GIGFX Daily Economic Analysis - page 24
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Friday November 25th 2011 GIGFX Technical Analysis Report
Friday January 13th 2012 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair rose through yesterday trades; after testing the support level 1.2669 to currently trade above the level 1.2815 which consistently predicts the near-term bullish move moreover it may push the pair initially till the resistance level 1.2915, but trading the pair below the level 1.2815 will push it down again in order to retest the support level 1.2669, Generally the pair movement will be bearish for the long and mid-terms, Unless the sovereign debt crisis in the euro zone is solved with a radical solution, whereas it’s Considered that the near-term bullish moves is a correction moves partly as a result of investors optimism.
R3 R2 R1 P S1 S2 S3
1.3016 1.2930 1.2873 1.2787 1.2730 1.2644 1.2587
GBP/ USD
The GBP/USD pair failed to break down the support level 1.5309 through yesterday trades in order to form a bottom pushed it up again to retest the nearest resistance levels, whereas through the last intraday trades it tested the resistance level 1.5375 which represents the B point for the AB=CD harmonic pattern, breaking this level with breaking up the bearish trendline which matches between the A and C points means continuing the bullish move till the resistance level 1.5500, forming a bearish top at the resistance level 1.5375 coinciding area with the bearish trendline means a further drop in order to break down the level 1.5309 then reaching the confined area between the support levels 1.5205 and 1.5175 which represents the harmonic pattern’s complement D point.
R3 R2 R1 P S1 S2 S3
1.5460 1.5413 1.5372 1.5325 1.5284 1.5237 1.5196
USD/CHF
The pair declined strongly during yesterday trades to break the support level 0.9485 which represents 38.2% of fibonacci's correction level for the last bullish wave (From 0.9305 to 0.9595) and reached the support level 0.9415 which represents 61.8% of the same correction level, and with holding this level, the pair will form a bottom coincides with the bottom border of an expected bullish channel for near and mid-term trades, the pair failed to break this level which led it to rise again targeting to re-test the near resistance level, it is expected that the pair will continue rising targeting the resistance level 0.9525 which represents 23.6% of fibonacci's correction level but under the condition of breaking the resistance level 0.9485.
The stability of these expectations requires holding the support level 0.9415.
R3 R2 R1 P S1 S2 S3
0.9657 0.9601 0.9523 0.9467 0.9389 0.9333 0.9255
USD/JPY
The trades are still below the bearish trendline for long and mid-term trades declairing the difficulty of breaking this trendline upwards, the pair continued declining breaking the support level 76.76 downside so it is expected that the pair will decline targeting the support level 76.59, breaking this trendline upwards with breaking the resistance level 76.96 upwards means more rising targeting the level 77.32 as an initial target for this near and mid-term rising move.
R3 R2 R1 P S1 S2 S3
77.24 77.11 76.92 76.79 76.60 76.47 76.28
Monday January 16th 2012 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair failed to break the resistance level 1.2850 which coincides with the mid and near-terms formed bearish channel’s top border, pushed the pair down breaking the support level 1.2740 and reaching the level 1.2670 as the pair opened its trades with a bearish gap targeted the support level 1.2620 so it’s expected that the pair will continue retreating till the support level 1.2520 in condition the pair must break the support level 1.2620 with the probability of raising the pair a correction rise in order to cover the bearish gap.
This bearish scenario depends on the stability of the resistance level 1.2740.
R3 R2 R1 P S1 S2 S3
1.3081 1.2979 1.2828 1.2726 1.2575 1.2473 1.2322
GBP/ USD
The GBP/USD pair formed a bearish top at the resistance level 1.5375 coinciding area with the bearish trendline which matches between the A and C points for the AB=CD harmonic pattern, the pair retreated again below the support level 1.5309 with a strong sign on continuing the bearish move; it’s expected that the pair will extend till the confined support level area between the support levels 1.5205 and 1.5175 representing the harmonic pattern’s complement D point, reaching this area; the support level 1.5275 must be broken.
This scenario depends on the stability of the resistance level 1.5375.
R3 R2 R1 P S1 S2 S3
1.5588 1.5498 1.5413 1.5323 1.5238 1.5148 1.5063
USD/CHF
As it was expected, the USD/CHF rose and formed a bottom at the support level 0.9425 to form a bullish channel for intraday and near-term trades then it rose breaking the resistance level 0.9505 and reached the resistance level 0.9565. the pair started this week's trades with a bullish gap so it is expected that the pair will continue rising targeting the resistance level 0.9610 but under the condition of breaking the resistance level 0.9565, the pair may decline correctly to re-test the near support levels.
The stability of these expectations requires holding the support level 0.9505.
R3 R2 R1 P S1 S2 S3
0.9766 0.9670 0.9597 0.9501 0.9428 0.9332 0.9259
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USD/JPY
The pair succeeded to break the bearish trendline for long-term trades in a strong sign that it will continue its correction bullish direction, the pair continued rising at the beginning of this week's trades till reached the level 77.07 which represents 61.8% of fibonacci's correction level for the bearish wave (From 77.32 to 76.65) and formed a top at this level which pushed it to re-test the support level 76.81 which coincides with re-testing the broken trendline, it is expected that the pair will form a bottom at this level which may push the pair to rise again targeting to break the level 77.07 then it will continue rising targeting the next resistance level at 77.32.
R3 R2 R1 P S1 S2 S3
77.38 77.19 77.03 76.84 76.68 76.49 76.33
Thursday January 19th 2012 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair’s movement is still bullish through the previous trades, it broke the level 1.2815 during the current trades near the mid and long-terms bearish channel’s top border, moreover nearing the pair to the resistance level 1.2915, this requires retreating the pair again for the long-term breaking the level 1.2815 in order to reach the level 1.2627, but the level’s 1.2815 stability supports the bullish move which may led the pair to break the mentioned channel, also which may push the pair up to break the level 1.2915 targeting the resistance levels up.
R3 R2 R1 P S1 S2 S3
1.3044 1.2957 1.2911 1.2824 1.2778 1.2691 1.2645
GBP/ USD
The GBP/USD pair broke up the confined resistance area between the resistance level 1.5375 and 1.5400 with a strong sign of achieving the pair the bearish wedge’s pattern target as was mentioned before, it’s expected with breaking the level 1.5442 which represents the highest price for yesterday trades that the pair will continue rising till the level 1.5566 which represents the pattern’s target, also at the same time it represents 76.4% Fibonacci retracement correction level for the bearish direction (from 1.5668 to 1.5234).
This scenario depends on the stability of the support level 1.5375.
R3 R2 R1 P S1 S2 S3
1.5591 1.5516 1.5477 1.5402 1.5363 1.5288 1.5249
USD/CHF
The pair succeeded to break the support level 0.9460 which represents 38.2% of fibonacci's correction level for the last bullish wave (From 0.9240 to 0.9595) and it also coincides with the bottom border of the bullish channel, the pair declined breaking the support level 0.9420 and reached the support level 0.9375 which represents 61.8% of the same fibonacci's correction level and at the same time it represents the target of breaking the bottom border of the bullish channel, it is expected that the pair will rise again to re-test the near resistance levels then it will decline again targeting the support level 0.9325 which represents 76.4% of the same fibonacci's correction level, but under the condition of breaking the support level 0.9375.
The stability of these expectations requires holding the resistance level 0.9420.
R3 R2 R1 P S1 S2 S3
0.9579 0.9537 0.9466 0.9424 0.9353 0.9311 0.9240
USD/JPY
The pair is still confusing inside a narrow range trades to collect the needed momentum that the pair will use it to determine its next move, during the last trades, it is noticed that there is a difference between the price action of the pair and the move of the stochastic index which means that there is a positive divergence which continues the direction, so, it is expected that, if the pair broke the resistance level 76.85 it will continue rising targeting the resistance level 77.07 followed by the resistance level 77.32.
The stability of these expectations requires the stability of the support level 76.59.
R3 R2 R1 P S1 S2 S3
77.15 77.01 76.91 76.77 76.67 76.53 76.43
Friday January 20th 2012 GIGFX Technical Analysis Report
EUR/USD
The EUR/USD pair’s movement is still bullish during the previous trades, it broke the level 1.2915 during the current trades with breaking the bearish channel’s top border which is formed for the long and near-terms, this may lead the pair to continue the bullish move in order to target the resistance level 1.3080, which in case of breaking it the pair will target the resistance level 1.3245 as a target of breaking the bearish channel, this depends on the pair’s stability above the level 1.2915, but in case of re-trading the pair below it and below the channel’s lower border; so it will retreat again till the level 1.2815 as an initially target.
R3 R2 R1 P S1 S2 S3
1.3144 1.3058 1.3014 1.2928 1.2884 1.2798 1.2754
GBP/ USD
The GBP/USD pair broke up the confined resistance area between the resistance level 1.5375 and 1.5400 with a strong sign of achieving the pair the bearish wedge’s pattern target as was mentioned before, it’s expected with breaking the level 1.5442 which represents the highest price for yesterday trades that the pair will continue rising till the level 1.5492 which represents the pattern’s target, also at the same time it represents 76.4% Fibonacci retracement correction level for the bearish direction (from 1.5668 to 1.5234).
This scenario depends on the stability of the support level 1.5440.
Yesterday Analysis is still remaining till now
R3 R2 R1 P S1 S2 S3
1.5591 1.5541 1.5514 1.5464 1.5437 1.5387 1.5360
USD/CHF
The pair declined breaking the support level 0.9380 which represents 38.2% of fibonacci's correction level for the last bullish wave (From 0.9065 to 0.9595) and reached the support level 0.9325 which represents 50.0% of the same fibonacci's correction level, it is expected that the pair will rise correctly to re-test the resistance level 0.9380 then it will decline again targeting the support level 0.9260 which represents 61.8% of the same fibonacci's correction level but under the condition of breaking the support level 0.9325.
The stability of these expectations requires holding the resistance level 0.9380.
R3 R2 R1 P S1 S2 S3
0.9477 0.9444 0.9382 0.9349 0.9287 0.9254 0.9192
Tuesday January 24th 2012 GIGFX Technical Analysis Report
EUR/USD
As it was expected, the pair rose after testing the top border of the bearish channel that has been broken previously the pair reached around the resistance level 1.3080 and registered the highest price for previous trades at the level 1.3052,the mentioned resistance level coincides with fibonacci's correction level 76.4% for the bearish wave (From 1.3197 to 1.2627), this may cause a resistance that may prevent the pair to continue rising and then it may push the pair to test the near support levels such as the level 1.2979 which represents 61.8% of the same fibonacci's correction levels followed by the level 1.2912 which represents 50.0% of the same mentioned correction levels, this requires holding the level 1.3080 which with its holding, the main direction will be bearish during the upcoming long and mid-term trades whereas, if the pair continued trading above the level 1.3080 it will rise targeting the resistance level 1.3245 as the target of breaking out the bearish channel.
R3 R2 R1 P S1 S2 S3
1.3258 1.3155 1.3085 1.2982 1.2912 1.2809 1.2739
GBP/ USD
Despite of achieving the sterling pair the highest price during yesterday trades at the level 1.5602 but it failed to have a good close above the resistance level 1.5566 with a strong difficult signal to break up this level then retreating again in order to form a bearish correction wave will be confirmed with breaking below the coinciding support level 1.5515 with the bullish channel’s lower border which embodied the last bullish direction, in this case the pair will initially reach the next support level at 1.5445 in order to correct, this scenario depends on the stability of the resistance level 1.5566 which with breaking it up; the pair will continue rising in order to reach the resistance level 1.5667.
R3 R2 R1 P S1 S2 S3
1.5692 1.5647 1.5606 1.5561 1.5520 1.5475 1.5434
USD/CHF
As it was expected, the pair declined to the support level 0.9260 which represents 61.8% of fibonacci's correction level for the last bullish wave (from 0.9065 to 0.9595) after it broke the support level 0.9320 which represents 50.0% of the same fibonacci's correction levels, it is expected that the pair will rise correctly to re-test the resistance level 0.9320 then it will decline again targeting the support level 0.9185 which represents 76.4% of the same fibonacci's correction levels but under the condition of breaking the support level 0.9260.
The stability of these expectations requires holding the resistance level 0.9320.
R3 R2 R1 P S1 S2 S3
0.9476 0.9427 0.9350 0.9301 0.9224 0.9175 0.9098
Thursday January 26th 2012 GIGFX Technical Analysis Report
EUR/USD
The common currency succeeded to continue rising against the U.S. dollar as it formed AB=CD harmonic wave and now the pair is trading around the level 1.3120 which represents the target of this wave at the point D, the pair rose from the formed bottom around the level 1.2627 then the pair succeeded to break the bearish channel for mid-term trades then the pair rose to form another bullish channel in which it is moving for last and current trades, this supports the expectation of more rising targeting the resistance levels 1.3197 which performs as the level of the last top that the pair formed on last December then the resistance level 1.3245, the pair should break the resistance level 1.3120 and it will be confirmed by holding the important support level 1.3080 that if the pair traded below, it is expected that the pair will decline targeting to test the support levels 1.2927 and 1.2912 which represent 61.8% and 50.0% of fibonacci's correction level for the bearish wave (from 1.3197 to 1.2927).
R3 R2 R1 P S1 S2 S3
1.3363 1.3242 1.3175 1.3054 1.2987 1.2866 1.2799
GBP/ USD
Yesterday’s European market trades saw retreating the Sterling against the U.S dollar searching to form a new bullish bottom at the coinciding support level 1.5566 area with the bullish channel’s lower border, whereas a bottom has been formed at this area helped the pair to rise again; supported by the U.S news which supported the pair’s bearish move, the bullish move has been continued till the pair reached the resistance level 1.5667 representing the complement D point for the AB=CD harmonic pattern, it’s expected that the pair will continue rising during the next trades in order to reach the resistance level 1.5720, in condition it must break up the level 1.5667.
This scenario depends on the stability of the support level 1.5625.
R3 R2 R1 P S1 S2 S3
1.5856 1.5767 1.5711 1.5622 1.5566 1.5477 1.5421
USD/CHF
The pair rose to re-test the resistance level 0.9340 and failed to break this level which coincide with the top border of the bearish wedge pattern for near-term and intraday trades, which led the pair to decline again breaking the support level 0.9250 and reached the support level 0.9200 which coincides with the bottom border of the same pattern, if the support level 0.9200 held it is expected that, the pair will rise again to re-test the resistance level 0.9290 but under the condition of breaking the resistance level 0.9250.
The stability of these expectations requires holding the support level 0.9200.
R3 R2 R1 P S1 S2 S3
0.9436 0.9387 0.9301 0.9252 0.9166 0.9117 0.9031
Monday January 30th 2012 GIGFX Technical Analysis Report
EUR/USD
The common currency succeeded to continue rising against the U.S. dollar during the last near-term trades facing the top border of the bullish channel and reached the level 1.3245, breaking the last formed top which has been formed on the last December around the level 1.3197 but it failed to hold above this level and it declined correctly forming a near and mid-term bullish wedge, it is expected that, the pair will decline by breaking the bottom border of the bullish wedge pattern testing the near support levels such as the level 1.3080 which may coincide with testing the bottom border of the bullish channel, the pair will continue rising if the support level held, whereas if the pair declined breaking the level 1.3080 it will break the bottom border of the bullish channel which may accompanied with declining the pair targeting the support levels 1.2980 and 1.2912, but holding the bottom border of the channel supports the bullish direction of the pair to targeting to test the level 1.3245 and it may break it to target the level 1.3350.
R3 R2 R1 P S1 S2 S3
1.3435 1.3334 1.3281 1.3180 1.3127 1.3026 1.2973
GBP/ USD
As observed that, the sterling is still moving inside the bullish channel for the mid and near-terms, during the last intraday trades it formed a new top at the resistance level 1.5735 which is the 2nd consecutive top at the same level; there’s a probability of a bullish reversal (double consecutive tops) pattern appearance; the most important condition for this pattern is breaking down the pattern’s base at the support level 1.5665 thus the pair will continue declining to target the support level 1.5630 initially then the support level 1.5595 as a final target.
This scenario depends on the stability of the resistance level 1.5735.
R3 R2 R1 P S1 S2 S3
1.5868 1.5804 1.5769 1.5705 1.56700 1.5606 1.5571
USD/CHF
The pair continued declining to reach the support level 0.9110 which represents the bottom border of the bearish channel in which the pair is moving as it broke the support level 0.9155 so it is expected that the pair will rise again to re-test the near resistance level reaching the support level 0.9190 which represents the top border of the bearish channel then it will continue declining again but under the condition of breaking the resistance level 0.9155.
The stability of these expectations requires holding the support level 0.9110.
R3 R2 R1 P S1 S2 S3
0.9304 0.9266 0.9190 0.9152 0.9076 0.9038 0.8962
Tuesday January 31st 2012 GIGFX Technical Analysis Report
EUR/USD
As it was expected, the single currency declined against the U.S. dollar and re-tested the support level 1.3080 coinciding with the bottom border of the bullish channel then it reflected from these levels to continue rising during the last near and intraday trades, it is expected that the pair will continue rising targeting to re-test the resistance level 1.3245 and trying to break it with holding above it targeting the level 1.3350, holding the bottom border of the channel and the support level 1.3080 will push the pair to continue rising, but if the pair traded below the bottom border of the channel and with holding the pair below the level 1.3080, the pair will decline to re-test the near support levels such as 1.2980 and 1.2912.
R3 R2 R1 P S1 S2 S3
1.3250 1.3224 1.3211 1.3185 1.3172 1.3146 1.3133
GBP/ USD
During yesterday trades the Sterling formed a new bullish bottom at the support level’s 1.5665 coinciding area with the channel’s lower border which is embodying the bullish directions for the mid and near-terms, the pair used this bullish move again till reached the resistance level 1.5735 which represents the previous mentioned reversal pattern’s top; whereas it wasn’t confirmed after failing the pair to break down its base at the support level 1.5665, the next trades will be stopped at the resistance level 1.5735, breaching up this level with having a good close may extend the bullish move in order to reach the resistance level 1.5805, but in case of the resistance level 1.5735 stability a 3rd top will be formed at the same level will gives the probability of appearance the (three consecutive tops) reversal pattern, moreover breaching down the bullish channel’s lower border and the support level 1.5665; the pair will decline till the level 1.5595 as an initially target for the probable pattern.
R3 R2 R1 P S1 S2 S3
1.5827 1.5781 1.5745 1.5699 1.5663 1.5617 1.5581
USD/CHF
As it was expected, the pair rose to re-test the resistance level 0.9205 which coincides with the top border of the bearish channel in which the pair is moving, the pair failed to continue rising and retreated breaking the support level 0.9160 so it is expected that, the pair will continue declining to re-test the support level 0.9110 and if the pair broke this level it will decline targeting the support level 0.9060 which coincides with the bottom border of the bearish channel but under the condition of breaking the support level 0.9110 with holding below it.
The stability of these expectations requires holding the resistance level 0.9160.
R3 R2 R1 P S1 S2 S3
0.9301 0.9255 0.9212 0.9166 0.9123 0.9077 0.9034
Wednesday February 1st 2012 GIGFX Technical Analysis Report
EUR/USD
The single currency advanced against the U.S. dollar during the last trades to test the bottom border of the bullish wedge pattern then it declined to reach the resistance level 1.3245 breaking the bottom border of the bullish channel then it is trading around the support level 1.3080 which shifted the previous expectations of rising the pair during the near-term trades to continue its long and mid-term bearish direction, it is also noticed that, the pair formed the reversal head and shoulders pattern whereas the support level 1.3080 is the neckline of the pattern that if the pair held below, it is expected to decline targeting the level 1.3000 followed by the level 1.2925 which represents the taget of the harmonic pattern head and shoulders and also it coincides with the target of breaking the bullish channel but under the condition of holding the pair below the level 1.3080 that if the pair held above, the pair will re-test the bottom border of the broken channel with forming bearish tops that the pair will use it to break the level 1.3080.
Res: 1.3184 1.3284 1.3354
Pivot: 1.3114
Sup: 1.3014 1.2944 1.2844
GBP/ USD
Yesterday, the Sterling achieved the highest price at the level 1.5796 near 1.5805 which was expected to reach it before, in case of breaking up the level 1.5735; thus the pair is still forming the bullish directions for the mid and near-terms which is embodied through the movement inside the bullish channel, through the last bullish move there was a bearish move for the RSI index which refers of appearance a negative reversal divergence for the bullish direction, thus the pair retested the nearest support levels during the last intraday trades then the level 1.5735 which became a support level, it’s expected that the price will coincide at it with the bullish channel’s lower border, moreover a further correction drop is expected in case of breaking down the coinciding area, the pair will initially target the support level 1.5665.
This scenario depends on the stability of the resistance level 1.5805.
Res: 1.5804 1.5849 1.5903
Pivot: 1.5750
Sup: 1.5705 1.5651 1.5606
USD/CHF
The pair failed to break the support level 0.9120 and rose again breaking the resistance level 0.9160 which coincides with the top border of the bearish channel for near-term trades and reached the resistance level 0.9225 which represents 23.6% of fibonacci's correction level for the last bearish wave (From 0.9575 to 0.9115) and coincides also with the first target of breaking the top border of the bearish channel, it is expected that, the pair will continue rising targeting the resistance level 0.9290 which represents 38.2% of the same correction levels and coincides with the final target of breaking the top border of the bearish channel but under the condition of breaking the resistance level 0.9225 with the probability that the pair may decline to re-test the support level 0.9160.
The stability of these expectations requires holding the support level 0.9160.
Res: 0.9244 0.9289 0.9350
Pivot: 0.9183
Sup: 0.9138 0.9077 0.9032
Thursday February 2nd 2012 GIGFX Technical Analysis Report
EUR/USD
Yesterday, the common currency tried to decline but it rose against the U.S. dollar after holding the support level 1.3080 to test the bottom border of the bullish channel that has been broken previously, now, the pair is trying to trades above the top border of the channel and if the pair succeeded to do so, it should break the resistance level 1.3245 to confirm this bullish move then it may target the level 1.3350, on the other hand, if the level 1.3245 held, the pair will decline outside the range of the channel targeting to break the level 1.3080 then it may target the level 1.3000 followed by 1.2925.
Res: 1.3242 1.3325 1.3432
Pivot: 1.3135
Sup: 1.3052 1.2945 1.2862
GBP/ USD
The Sterling formed a new bottom yesterday for the near-term at the support level 1.5735 coinciding area with the bullish channel’s lower border in which the pair is still moving inside it for the near and mid-terms, the pair rose from this bottom breaching the resistance level 1.5805 till it achieved the highest price at the level 1.5885 by coinciding with the channel’s top border, the pair tried during the last intraday trades completing the top at the level 1.5885 to decline again in order to retest the level 1.5805 which became a support level, moreover it’s expected with breaching up the level 1.5885; the pair will rise again till the next resistance level 1.5940.
This scenario depends on the stability of the support level 1.5805.
Res: 1.5908 1.5983 1.6084
Pivot: 1.5807
Sup: 1.5732 1.5631 1.5556
USD/CHF
The pair failed to break the resistance level 0.9225 which represents 23.6% of fibonacci's correction level for the bearish wave (From 0.9575 to 0.9115) which led the pair to decline again breaking the support level 0.9160 and reached the support level 0.9120 which coincides with the top border of the bearish channel that has been broken previously, so, it is expected that, the pair will rise to re-test the resistance level 0.9225 but under the condition of breaking the resistance level 0.9160.
The stability of these expectations requires holding the support level 0.9120.
Res: 0.9230 0.9307 0.9365
Pivot: 0.9172
Sup: 0.9095 0.9037 0.8960