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GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance

 GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance

Technical outlook and chart setups:

The single currency pair breaks two of intermediary supports at 1.4580 and 1.45, stopping us out of long positions. The wave structure points to further weakness towards 1.4000 and even lower for now; since the pair has bounced off lower through a major line of resistance as seen here. It is therefore recommended to initiate 50% of short positions now (1.4580) and remaining on rallies towards 1.4680-1.4720. Immediate resistance is now fixed at 1.4800 level, followed by major at 1.5 level and 1.51, on the higher side. Support now is at 1.4400, followed by 1.4070 and lower. The bears seem to be under control now, and we are looking lower till 1.4800 remains intact.

Trading recommendations:

Initiate sell positions (50%), stop is at 1.4840, and target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance

 GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance

Technical outlook and chart setups:

The single currency pair breaks two of intermediary supports at 1.4580 and 1.45, stopping us out of long positions. The wave structure points to further weakness towards 1.4000 and even lower for now; since the pair has bounced off lower through a major line of resistance as seen here. It is therefore recommended to initiate 50% of short positions now (1.4580) and remaining on rallies towards 1.4680-1.4720. Immediate resistance is now fixed at 1.4800 level, followed by major at 1.5 level and 1.51, on the higher side. Support now is at 1.4400, followed by 1.4070 and lower. The bears seem to be under control now, and we are looking lower till 1.4800 remains intact.

Trading recommendations:

Initiate sell positions (50%), stop is at 1.4840, and target is open.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

Read more…


USDX: Daily analysis for May 24, 2013

Daily chart: The USDX had a bearish day yesterday, making a bearish rebound in resistance level at 84.22, falling to support at the 83.74 level. Now this market is bouncing on that level and it is expected to climb back up to the resistance level 84.22. However, there is a possibility to break the support at the level of 83.74 and fall to the level of 83.22. We must be very careful about the swing trading that can be done in the USDX, because the indicator MACD is in positive territory but showing signs of extreme overbought, so that consolidation on the daily chart, it is quite normal and is a clear indication of the possible formation of a lower high pattern to break the resistance level at 84.22.

usdx24052013daily USDX: Daily analysis for May 24, 2013

H4 chart: The USDX formed a engulfing candlestick below resistance level at 84.47 and forming a support near the level of 83.50. That engulfing candlestick is indicating us that the USDX will move in a low range during the session today, because this market is making a lower high pattern on the daily chart. For now, the USDX remains above the 200 SMA, supporting a bullish outlook on this market. This week, the USDX made moves on a relatively low range, so we might expect stronger movements for the next week. The MACD indicator is in negative territory, but is showing signs of weakness in the short term bearish trend, which would support the hypothesis that the USDX will bounce on supports where it is today.

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