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Technical Analysis from www.Instaforex.com
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USD/CHF:
After testing the support level at 0.9800, the USD/CHF has been making some vivid bullish attempts, all in the context of a downtrend. At this juncture, it is not easy to predict the movement of the market, but the bearish bias would not be rendered invalid as long as the resistance level at 1.0050 is not overcome.
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GBP/USD:
http://postimg.org/image/4fihyubq1/
The GBP/USD consolidated on Monday, in the context of a downtrend. There is a possibility of a breakout today or tomorrow, which is most likely to be in favor of the bears. Any rallies seen in this market should be taken as short-selling opportunities.
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USD/JPY
: After the bearish signal we got last week, the USD/JPY still shows the possibility of going further downwards. The demand level at 120.50 is the next possible target for the bears, which might be reached today or tomorrow. On the other hand, the supply level at 122.00 might check any possible rallies along the way.
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EUR/JPY:
This currency trading instrument simply moved sideways on Monday, with no directional movement. The price is currently trying to bounce upwards while the outlook remains bearish. The bearish outlook will not be rendered useless as long as the price does not go above the supply zone at 133.50.
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Technical analysis of GBP/JPY for December 23 , 2015 2015-12-23 0/5
GBP/JPY is expected to trade in a lower range. A strong resistance area around 180.10 maintains the selling pressure. Besides, the process of lower highs and lows remains intact. At the current stage, the pair is more likely to test its nearest support at 179. The risk is a slide below this level, which would trigger a bearish acceleration toward 178.50. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 179.00. A break of that target will move the pair further downwards to 178.50. The pivot point stands at 180.10. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 180.60 and the second target at 181.20. Resistance levels: 180.60 181.20 182.10 Support levels: 179 178.50 178 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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Technical analysis of NZD/USD for December 23, 2015 2015-12-23 0/5
NZD/CAD pair is pulling back but is standing above its key support at 0.6765. Meanwhile the relative strength index lacks strong downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6865 at first. A break above this level would call for further advance toward 0.69. Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, it is recommended to open long positions with the first target at 0.6865 and the second target at 0.69. In the alternative scenario, it is recommended to open short positions with the first target at 0.6740, if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6710. The pivot point is at 0.6765. Resistance levels: 0.6865, 0.69, 0.6950 Support levels: 0.6740, 0.6710, 0.6660 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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Technical analysis of USD/CHF for December 23, 2015 2015-12-23 0/5
USD/CHF is expected to trade in a lower range. After the recent downside breakout of 0.9915, the USD/CHF pair remains under pressure and seems likely to post a further decline. The previous key support is now playing a resistance role, and should limit any upside room. Furthermore, the relative strength index is still below its neutrality area at 50. In conclusion, as long as the resistance at 0.9915 is not surpassed, the risk of the break below 0.9855 remains high. Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9855. A break of that target will move the pair further downwards to 0.9830. The pivot point stands at 0.9915. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9940 and the second target at 0.9970. Resistance levels: 0.9940 0.9970 0.9990 Support levels: 0.9855 0.9830 0.9795 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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Technical analysis of USD/JPY for December 23, 2015 2015-12-23 0/5
[img=http://s2.postimg.org/pu0e17tdh/bbbbbbb.jpg]
USD/JPY is expected to trade in a lower range. The first downside target at 120.60 is in sight. Currently, the pair is being supported by the rising 20-period moving average, which has crossed above the 50-period one, while the relative strength index stands firmly above the neutrality level of 50. With such a bearish intraday outlook, once breaking below 121.50, the pair is expected to rise further to 120.60 (a price base seen on December 14 and 15). Trading recommendations: The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 120.60. A break of that target will move the pair further downwards to 120.15. The pivot point stands at 121.50. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 121.75 and the second target at 122.15. Resistance levels: 121.75 122.15 122.55 Support levels: 120.60 120.15 119.65 Performed by Ahsan Aslam, Analytical expert InstaForex Group © 2007-2015
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EUR/USD:
Though the movement on the EUR/USD pair looks deceptive, long trades would be rational on it. This is because the EMA 11 is above the EMA 56 and the Williams' Percentage Range is not far from the overbought region. It is even sloping upwards. There is a strong likelihood that the resistance lines of 1.0950 and 1.0000 will be reached within the next several trading days.
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USD/CHF:
This pair has only consolidated so far this week, owing to the perceived quietness in the market. This week, the price has oscillated between the resistance level of 0.9950 and the support level of 0.9850. A break out of this trading range may be possible next week because a serious movement is anticipated.
