Free Afternoon Forex Trading signals – July 23, 2013

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD intraday: bullish bias above 1.316

Pivot: 1.3160.

Our preference: LONG positions above 1.316 with 1.325 & 1.33 as next targets.

Alternative scenario: The downside penetration of 1.316 will call for 1.31 & 1.3065.

Comment: a support base at 1.316 has formed and has allowed for a temporary stabilisation.

GBP/USD intraday: supported by a rising trend line.

Pivot: 1.5325

Our preference: Long positions above 1.5325 with targets @ 1.54 & 1.543 in extension.

Alternative scenario: Below 1.5325 look for further downside with 1.5295 & 1.5265 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/CHF intraday: key ST resistance at 0.94.

Pivot: 0.94

Our preference: Short positions below 0.94 with targets @ 0.9315 & 0.9265 in extension.

Alternative scenario: Above 0.94 look for further upside with 0.944 & 0.9475 as targets.

Comment: as long as the resistance at 0.94 is not surpassed, the risk of the break below 0.9315 remains high.

USD/CAD intraday: under pressure.

Pivot: 1.0365

Our preference: Short positions below 1.0365 with targets @ 1.025 & 1.0215 in extension.

Alternative scenario: Above 1.0365 look for further upside with 1.0395 & 1.044 as targets.

Comment: as long as 1.0365 is resistance, likely decline to 1.025.

Crude Oil (Sep 13) intraday: key ST resistance at 107.2

Pivot: 107.20

Our preference: SHORT positions below 107.2 with 105.7 & 104.75 as next targets.

Alternative scenario: The upside breakout of 107.2 will open the way to 107.8 & 108.9.

Comment: the RSI is capped by a bearish trend line.

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1318.00

Our preference: LONG positions above 1318 with targets @ 1339 & 1360.

Alternative scenario: The downside breakout of 1318 will open the way to 1298 & 1288.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Dow Jones (Sep 13) intraday: bullish bias above 15425

Pivot: 15425

Our preference: LONG positions above 15425 with targets @ 15560 & 15590.

Alternative scenario: The downside penetration of 15425 will call for a slide towards 15330 & 15260.

Comment: the RSI lacks downward momentum.

S&P 500 (Sep 13) intraday: the upside prevails.

Pivot: 1680

Our preference: LONG positions above 1680 with 1696 & 1701 as next targets.

Alternative scenario: The downside penetration of 1680 will call for 1673 & 1665.

Comment : the RSI is bullish and calls for further upside.