Free Afternoon Forex Trading signals – July 31, 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: under pressure.

Pivot: 1.33

Our preference: Short positions below 1.33 with targets @ 1.3235 & 1.321 in extension.

Alternative scenario: Above 1.33 look for further upside with 1.3335 & 1.337 as targets.

Comment: the pair has struck against its resistance and remains under pressure.

GBP/USD intraday: under pressure.

Pivot: 1.526

Our preference: Short positions below 1.526 with targets @ 1.517 & 1.513 in extension.

Alternative scenario: Above 1.526 look for further upside with 1.529 & 1.535 as targets.

Comment: the pair stands below its new resistance and remains under pressure, the RSI is capped by a declining trend line.

USD/CHF intraday: under pressure.

Pivot: 0.9305

Our preference: Short positions below 0.9305 with targets @ 0.924 & 0.921 in extension.

Alternative scenario: Above 0.9305 look for further upside with 0.934 & 0.937 as targets.

Comment: the pair is rebounding but stands below its resistance.

USD/CAD intraday: key ST resistance at 1.0325.

Pivot: 1.0325

Our preference: Short positions below 1.0325 with targets @ 1.025 & 1.0215 in extension.

Alternative scenario: Above 1.0325 look for further upside with 1.0355 & 1.0395 as targets.

Comment: the pair remains in the 1.0325-1.025 trading range area.

Crude Oil (Sep 13) intraday: the downside prevails.

Pivot: 104.40

Our preference: SHORT positions below 104.4 with targets @ 102 & 100.8.

Alternative scenario: The upside penetration of 104.4 will call for a rebound towards 105.85 & 107.5.

Comment: Crude Oil prices remain within a descending channel.

GOLD (Spot) intraday: under pressure.

Pivot: 1340.00

Our preference: SHORT positions below 1340 with 1320 & 1309 as next targets.

Alternative scenario: The upside breakout of 1340 will open the way to 1348 & 1357.

Comment: as long as 1340 is resistance, look for choppy price action with a bearish bias.

Dow Jones (Sep 13) intraday: the bias remains bullish.

Pivot: 15395

Our preference: LONG positions above 15395 with targets @ 15530 & 15565.

Alternative scenario: The downside penetration of 15395 will call for 15345 & 15260.

Comment: the RSI is supported by a bullish trend line.

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

Pivot: 1671

Our preference: LONG positions above 1671 with targets @ 1689 & 1695.

Alternative scenario: The downside breakout of 1671 will open the way to 1666 & 1661.

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