Daily analysis of major pairs for July 23, 2014 2014-07-23 EUR/USD: It is intriguing that this pair has been able break the resistance line at 1.3500 to the downside. The bearish bias is now very strong, and the market could continue going further downwards. The next target is at the support line at 1.3450, which would soon be tested. 1.png USD/CHF: There are interesting events in the markets. For instance, the USD/CHF has eventually succeeded in breaking the great support level at 0.9000 to the upside, closing above it. The price has been making attempts to go further upwards since then. The next target for the bulls is at the resistance level at 0.9050. 2.png GBP/USD: The outlook on this pair is now essentially bearish. The EMA 11 has crossed the EMA 56 to the downside and the RSI period 14 is below the level 50. This has resulted in a Bearish Confirmation Pattern in the chart, and the price could go more south. However, there is a need for the price to break the accumulation territory at 1.7050 to the downside, and close below it. Any movement above the distribution territory at 1.7100 would endanger the existence of this novel bearish outlook. 3.png USD/JPY: The momentum on the USD/JPY has been reduced. But the momentum would soon come back again to the market, and when it does, the price movement would be strong. A downward journey is much more probable here. 4.png EUR/JPY: Since July 14, 2014, this currency trading instrument has dropped by over 140 pips; as a result of the strength in the JPY and the weakness in the EUR. This instrument may end up breaking the demand zone at 136.50 to the downside. After all, the demand zone has already been tested.� 5.png Technical analysis of USD/JPY for July 23, 2014 2014-07-23 !UJ240714.jpg In Asia, Japan will not release any economic data, and the US will release some economic data such as Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the day. TODAYs TECHNICAL LEVELS: Resistance. 3: 101.97. Resistance. 2: 101.77. Resistance. 1: 101.57. Support. 1: 101.33. Support. 2: 101.13. Support. 3: 100.93. DESCRIPTION: Please, pay attention to the levels of support 3 (100.93) and resistance 3 (101.97). 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. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Technical analysis of EUR/USD for July 23, 2014 2014-07-23 !EU240714.jpg When the European market opens, some economic news will be released such as Consumer Confidence. The US will release the economic data too such as the Crude Oil Inventories, so amid the reports, EUR/USD will move with low volatility during this day. TODAYs TECHNICAL LEVELS: Breakout BUY Level: 1.3531. Strong Resistance:1.3523. Original Resistance: 1.3510. Inner Sell Area: 1.3497. Target Inner Area: 1.3465. Inner Buy Area: 1.3433. Original Support: 1.3420. Strong Support: 1.3407. Breakout SELL Level: 1.3399. DESCRIPTION: Today EUR/USD has support and resistance at 1.3420 and 1.3510. The rate is accompanied by strong support at 1.3407 and by 1.3523 as strong resistance. If EUR/USD breaks out and closes below the 1.3399 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3531 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3433 and at 1.3497, a SELL position. In this case both targets should be placed at the level of 1.3465. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Posted on: Wed, 23 Jul 2014 09:56:15 +0000
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