USDCHF: Sees Further Downside Momentum, More Weakness Envisaged.
USDCHF – With USDCHF declining for a second week in a row following a reversal of its recent recovery, more downside pressure is expected. While the pair holds below the 0.9146 level, the next downside target is the 0.9050 level with a breach aiming at the 0.9000 level. Further down, support lies at the 0.8950 level with a turn below here leaving the pair targeting the 0.8900 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level with a break paving the way for a run at the 0.9750 level and subsequently the 0.9838 level, its Jun 2013 high. On the whole, the pair remains biased to the downside on further bearishness.
EURUSD: Having taken out the 1.3451 level, there is risk of a return to the 1.3600 level. Further out, resistance resides at the 1.3700 level followed by the 1.3800 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on a reversal of its current upside it could recapture the 1.3451 level. A reversal of roles is likely to occur here and turn it higher. Support lies at the 1.3300 level followed by the 1.3200 level. Below here will aim at the 1.3165 level. All in all, EUR remains biased to the upside.
EURJPY- With EURJPY resuming its broader upside the past week, more gains is likely in the new week despite price hesitation. On continued upside offensive the 132.74 level will be targeted. A break will aim at the 133.81 level where a cut through here will aim at the 135.00 level. Further out, resistance comes in at the 135.50 level followed by the 136.00 level. Supports are seen at the 133.81 level and then the 133.00 level. Further down, support stands at the 132.00 level. The key support resides at the 131.50 level. All in all, the cross remains biased to the upside in the medium term.
AUDUSD: Despite its corrective pullbacks, its recovery triggered from the 0.8847 level remains intact. On ending its present downside threats, it should return to the 0.9550 level with a cut through here opening the door for a run at the 0.9600 level. Further out, resistance resides at the 0.9650 level and then the 0.9700 level. Its daily RSI is bullish and pointing higher supporting this view. Support stands at the 0.9400 level followed by the 0.9317 level where a reversal of roles as support is likely. However, a breach of here will target the 0.9200 level with a violation of here turning focus to the 0.9100 level followed by the 0.9000 level. All in all, the pair remains biased to the upside short term.
GBPUSD: GBP has turned higher leaving threats of more upside on the cards. However, it will have to retake the 1.6163 level to resume its medium term uptrend how on hold. Further out, resistance resides at the 1.6200 level. A cut through here will turn attention to the 1.6250 level and then the 1.6300 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6000 level and then the 1.5950 level where a violation will aim at the 1.5900 level followed by the 1.5850 level. Further down, support lies at the 1.5800 level. On the whole, GBP remains on offensive mood.
EURUSD: Looks To Recapture The 1.3568 Level and Beyond.
EURUSD: With EUR remaining bullish and pointing higher following a reversal of its Thursday weakness, the risk is for a return above the 1.3568 level to occur. Further out, resistance comes in at the 1.3600 level followed by the 1.3650 level and possibly higher towards the 1.3700 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on a price failure it will target the 1.3456 level followed by the 1.3321 level where a breach will target the 1.3250 level. Further down, support comes in at the 1.3165 level where a breach will aim at the 1.3100 level where a reversal of roles as support is expected. All in all, EUR continues to retain its upside bias in the medium term.
USDCHF – With a follow through lower occurring the past week, further downside is likely in the new week. Immediate support lies at the 0.9000 level. Further down, support lies at the 0.8950 level with a turn below here leaving the pair targeting the 0.8900 level followed by the 0.8800 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level with a break paving the way for a run at the 0.9750 level and subsequently the 0.9838 level, its Jun 2013 high. On the whole, the pair remains biased to the downside on further bearishness.
EURUSD: Though closing almost flat the past week, EUR continues to retain its broader upside. Risk of a return to the 1.3700 level remains. Further out, resistance resides at the 1.3800 level followed by the 1.3850 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on a reversal of its current upside it could recapture the 1.3451 level. A reversal of roles is likely to occur here and turn it higher. Support lies at the 1.3300 level followed by the 1.3200 level. Below here will aim at the 1.3165 level. All in all, EUR remains biased to the upside.
USDCAD: Price hesitation may have been triggered but USDCAD continues to hold on to its broader downside.Support lies at the 1.0252 level, its daily 200 ema. Ultimately, it will have to retake the 1.0181 level to trigger its medium term downside pressure. Below here will aim at the 1.0100 level. Its daily is bearish and pointing lower suggesting further downside. Conversely, resistance resides at the 1.0339 level with a break paving the way for a run at the 1.0400 level. This if taken out will call for a run at the 1.0450 level where a breach will aim at the 1.0500 level. Above here will aim at the 1.0600 level. All in all, USDCAD continues to face its downside pressure.
GBPUSD: A second day of rally in the new week leaves GBP targeting further upside. Resistance resides at the 1.6300 level where a violation will pave the way for a run at the 1.6350 level. Further out, resistance resides at the 1.6400 level. A cut through here will turn attention to the 1.6450 level and then the 1.6500 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6163 level where a breach will target the 1.6100 followed by the 1.6000 level and then the 1.5950 level where a violation will aim at the 1.5900 level. On the whole, GBP remains on offensive mood.
EURGBP- With more downside threats seen, further decline is expected. Support comes in at the 0.8300 level, its psycho level where a break will aim at the 0.8250 level. Further down, support resides at the 0.8200 level with a breach of there turning attention to the 0.8150 level. A violation will call for a run at the 0.8100 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher the 0.8400 level is seen as the initial target followed by the 0.8466 level and then the 0.8550 level. Above here will aim at the 0.8600 level with a breach targeting further upside. All in all, the cross remains biased to the downside.
EURUSD: With EUR resuming its broader medium term uptrend, the risk is for more upside to occur. As long as it holds above the 1.3650 level, its medium term uptrend remains intact. Resistance resides at the 1.3710 level, its Feb 01’2013 high with a breach targeting the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on a price failure it will target the 1.3500 level followed by the 1.3456 level and then the 1.3321 level. A cut through here will target the 1.3250 level. Further down, support comes in at the 1.3165 level. All in all, EUR continues to retain its upside bias in the medium term.
EURUSD: Maintains Broader Medium Term Upside Bias.
EURUSD: With continued hold on to its broader uptrend seen, more gains are likely in the days ahead. As long as it holds above the 1.3568 level, its medium term uptrend remains intact. Resistance resides at the 1.3710 level, its Feb 01’2013 high with a breach targeting the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on a price failure it will target the 1.3500 level followed by the 1.3456 level and then the 1.3321 level. A cut through here will target the 1.3250 level. Further down, support comes in at the 1.3165 level. All in all, EUR continues to retain its upside bias in the medium term.
USDCHF – Although the pair saw a price rejection candle and closed marginally lower the past week, its broader medium term downside bias remains lower. If its present attempts on the upside fail, expect USDCHF to return to the 0.8967 level. Further down, support lies at the 0.8900 level with a turn below here leaving the pair targeting the 0.8850 level followed by the 0.8800 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level with a break paving the way for a run at the 0.9750 level and subsequently the 0.9838 level, its Jun 2013 high. On the whole, the pair remains biased to the downside on further bearishness.
EURUSD: Bullish, Maintains Its Broader Upside Bias
EURUSD: The pair continues to hold on to its medium term uptrend suggesting further upside. Risk of a return to the 1.3645/1.3700 levels remains. Further out, resistance resides at the 1.3800 level followed by the 1.3850 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, on a reversal of its current upside it could recapture the 1.3451 level. A reversal of roles is likely to occur here and turn it higher. Further down, support lies at the 1.3300 level followed by the 1.3200 level. All in all, EUR remains biased to the upside with risk of further bullish offensive in the days ahead.
GOLD: The commodity remains vulnerable to the downside having declined the past week. The risk is for more downside to occur towards the 1,272.00 level. A violation of here will aim at the 1,250.00 level with a turn below here shifting attention to the 1,215.00 level and next the 1,180.00 level. Conversely, resistance lies at the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside.
AUDUSD: While the pair holds above the 0.9305 level, further bullishness remains. However, AUDUSD will have to return above the 0.9528 level to trigger its broader recovery tone. This if taken out will open the door for a run at the 09650 level and then the 0.9700 level. Its weekly RSI is bullish and pointing higher. On the other hand, support lies at the 0.9305 level where a reversal of roles as support is likely. Further down, support lies at the 0.9200 level with break aiming at the 0.9100 level. A violation of here will aim at the 0.9000 level level. All in all, the pair remains biased to the downside long term
USDCAD: Despite attempts on the upside, consolidation continues to dominate. This development leaves it targeting lower on ending the mentioned consolidation towards the 1.0287 level. Further down, support comes in at the 1.0244 level followed by the 1.0200 level and then the 1.0150 level. A breach of here will pave the way for a run at the 1.0100 level. Conversely, resistance resides at the 1.0334 level where a break will aim at the 1.0417 level. Further out, resistance resides at the 1.0474 level with a cut through here setting the stage for a move towards the 1.5320 level. This if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD now faces further bear threats on correction.
EURUSD: With the pair maintaining its broader upside there is risk of an eventual return to the upside. As long as it can hold above the 1.3568 level, its medium term uptrend remains intact. Resistance resides at the 1.3645 level where a breach will aim at the 1.3710 level, its Feb 01’2013 high with a breach targeting the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on a price failure it will target the 1.3500 level followed by the 1.3456 level and then the 1.3321 level. A cut through here will target the 1.3250 level. Further down, support comes in at the 1.3165 level. All in all, EUR continues to retain its upside bias in the medium term.
