Free Afternoon Forex Trading signals – Sep 09, 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: the upside prevails.

Pivot: 1.3155

Our preference: Long positions above 1.3155 with targets @ 1.3225 & 1.3255 in extension.

Alternative scenario: Below 1.3155 look for further downside with 1.3135 & 1.3105 as targets.

Comment: the pair stands above its new support and remains on the upside.

GBP/USD intraday: the upside prevails.

Pivot: 1.561

Our preference: Long positions above 1.561 with targets @ 1.5715 & 1.575 in extension.

Alternative scenario: Below 1.561 look for further downside with 1.558 & 1.555 as targets.

Comment: the pair remains within a bullish channel and is approaching its previous high.

USD/CHF intraday: under pressure.

Pivot: 0.9395

Our preference: Short positions below 0.9395 with targets @ 0.935 & 0.933 in extension.

Alternative scenario: Above 0.9395 look for further upside with 0.943 & 0.9455 as targets.

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

USD/CAD intraday: the downside prevails.

Pivot: 1.0425

Our preference: Short positions below 1.0425 with targets @ 1.037 & 1.034 in extension.

Alternative scenario: Above 1.0425 look for further upside with 1.045 & 1.0475 as targets.

Comment: the immediate trend remains down and the momentum is strong.

Crude Oil (Oct 13) intraday: the bias remains bullish.

Pivot: 109.20

Our preference: LONG positions above 109.2 with 110.7 & 111.5 as next targets.

Alternative scenario: The downside penetration of 109.2 will call for a slide towards 108.3 & 107.25.

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

GOLD (Spot) intraday: the bias remains bullish.

Pivot: 1371.00

Our preference: LONG positions above 1371 with 1399 & 1416 in sight.

Alternative scenario: The downside penetration of 1371 will call for a slide towards 1358 & 1347.

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 14815

Pivot: 14815

Our preference: LONG positions above 14815 with targets @ 14995 & 15030.

Alternative scenario: The downside penetration of 14815 will call for a slide towards 14740 & 14680.

Comment: technically, the RSI is above its neutrality area at 50.

S&P 500 (Sep 13) intraday: bullish bias above 1640

Pivot: 1640

Our preference: LONG positions above 1640 with 1675 & 1682 in sight.

Alternative scenario: The downside penetration of 1640 will call for a slide towards 1631 & 1624.

Comment: technically, the RSI is above its neutrality area at 50.