 with targets at 137.75 and 138 levels. On the down side, the pair has support at 137 and 136.85 levels. Below 136.85, the pair looks weak. On the down side, the pair has weekly support at 136.20/136 levels.
A day close below 136, it can drift up to 134 levels. A day close above 137.75, the pair can fly up to 138.50 on a positional basis.
Intraday buying is only above 137.50 with targets at 138, 138.25, 138.40 and 138.50.


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Gold wave analysis for July 23, 2014



Gold price is trading above $1,300, but I expect this important psychological support level to be broken soon. Gold price is below the Ichimoku cloud in the 4-hour chart confirming our view that $1,346 was an important top and that the trend has reversed downwards. At $1,346, I still believe we have seen the end of wave E of wave 4 and we are now at the beginning of a new downward move to $1,000.
Gold price was rejected at the 61.8% Fibonacci retracement and did not manage to break above the Ichimoku cloud. The Ichimoku cloud is putting pressure on the Gold price and I expect to see at least a move that will push price lower than $1,290. Support is found at $1,303 and resistance, at $1,320.



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Technical analysis of USD/CHF for July 24, 2014




Overview:
The price of the USD/CHF pair is supposedly going to form strong support at the level of 0.8987 (78.6% of Fibonacci retracement levels in the H4 chart). It formed the last bearish wave last week. It should be noted that the price is going to form a new double bottom at this level, but the level of 0.8997 acts as strong support because it is representing the first weekly support this week. So, the saturation is likely to take place around 0.9000. Moreover, the RSI indicators are also going to call for an uptrend at the same level we indicated above. Therefore, it is possible that the market will start showing bullish signs. In the other words, buy deals are recommended above 0.8987 with the first target seen at the 0.9033 level and further at the 0.9050 level to test the weekly resistance one. Thus, it also should be noted that the level of 0.9050 is going to form a minor resistance. Additionally, the level of 0.9085 will act as a major resistance.



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Short-term forecast for USD/SGD for July 24, 2014






The pair holds the support at 1.23 levels. The pair is trading in a complete bearish zone, moving below the medium-term moving averages. Until the pair holds the 1.23 level, the down move will pause for sometime. It's been making lower highs for 6 weeks. If the pair hits the 1.23 level, it can extend its fall to 1.2240 and 1.2128 levels.
The daily RSI indicates a pullback sign. The pair made a minor double bottom at 1.2340 in the daily chart and is moving to the initial resistance level at 1.24, a high made at 1.2389 in today's Asia's session. If the pair manages to trade above 1.24, it can fly up to 1.2421, 1.2458. A day close above 1.2458, the short-term trend turns to positive towards 1.2515 and 1.2560 levels.
Positional selling is only below 1.23 for targets at 1.2228 and 1.2243.

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Technical analysis of Silver for July 28, 2014






Technical outlook and chart setups:
1. Silver continues to retrace lower towards $20.00 and $19.60 levels for now. The metal is a clear buy on dips on the longer run but needs to correct a little further than current levels. Recommendations are to buy on dips.
2. Support is seen at $19.60, followed by $19.00, $18.60 and lower while resistance is seen at $21.40, followed by $21.70, $22.30 and higher respectively.
3. The structure indicates that Silver needs to correct further towards $19.60 levels before bulls take back control.
Trading recommendations:
Remain flat for now. Buy on dips around $19.60.


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