|Daily Trading Forecasts (September 11, 2012)|
|GBP/JPY Technical Levels and Trading Recommendations for September 11, 2012|
Proceeding from today's H4 chart, silver is still stabilizing between the Support of 33.30 and the Resistance level of 34.00 after its failture to break the Support level 33.30. If silver continues its bearish move and manages to break this Support level , this will give a strong indicator for the downward move and open the way towards the Support level of 32.40, then we should wait for the breakout of this level to continue the bearish move.
On the other hand, if the pair doesn't break the Support level of 33.30 and reverses its downward move, it may be a good opportunity for a bullish signals enabling the Resistance level of 34.00. The breakout of this Resistance level will denote a bullish strength providing new buy signals from this level till reaching the Resistance level 34.40 then 35.00.
Based on the given H4 chart, the technical indicators provide sell signals, but as long as the Support level 33.30 is unbroken, the upward move is still expected and invalidating the bearish outlook. Therefore, we should wait more confirmations before making the decision.
Resistance and Support levels
According to previous analysis, we recommend selling in case of breaking the Support level of 33.30 with TP 32.50; SL closng 4 hours above the Resistance level might be appropriate.
Analytical expert: Hossam Soliman Ali
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