Trade of the day: EURCHF

EURCHFH1

The pair has been on a downtrend, as can be seen with the outlined downward channel. Price is around the resistance zone as at the time of writing this report. If the resistance holds, then expect a drop with 1.13648 as target.

On the other hand if the market breaks resistance, then long positions can be opened taking first target as 1.14196, second target 1.14264 and third target 1.14567.

Trade of the day: GBPUSD

GBPUSDH4

GBPUSD has been showing good bullish momentum and has potential to keep up the movement. The above chart is on a 4 hour time frame, this indicates that our trade recommendation can be used for both Day and Swing trades.

Price is currently above the 38.2 fib but is yet to close. A full close above that fib level will give a good signal to go long and target 1.30202 and 1.30785 in advance (the 50.0 and 61.8 fib levels). Stops can be placed a little below the 38.2 fib. Other technical indicators including the 50 MA and RSI also support the potential for  further bullish movement.

Trade of the day: CADJPY

CADJPYH1

Last week Friday, the pair began what seems to be a trend reversal after several sessions of being in a downtrend. Today, price has continued the bullish move from the beginning of market open. Technical indicators also give a good outlook, with the RSI showing good momentum above its neutrality line and the 50 hourly MA staying below market price.

Best trade recommendations will be to open long positions targeting 86.763 and 87.470 in advance. Stops can be placed anywhere from 85.981 and below.

Trade of the day: Oil heading towards May highs?

UKOilH1

Oil has been on a recovery run for some time now. However between last week and today, it has consolidated into a triangle pattern with price making a bullish breakout. Technical indicators look quite positive for the commodity. With the RSI staying above the neutrality line and an equally positive 50 MA.

With current market price around $52.5 pb, the next upper resistance is the high of the month of May which is around $54.4. Long positions can be taken with the $54 region being a target and stops can be placed just below the trough of the breakout. As is usual with oil, attention must be payed to fundamentals such as the weekly rig count figures and inventory reports as these can alter the outlook of technical analysis.

Trade of the day: GBPJPY

 

GBPJPYH1

The better part of last week saw the GBPJPY being on a downtrend with price maintaining a position under the 30 and the 50 hourly MA lines. Monday and yesterday saw a bullish price cross over and now the upside seems to be gaining momentum. The RSI also has a very positive signal line above 50 and with clear support zones as outlined by the red trend line.

Best trade recommendations for this pair will be long positions targeting 146.262 and 147.230 in advance. Close attention should be paid to the RSI signal line and trend line. The signal line should ideally remain above the trend line for us to be confident in the long position. A movement of the signal line below the trend line could point at the downward trend resuming. In which case short positions should come into play.

Trade of the day: USDCHF

USDCHFH1

The pair seems to have broken a previous uptrend and judging by price behavior, the broken support zone seems to now be acting as a resistance. The market opened today below the pivot price which is at 0.9660. Technical indicators including the RSI and the 50 MA are also  bearish in their signals.

Best trade recommendation would be short positions targeting 0.9615 and 0.9600. Stop loss can be placed just above the pivot price.  Any occurrence of price moving above the pivot price would mean long positions can instead be considered with targets around 0.9675 and 0.9700.

Trade of the day: USDCHF

USDCHFH1

The pair is building some good momentum which started from before last weekend and seems to be continuing. An open above pivot price which is at 0.9580 and positive indications from technical indicators including the RSI and the 50  hourly MA, gives a thumbs up to the likelihood of further upward movement.

Best trade recommendations for the pair would be long positions targeting 0.9615 and 0.9630 in advance. Stop losses for the long position should be placed just below the pivot line. In the event that price reverses and moves below the pivot point, short positions can be considered with targets around 0.9565 and also 0.9550.

Trade of the day: GOLD

GOLDH1

Following the sharp drop that the metal witnessed on Monday, its now looking to make a recovery with a series of visible higher lows seen from yesterdays session. Today the market opened above the days pivot price which is at 1246. Technical indicators including the RSI and the 50 hourly moving average indicates prospects for further rise in price.

Best trade recommendation would be to go long targeting 1257 and also 1259, provided conditions remain as stated. Stop loss can be placed just below the pivot price. However in the event that price moves below the pivot, then short trades can be considered with targets around 1241 and 1238.