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2017 January

January 31st, 2017 @ 5:45 pm by Muhammad Azeem

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1-31-2017 10-39-30 PMTrend is bullish in EUR/JPY currency pair in 4 hours time frame. Key support level is present around 120.52 price level. Based on Elliott wave analysis, we have got a bullish Expanded Flat pattern which looks complete.

A good idea is to look for a buy trading chance to ride and trade bullish Wave C leg. However; if price of EUR/JPY currency pair falls below 120.52 support level then I would prefer to stay out of the market and re-analyze the price action in EUR/JPY currency pair 4 hours chart.

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January 31st, 2017 @ 3:06 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD attempted to push lower yesterday slipped below 1.0650 but closed higher at 1.0691. The bias is neutral in nearest term. As you can see on my H1 chart below, price violated the bullish channel suggests a potential bearish reversal scenario which would be confirmed by a clear break and daily close below 1.0650 testing 1.0500 region. Immediate resistance is seen around 1.0740. A clear break above that area would expose 1.0800 or higher. Overall I remain neutral.

eurusdhourly

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January 31st, 2017 @ 3:00 am by Setyo Wibowo

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GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday bottomed at 1.2465. The bias is bearish in nearest term testing 1.2400. Immediate resistance is seen around 1.2530. A clear break above that area could lead price to neutral zone in nearest term testing 1.2600 area. Price is still in a bullish phase but need a clear break at least above 1.2600 to continue the bullish scenario testing 1.2790 region. My major technical outlook is neutral.

gbpusddaily

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January 31st, 2017 @ 2:54 am by Setyo Wibowo

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USDJPY Forecast
The USDJPY had a bearish momentum yesterday bottomed at 113.44. The bias is bearish in nearest term testing 113.00 – 112.50 region. Immediate resistance is seen around 114.20. A clear break above that area could lead price to neutral zone in nearest term testing 115.00 but as long as stay below 115.60 I still prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell.

usdjpy4h

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January 31st, 2017 @ 2:47 am by Setyo Wibowo

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USDCHF Forecast
The USDCHF attempted to push higher yesterday topped at 1.0044 but whipsawed to the downside and closed lower at 0.9954. The bias is neutral in nearest term probably with a little bearish bias testing 0.9900 region. Immediate resistance is seen around 1.0000 followed by 1.0060. On the downside, a clear break and daily close below 0.9900 would expose 0.9800 region. Overall I remain neutral but as long as stay below 1.0060 price is still in a valid bearish phase since fell from 1.0335.

usdchfh4

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January 31st, 2017 @ 2:34 am by William Gilday

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Screen Shot 2017-01-31 at 07.50.42

Hello traders and good to be back with you today as we take a look at the GBPJPY 30 minute chart. As we can see we have a very nice sell off as the GBP has become weak to neutral and the JPY has become strong with the recent comments from PM Abe in the last several days. The trade plan for today is just a nice Fibonacci pull back to the 50% and we will look to enter this at the price level of 142.95. We have a nice wide open space to the downside and looking to take profit at the support profit zone at the price of 142.20. This is a really nice trade set up as we have minimal obstacles to our take profit ..

Thank you traders and we will talk soon….William

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January 30th, 2017 @ 10:21 pm by Muhammad Azeem

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1-31-2017 3-03-39 AMTrend is bearish in USD/CHF currency pair, four hours chart. As I have suggested past week during my daily Live trading room session, market is falling down on a short term basis to complete possible Bearish Ending Diagonal Elliott Wave pattern which is going to complete bearish Wave c leg as well and traders should look for a sell trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.0043 price level.

 

Be sure to check out daily Forex market updates via Live Trading Room. In my opinion, price action in USD/CHF is most probably going to change the current bearish market trend in coming trading days because Wave c almost looks complete. Also, falling wedge shape Ending Diagonal Elliott wave pattern suggests a possible bottom in market. So, a good idea is to wait for a bullish break out above 1.0043 resistance level and then go long in USD/CHF 4 hours chart.

 

However; if price of USD/CHF currency pair just keep falling down then I would prefer to stop myself from trading and stay out of the market. Next, I will re-analyze the four hour time frame of USD/CHF currency pair.

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January 30th, 2017 @ 2:35 am by Setyo Wibowo

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EURUSD Forecast    
The EURUSD was indecisive last week. Price attempted to push lower, bottomed at 1.0657 but bounced higher after touched the lower line of the bullish channel as you can see on my H1 chart below and hit 1.0740 earlier today. This fact keeps the bullish phase remains valid. The bias is neutral in nearest term probably with a little bullish bias testing 1.0800/50 area. Immediate support is seen around 1.0690. A clear break below that area could trigger further bearish pressure testing 1.0650 region.

eurusdhourly

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