EURJPY: Clears The 107.12 Level, Eyes Further Upside.
EURJPY- With the cross resuming its medium term uptrend, further offensive is likely in the days. This development now leaves the cross targeting the 107.99 level followed by the 108.50 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in at the 106.10 level and then the 105.00 level. Further down, support is seen at the 104.58 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside medium term.
EURUSD: With EUR building on its Monday rally, the risk is for it to recapture the 1.3138 level. A cut through here will pave the way for a run at the 1.3177 level. Further out, resistance resides at the 1.3200 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.3000 level where a breach will turn focus to the 1.2900 level and then the 1.2822 level. Further down, support lies at the 1.2660/25 levels. All in all, EUR continues to retain its broader upside bias.
GBPUSD: Our outlook on GBP remains the same with a recapture of the 1.6172 level looming. A breach of here will turn attention to the 1.6215 level. Above here will end its broader bearish threats and open up further offensive towards the 1.6350 level. Further out, resistance resides at the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6055 level where a break will turn focus on the 1.5900 level followed by the 1.5827 level. Further down, the 1.5774/78 levels come in as the next downside. On the whole, GBP continues to hold on to its upside bullish offensive
EURUSD: Although EUR pulled back to close lower the past week, it continues to hold on to most of its corrective gains. This suggests that on ending its bear threats, a return to the 1.3125 level is likely. Above here will call for a run at the 1.3171 level with a breach of here resuming its broader uptrend towards the 1.3282 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, support lies at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level where a break will aim at the 1.2400 level. All in all, EUR still faces further upside threats though backing off higher prices.
GBPUSD: Hesitating But Still Biased To The Upside Short Term.
GBPUSD: While the pair’s broader bias may be pointing higher in the short term, it requires a break and hold above the 1.6130 level, its Dec 04’2012 high to resume that trend. This if seen will call for a push towards the 1.6172 level and then the 1.6215 level. Further out, resistance resides at the 1.6350 level followed by the 1.6400 level, its psycho levels. On the downside, if GBP fails to return above the 1.6130 level, further declines could develop towards 1.5987/60 levels. A violation of here will call for a run at the 1.5827 level. Further down, the 1.5774/78 levels come in as the next downside with a breach turning attention to the 1.5457 level. On the whole, GBP continues to hold on to its short term upside bias though facing bear threats.
EURUSD: Eyes Further Upside On Continued Recovery.
EURUSD: The With EUR on the offensive for a third day in a row, the risk for continued upside recovery. This has created scope for more upside towards the 1.3125/38 levels. This if violated will trigger its medium term uptrend with a push further higher towards the 1.3177 level. Further out, resistance resides at the 1.3200 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.2928 level where a breach will turn attention to the 1.2875 level. Further down, support lies at the 1.2660/25 levels. All in all, EUR continues to retain its broader upside bias.
EURJPY: Trades Above The 107.74/99 Level, Eyes More Bullishness.
EURJPY- Having broken and held above the 107.74/99 levels, further upside offensive is underway. This development creates scope for more upside towards the 100.00 level. Further out, resistance resides at the 114.02 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in initially at the 107.74/99 levels with a breach targeting the 106.46 level followed by the 106.10 level and then the 105.96 level. Further down, support is seen at the 105.00 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside in the medium term.
USDCHF: With its one-week recovery reversed the past week to close lower, further price extension is likely to occur in the new week. This development leaves the pair targeting the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here and turn the pair back up but if taken out, it will aim at the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, it will have to return above the 0.9382 level to annul its present downside pressure. This if seen will bring further upside offensive towards the 0.9456 level followed by the 0.9511 level and then the 0.9606 level. On the whole, the pair remains biased to the downside short term.
GBPUSD: With the pair following through higher on the back of past week rally, further upside is expected in the days ahead. Having climbed and held above the 1.6172/77 levels, its key resistance standing at the 1.6271 level is now beckoning. Further out, resistance stands at the 1.6350 level with a violation of here calling for a run at the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.6172/77 levels where a reversal of roles could occur and turn GBP back up. However, if this fails further decline will shape up towards the 1.6100 level where a violation will call for a run at the 1.6000 level and then 1.5900 level followed by the 1.5827 level. On the whole, GBP continues to hold on to its bullish bias with eyes on further upside.
EURUSD: The pair is seen reversing its Monday losses, suggesting it could recapture its psycho level at 1.3200 level. A cut through here will create scope for more strength towards the 1.3282 level, its may 01’2012 high. Further out, resistance resides at the 1.3350 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.3125 level where a reversal of roles is likely to occur and turn it higher again. Further down, support is seen at the 1.3000 level followed by the 1.2928 level and then the 1.2875 level. All in all, EUR continues to retain its broader upside bias.
USDJPY: The pair has resumed its medium term uptrend after ending its corrective recovery. This leaves the pair targeting further upside towards the 84.50 level. Above here will bring further upside offensive towards the 85.00 level and then the 85.80 level, its weekly ema. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 83.30 level, its April 02’2012 high. A cut through here will set the stage for more declines towards the 82.82 level where a reversal of roles should occur and turn it higher. However, if this fails to happen, expect further declines to develop towards the 81.67 level where a respite may occur and turn it higher again. All in all, USDJPY continues to retain its medium term uptrend.
Re: Technical Outlook, Strategies & Commentaries On The Major Currencies
EURUSD: Although EUR may have closed slightly higher the past week following a back off higher prices, it continues to retain its medium term uptrend. On further upside offensive, Upside target resides at the 1.3306 level where a break will aim at the 1.3350 level and then the 1.3400 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, it will aim at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level. All in all, EUR faces further upside threats in the new week.
Re: Technical Outlook, Strategies & Commentaries On The Major Currencies
USDJPY: Bull Pressure Remains In Force.
USDJPY: With the pair holding on to its medium term upside, it looks to return to the 84.60 level. A breach of here will call for a run at the 85.00 level where a violation will turn attention to the 86.00 level and possibly higher towards the 87.00 level, all representing its psycho levels. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 84.17 level followed by the 82.82 level where a reversal of roles as support is likely to occur. However, if this fails, support lies at the 81.44 level where a breach if seen will target the 80.63 level. All in all, USDJPY remains biased to the upside in the medium term.
USDJPY: With the pair holding on to its bullish strength triggered off the 77.13 level, its Sept’2012 low, there is risk of further upside in the medium term. This leaves USDJPY targeting the 85.49/74 levels where its weekly ema/April 2011 high are located. A decisive violation of here will turn attention to the 86.88 level and possibly higher towards the 87.50 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 84.17 level followed by the 82.82 level where a reversal of roles as support is likely to occur. However, if this fails, the 81.44 level will be aimed at. All in all, USDJPY remains biased to the upside in the medium term.
EURGBP: With the pair remaining bullish and targeting further upside, we look for price extension to aim at the 0.8219 level. A cut through here will call for a run at the 0.8268/75 levels where a breach will shift focus to the 0.8300 level. Its daily and weekly RSI are bullish and pointing higher suggesting further upside. Conversely, support lies at the 0.8163 level where a reversal of roles is likely to occur and turn it higher. However, if this fails to occur, the 0.8100 level will be targeted where a break will turn attention to the 0.7960/7 levels. All in all, the cross remains biased to the upside in the medium term.
USDCAD: Having continued to hold on to its corrective recovery, further upside is likely. This will leave the pair targeting further upside towards the 1.0000 level where a break will call for a run at the 1.0055 level and then the 1.0081 level. Further out, resistance lies at the 1.0250 level. On the downside, support lies at the 0.9800 level where a breather is likely to occur and turn the pair higher. However, if this fails to occur, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside on further corrective threats.
USDCHF: The pair continues to face downside pressure as it closed lower suggesting further declines could be building up. If this is triggered further weakness will aim at the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here due to its psychological importance. However, if taken out, USDCHF will target the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, the pair will have to return above the 0.9382 level to annul its present downside pressure. This if seen will bring further upside offensive towards the 0.9456 level followed by the 0.9511 level and then the 0.9606 level. On the whole, the pair remains biased to the downside in the short term below its trendline resistance.
EURUSD: Maintains Broader Upside, Looks To Recapture 1.3307 Level.
EURUSD: Despite its consolidation the past week, it managed to close higher, opening the door for a move higher towards the 1.3307 level, representing its Dec 2012 high. A break of here will target further upside towards the 1.3350 level. Further out, resistance resides at the 1.3400 level, its psycho level and possibly the 1.3500 level. Its daily RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, EUR will aim at the 1.3158 level, its Dec 21’2012 low. Further down, support comes in at 1.3000 level and then the 1.2822 level. All in all, EUR faces further upside threats with eyes on the 1.3307 level and beyond.
Dollar Index: Bearish, Maintains Short Term Downside.
US Dollar Index: With the Index remaining biased to the downside, the risk is for it to return to the 78.53/60 levels. A violation of this level will call for a run at its psycho level at 76.00 level with a break of here turning attention to the 75.00 level and then the 74.00 level, all representing its psycho level. The alternative scenario will be for the Index to return to the 80.09/49 levels. Further out, resistance resides at the 81.18 level with a break above here allowing for more upside towards the 82.72 level. All in all, the Index continues to face downside vulnerability in the short term.
