FXTechstrategy Team: Forex Analysis
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GBPUSD: Still Maintains Recovery Bias
GBPUSD: With a follow through higher on the back of its correction occurring on Thursday, there is risk of further upside. On the upside, resistance resides at the 1.5276 level followed by the 1.5329 level. Further out, the 1.5410/18 region comes in as the next upside objective. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for a return to the 1.5007 level to occur thereby annulling its present recovery. Further down, support comes in at the 1.4950 level where a break will target the 1.4900 level and then the 1.4850 level. On the whole, GBP continues to retain its broader downside bias despite its recovery.
GBPUSD: With a follow through higher on the back of its correction occurring on Thursday, there is risk of further upside. On the upside, resistance resides at the 1.5276 level followed by the 1.5329 level. Further out, the 1.5410/18 region comes in as the next upside objective. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for a return to the 1.5007 level to occur thereby annulling its present recovery. Further down, support comes in at the 1.4950 level where a break will target the 1.4900 level and then the 1.4850 level. On the whole, GBP continues to retain its broader downside bias despite its recovery.
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USDCHF: Weakens, Further Decline Envisaged.
USDCHF – Outlook for USDCHF remains lower having weakened for a second week in a row. While holding below the 0.9566 level, further decline is envisaged towards the 0.9500 level. Further down, support comes in at the 0.9400 level where a breach will target the 0.9331 level and then the 0.9205 level. Its weekly RSI bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9566 level with a break exposing the 0.9838 level, its psycho level. Further out, on continued offensive it will target the 0.9850 level followed by the 0.9900 level. A turn above here will expose the 0.9970 level. On the whole, the pair continues to look vulnerable to the downside.
USDCHF – Outlook for USDCHF remains lower having weakened for a second week in a row. While holding below the 0.9566 level, further decline is envisaged towards the 0.9500 level. Further down, support comes in at the 0.9400 level where a breach will target the 0.9331 level and then the 0.9205 level. Its weekly RSI bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9566 level with a break exposing the 0.9838 level, its psycho level. Further out, on continued offensive it will target the 0.9850 level followed by the 0.9900 level. A turn above here will expose the 0.9970 level. On the whole, the pair continues to look vulnerable to the downside.
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EURUSD: Closes Higher, Bull Threats Seen
EURUSD: The pair closed higher on a second-week of upside offensive on Friday leaving the possibility of further strength on the cards. A failure of this to occur will call for a run at the 1.2837 level where a breach will set the stage for a run at the 1.2750/35 levels, its key support levels followed by the 1.2600 level. On the upside, resistance resides at the 1.3061 level where a violation if seen will aim at the 1.3150 level. Further out, resistance comes in at the 1.3242 level with a cut through here resuming its medium term uptrend and calling for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias despite recovery attempts.
EURUSD: The pair closed higher on a second-week of upside offensive on Friday leaving the possibility of further strength on the cards. A failure of this to occur will call for a run at the 1.2837 level where a breach will set the stage for a run at the 1.2750/35 levels, its key support levels followed by the 1.2600 level. On the upside, resistance resides at the 1.3061 level where a violation if seen will aim at the 1.3150 level. Further out, resistance comes in at the 1.3242 level with a cut through here resuming its medium term uptrend and calling for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias despite recovery attempts.
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GBPUSD: Recovery Tone Remains Intact
GBPUSD: With a follow through higher on its corrective recovery seen on Monday, further upside offensive cannot be ruled out. Resistance resides at the 1.5400 level where a violation will call for a run at the 1.5457 level. Further out, the 1.5500 level comes in as the next upside where a break will aim at the 1.5550 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for GBP to reverse its corrective recovery and return to the 1.5007 level. Further down, support comes in at the 1.4950 level where a break will target the 1.4900 level and then the 1.4850 level. On the whole, GBP continues to retain its broader downside bias despite its recovery.
GBPUSD: With a follow through higher on its corrective recovery seen on Monday, further upside offensive cannot be ruled out. Resistance resides at the 1.5400 level where a violation will call for a run at the 1.5457 level. Further out, the 1.5500 level comes in as the next upside where a break will aim at the 1.5550 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk is for GBP to reverse its corrective recovery and return to the 1.5007 level. Further down, support comes in at the 1.4950 level where a break will target the 1.4900 level and then the 1.4850 level. On the whole, GBP continues to retain its broader downside bias despite its recovery.
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AUDUSD: Declines, Eyes Key Support.
AUDUSD: The pair has ended its correction following a reversal of its gains on Tuesday and a follow though on Tuesday. This development leaves AUDUSD threatening g further declines towards the 0.9527/00 level. A break will target the 0.9450 level. Other supports are located at the 0.9400 level and the 0.9350 level. On the other hand, to reverse its weakness, it will have to return above the 0.9791 level. Resistance lies at the 0.9800 level and then the 0.9851 level. Further out, resistance resides at the 0.9900 level. All in all, the pair remains biased to the downside medium term
AUDUSD: The pair has ended its correction following a reversal of its gains on Tuesday and a follow though on Tuesday. This development leaves AUDUSD threatening g further declines towards the 0.9527/00 level. A break will target the 0.9450 level. Other supports are located at the 0.9400 level and the 0.9350 level. On the other hand, to reverse its weakness, it will have to return above the 0.9791 level. Resistance lies at the 0.9800 level and then the 0.9851 level. Further out, resistance resides at the 0.9900 level. All in all, the pair remains biased to the downside medium term
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EURUSD: Bullish, Extends Gain
EURUSD: More bullish offensive is now building up as EUR continues to hold on to its bull pressure. Resistance resides at the 1.3150 level. Further out, resistance comes in at the 1.3242 level. A break through here will resume its medium term uptrend. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2932 level followed by the 1.2795/35 levels, its key support levels. Below here will push it further lower towards the 1.2650 level and then the 1.2600 level. All in all, EUR continues to retain its medium term downside bias.
EURUSD: More bullish offensive is now building up as EUR continues to hold on to its bull pressure. Resistance resides at the 1.3150 level. Further out, resistance comes in at the 1.3242 level. A break through here will resume its medium term uptrend. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2932 level followed by the 1.2795/35 levels, its key support levels. Below here will push it further lower towards the 1.2650 level and then the 1.2600 level. All in all, EUR continues to retain its medium term downside bias.
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USDJPY: Bearish, Trades Below The Broken Trendline.
USDJPY: With USDJPY selling off through its rising trendline on Thursday and following through lower, further corrective weakness is likely. Support comes in at the 95.54 level where a violation will aim at the 95.00 level. Further down, support stands at the 94.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above its broken trendline to create scope for more upside towards the 100.54 level. Further out, resistance resides at the 102.00 level where a violation will call for a run at the 103.73 level. On the whole, USDJPY is vulnerable on correction.
USDJPY: With USDJPY selling off through its rising trendline on Thursday and following through lower, further corrective weakness is likely. Support comes in at the 95.54 level where a violation will aim at the 95.00 level. Further down, support stands at the 94.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, the pair will have to return above its broken trendline to create scope for more upside towards the 100.54 level. Further out, resistance resides at the 102.00 level where a violation will call for a run at the 103.73 level. On the whole, USDJPY is vulnerable on correction.
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The desperate moves of Japan are going on. Japan's Pension Fund to Buy More Stocks - WSJ.com
The desperate moves of Japan are going on. Japan's Pension Fund to Buy More Stocks - WSJ.com
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USDCHF: Weakens For A third Week In A Row.
USDCHF – Having closed lower for a third consecutive week, there is risk of further weakness in the new week. The immediate challenge is for USDCHF to overcome its support located at the 0.9225/05 levels. Further down, support stands at the 0.9150 level where a violation will expose the 0.9100 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9400 level where a breach will target the 0.9450 level and then the 0.9566 level. Above here will aim at the 0.9838 level, its psycho level. On the whole, the pair continues to look vulnerable to the downside.
USDCHF – Having closed lower for a third consecutive week, there is risk of further weakness in the new week. The immediate challenge is for USDCHF to overcome its support located at the 0.9225/05 levels. Further down, support stands at the 0.9150 level where a violation will expose the 0.9100 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9400 level where a breach will target the 0.9450 level and then the 0.9566 level. Above here will aim at the 0.9838 level, its psycho level. On the whole, the pair continues to look vulnerable to the downside.
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EURUSD: Bullish, Eyes Further Upside.
EURUSD: While the pair is bullish in the short term, it will have to decisively break and hold above the 1.3242 level to create scope for more. A cut through this level will resume its medium term uptrend and call for more strength towards the 1.3300 level. Further out, resistance resides at the 1.3400 level and then the 1.3450 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at 1.3150 level followed by the 1.3050 level and then the 1.3000 level. Below here will aim at the 1.2900 level. All in all, EUR continues to retain its medium term upside bias.
EURUSD: While the pair is bullish in the short term, it will have to decisively break and hold above the 1.3242 level to create scope for more. A cut through this level will resume its medium term uptrend and call for more strength towards the 1.3300 level. Further out, resistance resides at the 1.3400 level and then the 1.3450 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at 1.3150 level followed by the 1.3050 level and then the 1.3000 level. Below here will aim at the 1.2900 level. All in all, EUR continues to retain its medium term upside bias.
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EURJPY: Halts Decline, Risk Turns To The 131.40 Level & Beyond
EURJPY- With the cross halting its decline on Friday and following through higher during Monday trading today, there is risk of continued upside recovery. This should open the door for more strength towards the 131.40 level, its Jun 05’2013 high followed by the 132.07 level and ultimately its year-to-date high at the 133.81 level. Its daily RSI has turned higher supporting this view. On further downside, support comes in at the 129.06 level where a violation if seen will turn focus to the 126.15 level. We may see a halt here but if broken expect the cross to weaken further towards the 125.50 level and then the 125.00 level. All in all, the cross remains biased to the upside in the medium term.
EURJPY- With the cross halting its decline on Friday and following through higher during Monday trading today, there is risk of continued upside recovery. This should open the door for more strength towards the 131.40 level, its Jun 05’2013 high followed by the 132.07 level and ultimately its year-to-date high at the 133.81 level. Its daily RSI has turned higher supporting this view. On further downside, support comes in at the 129.06 level where a violation if seen will turn focus to the 126.15 level. We may see a halt here but if broken expect the cross to weaken further towards the 125.50 level and then the 125.00 level. All in all, the cross remains biased to the upside in the medium term.
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EURUSD: Broader Bias Remains Higher.
EURUSD: With EUR holding above the 1.3242 level, we expect the pair to extend further strength towards the 1.3318 level. A break will target the 1.3400 level followed by the 1.3450 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3242 level with a turn below here aiming at the 1.3200 level followed by the 1.3100 level and possibly lower towards the 1.3000 level. All in all, EUR continues to retain its medium term upside bias.
EURUSD: With EUR holding above the 1.3242 level, we expect the pair to extend further strength towards the 1.3318 level. A break will target the 1.3400 level followed by the 1.3450 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.3242 level with a turn below here aiming at the 1.3200 level followed by the 1.3100 level and possibly lower towards the 1.3000 level. All in all, EUR continues to retain its medium term upside bias.
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